Скачать или смотреть Modern Finance, Current crisis and Policy debates by Gary Dymski

Modern Finance and Macroeconomics: A Multidisciplinary Approach

URL: http://www.icts.res.in/program/memf2015

DESCRIPTION:
The financial meltdown of 2008 in the US stock markets and the subsequent protracted recession in the Western economies have accentuated the need to understand the dynamic interface between the modern financial sector and the overall macroeconomy. The dominant economic framework based on Neoclassical economics that informs policy making has turned out to be grossly inadequate for this purpose as it failed to either explain or predict the nature and cause of the sudden financial meltdown and the long economic recession that followed. The conceptual and methodological gaps and fault lines of the dominant framework have necessitated approaches that go beyond conventional analyses of individual or micro economic risk and the types failures caused by imperfect working of the price mechanism in financial markets. The challenge instead is to set the problem of modern finance in the macroeconomic context.

This School aims to introduce the participants to the alternative analytical frameworks to study the workings of the modern financial sector and its implications to the economy as a whole. The modules in the School are organized in such a way that they progressively build on foundations starting from a critical perspective of macroeconomic analysis to lead the participants gradually to broader analysis beyond that is provided in the standard economic theory. The lectures will then build on this alternative conceptual perspective and explore and articulate alternative methodological frameworks in which the local or micro aspect of individual risk are integrated with the global or macro aspect of finance and money in the economy.

The list of speakers includes renowned economists and mathematicians from India and abroad.

ORGANIZERS:
Vishwesha Guttal, Srikanth Iyer and Srinivas Raghavendra

Table of Contents (powered by https://videoken.com)
0:02:51 Modern finance: current crisis and policy debates II
0:10:06 Lecture 2: The normalization of crisis and hegemonic power in the Neoliberal era
0:35:00 Latin American debt buildup in 1970s-1980s: institutional background
0:40:31 Annual Real GDP Growth, 1973-1994: Argentina, Brazil, Mexico, US Source: IMF
0:48:01 Asymmetric-information approach to financial crises
0:52:58 Asymmetric-information approach to financial crises Asymmetric information between borrowers and lenders A principal-agent framework - A principal-agent relation arise
1:05:42 The Latin American debt crisis and its "lessons": orthodox approaches
1:24:37 It is necessarily part of the business of a banker to maintain appearances and to profess a conventional respectability which is more than human.
1:32:49 Figure 1: US Current-account position and foreign purchases of US assets, 1989-2013 (US$ billions)
1:37:04 What is Post-Hegemonic Hegemony?
1:42:42 Origins and elements of the "Too-Big-to-Fail" doctrine in banking
1:48:17 Financial strategy and the logic of TBTF
1:54:47 Table 1: The 11 "Too Big to Fail" US Banks of 1984 BankAmerica*
2:12:19 Retooling the Mortgage Markets in the 1980s
2:17:40 Figure 1: Bank structural relationships in the liability-management era Small bank Large bank
2:21:19 Figure 5: Thrift / mortgage-investor balance sheets with securitization Thrift (mortgage originator) Mortgage-investment pool
2:25:18 Figure 4: Growth Rates of Real GDP and Mortgage Debt Outstanding, US, 1971-2006 (%)
2:28:41 Figure 6: "Rational" bank redlining in the pre-securitization era Banks A,
2:31:28 The evolution of financial exclusion
2:37:20 From the Urban Margin to the Core of Global Finance
2:45:54 Subprime loans go mainstream: housing bubble and bust in the 2000s
2:50:57 CS Index percentage change (annual)
2:56:54 Lender
3:00:18 THE WALL STREET JOURNAL Politics Business Tech Markets Opinion Arts Life Real
3:02:47 The banality of the excesses documented here pushed the banking system to a point where its most powerful players denied and rebelled against their
3:08:03 TBTF and the 2007-09 Subprime Crisis
3:11:22 Loan to individuals
3:20:12 Post-crisis pressures, debate, and reform efforts Tim Geithner in 2008 (Sorkin 2008,
3:29:07 Modern finance: current crisis and policy debates IV
3:38:11 Impacts of the Global Financial Crisis on Economies in Development 3.
3:41:45 Figure 1: Asset Size of 25 Largest Bank Holding Companies, December 1997 to September 2008
3:50:52 Staff papers No. 18, Dallas Federal Reserve Bank, Nov. 2012 - Luttrell,
4:02:08 Figure 1: A Simple Financial Intermediation Framework
4:09:49 The conceptual basis for structured finance Oldfield (market-completion):
4:13:32 Source of
4:28:18 "Conflict of laws" and bankers' collusion Buchheit and Reisner (1988):
4:32:27 Lee Buchheit, fairy godmother to finance ministers in distress
4:37:28 16. Reimagining Financial Regulation