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Social Finance

Shadow Banking During the Global Financial Crisis

Authors: Shenai, Neil

  • Advances a new theory of financial crises based on a synthesis of interdisciplinary insights from Post-Keynesianism, Keynesian epistemology, international relations theory, and economic constructivism
  • Conducts a systematic empirical examination via an in-depth case study of shadow banking during the global financial crisis, explaining the mechanics of market-based financial intermediation
  • Offers new data based on the results of interviews with hedge fund managers, market-makers, portfolio managers, private equity investors, and regulators who oversaw $2 trillion in notional order flows and managed over $200 billion in assets during the crisis
  • Provides a viable heuristic device for forecasting financial instability with concrete guidance on the policy implications for fighting future financial crises
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eBook  
  • ISBN 978-3-319-91346-9
  • Digitally watermarked, DRM-free
  • Included format:
  • ebooks can be used on all reading devices
Hardcover ca. £99.99
price for United Kingdom (gross)
  • Due: October 2, 2018
  • ISBN 978-3-319-91345-2
  • Free shipping for individuals worldwide
About this book

This book presents a new, inter-disciplinary framework of financial instability that builds on the Post-Keynesian model of financial crises in the tradition of Hyman Minsky and Charles Kindleberger.  It reincorporates John Maynard Keynes’ insights on economic conventions to explain how market participants construct stable (but fragile) markets and why financial crises tend to take us by surprise.  It borrows from scholarship on crises in international relations theory to examine how defied expectations can trigger panics in fragile financial systems.  And it draws on perspectives from international political economy to show how elites’ foundational economic beliefs drive their responses to crises and how the effectiveness of their interventions depends on their credibility with the marketplace.  The results of interviews with some of the world’s leading investors in Los Angeles, London, New York, and Toronto illustrate the utility of this new paradigm via a case study of shadow banking during the global financial crisis.  A close examination of primary and secondary sources and quantitative evidence complement these first-hand accounts.  All told, this book’s model offers a viable heuristic device for thinking about financial instability, which will be relevant to academics, policy makers, portfolio managers, and students.  

About the authors

Neil Shenai was a Professorial Lecturer at American University’s School of International Service in Washington, DC from 2013-15. He received his PhD from Johns Hopkins University School of Advanced International Studies, where he served as an Adjunct Lecturer of International Economics from 2011-16.  He is currently a Term Member of the Council on Foreign Relations.  

Buy this book

eBook  
  • ISBN 978-3-319-91346-9
  • Digitally watermarked, DRM-free
  • Included format:
  • ebooks can be used on all reading devices
Hardcover ca. £99.99
price for United Kingdom (gross)
  • Due: October 2, 2018
  • ISBN 978-3-319-91345-2
  • Free shipping for individuals worldwide

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Bibliographic Information

Bibliographic Information
Book Title
Social Finance
Book Subtitle
Shadow Banking During the Global Financial Crisis
Authors
Copyright
2018
Publisher
Palgrave Macmillan
Copyright Holder
The Editor(s) (if applicable) and The Author(s)
eBook ISBN
978-3-319-91346-9
DOI
10.1007/978-3-319-91346-9
Hardcover ISBN
978-3-319-91345-2
Edition Number
1
Number of Pages
XI, 203
Number of Illustrations and Tables
27 b/w illustrations
Topics