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Lessons from the Financial Crisis: Causes, Consequences, and Our Economic Future Hardcover – June 8, 2010


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Product Details

  • Hardcover: 696 pages
  • Publisher: Wiley; 1 edition (June 8, 2010)
  • Language: English
  • ISBN-10: 0470561777
  • ISBN-13: 978-0470561775
  • Product Dimensions: 7.3 x 1.3 x 10.2 inches
  • Shipping Weight: 2.9 pounds (View shipping rates and policies)
  • Average Customer Review: 4.7 out of 5 stars  See all reviews (3 customer reviews)
  • Amazon Best Sellers Rank: #2,421,189 in Books (See Top 100 in Books)

Editorial Reviews

From the Inside Flap

With so much information saturating the market, it has beendifficult for both financial professionals and those in theacademic community to gain a firm understanding of why the recenteconomic crisis occurred and what needs to be done to fix it. Thereis a real need, and demand, from both finance professionals andscholars to obtain answers as to what really happened and why.

That's why Robert Kolb—one of today's most respectedacademics and Editor of the Robert W. Kolb Series inFinance—has created Lessons from the Financial Crisis.Consisting of contributed chapters from leading minds in the worldsof finance, government, and academia, Lessons from the FinancialCrisis dissects this devastating crisis and offers a valuablelook at what we must do to avoid future missteps.

Page by page, this timely guide puts the events that havetranspired in perspective and skillfully details why it began andhow it developed as well as its effect on people, implication forour economy, and the broader ramifications for our society. Witheach contributor bringing his or her own unique insights into thisdilemma, you'll gain a firm understanding of the issues that lie atthe heart of the recent financial crisis.

Topics touched upon along the way include:

  • Particular institutional problems that were revealed in thecrisis

  • The role of borrowers, especially subprime borrowers, infomenting the crisis

  • The failures of modern risk analysis and management, and howthese essential disciplines can be improved

  • The securitization process and how a new way of originatingmortgages affected the mortgage market and the broader financialcrisis

  • Regulatory, systemic, and other solutions that can beimplemented to avert future problems

  • And much more

We currently face a serious economic situation, but inunderstanding it, we can overcome the challenges it presents. Thiswell-rounded resource offers the best chance to get through thesetough times and learn from our mistakes.

From the Back Cover

LESSONS from the FINANCIAL CRISIS

The Robert W. Kolb Series in Finance is an unparalleled sourceof information dedicated to the most important issues in modernfinance. Each book focuses on a specific topic in the field offinance and contains contributed chapters from both respectedacademics and experienced financial professionals. As part of theRobert W. Kolb Series in Finance, Lessons from the FinancialCrisis provides a comprehensive understanding of the conceptualunderpinnings of the issues that lie at the heart of thiscrisis.

Lessons from the Financial Crisis puts the events thathave transpired in perspective and explores what can be done toavoid future missteps. Throughout the book, you'll be introduced todifferent points of view on the crisis, with chapters discussingeverything from subprime mortgages and securitization to riskmodeling and regulation, as well as related research that will helpyou develop a deeper understanding of the economic obstacles wehave all faced.

Topics touched upon include:

  • The possible causes of this crisis and its emerging consequencesfor our economy and lives

  • The decisions of the Federal Reserve and how the very actions ithas taken to avert disaster may be laying the foundation for morefinancial problems in the future

  • The international dimensions of the financial crisis

  • The role of regulation, its absence, and the failure ofregulators to enforce existing rules

  • And much more

The recent financial crisis has been an economic event thatranks second only to the Great Depression. With this book as yourguide, you'll gain a firm understanding of what occurred and why,and discover how we might be able to move forward in light ofeverything that has happened.

Customer Reviews

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Most Helpful Customer Reviews

4 of 4 people found the following review helpful By A Surrey Reader on August 16, 2010
Format: Hardcover
A comprehensive work that brings together a wide ranging group of academics and thinkers to examine the current Financial Crisis. Will appeal mainly to students, and also those who are researching the topic - many of the contributions are very well thought out and carefully argued.

I particularly enjoyed the contribution by David Bieri, who addresses the unspoken "elephant in the room" - Why did so few people see this coming?; and also J.V. Rizzi's piece on the human behavioural aspect of the whole saga.

This book is the definitive tour of the Financial Crisis - and as such is an important contribution to the debate about how we improve the way finance and markets works in the future for everyone's benefit.
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6 of 7 people found the following review helpful By John A. Murphy on June 13, 2010
Format: Hardcover
This book uses short chapters from many different financial experts to indicate what caused the recent financial crisis. An enormous amount of interesting information and analysis is thereby provided from numerous different points of view, including some that fault the financial "elite" themselves. For anyone wanting to know what's going on the financial markets in recent years, this book is IT.
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3 of 4 people found the following review helpful By Elizabeth Sheedy on June 16, 2010
Format: Hardcover Verified Purchase
As a contributing author I may be a little biased, but I really love this book. I intend to refer to it regularly as it has great case study material for my Masters students. The book brings together many contributers, each exploring a different facet of the crisis. The style of writing is clear and succinct without being superficial. It explains complex and technical issues clearly. Highlights for me are the chapters on behavioural explanations for the crisis and the chapters discussing the role of ratings agencies.
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More About the Author

Robert W. Kolb

Kolb holds two Ph.D.s from the University of North Carolina at Chapel Hill (philosophy 1974, finance 1978) and has been a finance professor at the University of Florida, Emory University, the University of Miami, the University of Colorado, and currently at Loyola University Chicago, where he holds the Considine Chair of Applied Ethics.

Kolb's recent writings include Understanding Futures Markets 6e, and Futures, Options, and Swaps 5e, co-authored with James A. Overdahl. Edited volumes include The Ethics of Executive Compensation, The Ethics of Genetic Commerce, Corporate Retirement Security: Social and Ethical Issues, Corporate Boards: Managers of Risk, Sources of Risk, and the Encyclopedia of Business Ethics and Society, a five-volume 1.5 million word work. Bob recently published Lessons from the Financial Crisis: Causes, Consequences, and Our Economic Future. Current projects include: Employee Stock Options: Financial, Social, and Ethical Issues and The Financial Crisis of Our Time, forthcoming from John Wiley & Sons, Inc. and Oxford University Press, respectively.

Bob also is the sponsoring editor for the Robert W. Kolb Series in Finance:

http://www.wiley.com/WileyCDA/Section/id-397613.html

Also, visit Bob's web pages:

Academic and professional: http://www.RobertWKolb.com

Photographic: http://www.kolbphoto.com