- Series: Wiley Finance
- Hardcover: 256 pages
- Publisher: Wiley; 1 edition (September 29, 2014)
- Language: English
- ISBN-10: 1118935799
- ISBN-13: 978-1118935798
- Product Dimensions: 6.3 x 0.9 x 9.3 inches
- Shipping Weight: 15.5 ounces (View shipping rates and policies)
- Average Customer Review: 2 customer reviews
- Amazon Best Sellers Rank: #663,711 in Books (See Top 100 in Books)
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Financial Stability, + Website: Fraud, Confidence and the Wealth of Nations (Wiley Finance) 1st Edition
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From the Inside Flap
The financial panic of 2007–2009 was enough to demonstrate to financial professionals and policymakers the importance of learning from history—including recent history. Readers of Financial Stability will develop a firm grasp of how crisis situations developed in the past and how to use markets to gauge the threat to the future. Financial disruption can be avoided by illuminating and removing conflicts between economic and political interests. By explaining financial stability from analytic, historical, philosophical, legal, accounting, and market perspectives, authors Frederick L. Feldkamp and R. Christopher Whalen uncover an elegant solution to the problem of financial volatility.
From disputes described in Biblical times all the way to the most recent collapse, financial crises throughout history all have a single cause: the hidden leverage and bad debt caused by various types of fraud. That is the basic claim of Financial Stability and, drawing on analysis of 27 years of data, the authors present a remarkably compelling case. After building a firm foundation of historical examples, they reveal a theory of financial stability that is in some ways remarkably simple. The theory does not lack nuance, however, as readers will quickly discover as they work through the mathematical proofs in Financial Stability.
Only a few years after the Great Recession, investors have already begun to realize that free markets have the capacity to narrow credit spreads and stabilize equity markets. Financial Stability outlines the indisputable logic behind this fact, providing a basis from which we can responsibly provide liquidity to accommodate past errors and move forward with a firmer footing.
From the Back Cover
Praise for Financial Stability
“Read this book! In my 25 years of working in the fields of banking and financial academia, I have yet to meet a better mind for financial markets than Fred Feldkamp. He has a rare ability to navigate the legal, regulatory, trading, and practical elements of financial markets with crystal clear thinking and easy to understand writing.”
—Paul Schulte, CEO, Schulte Research, Assistant Professor of Finance at Hong Kong University and Senior Fellow at The Fletcher School of Law and Diplomacy, Tufts University
“Santayana’s dictum that those who cannot remember the past are condemned to repeat it is never truer than when it comes to financial history. Scams, panics, and crashes come with startling regularity, but everyday investors fall prey to events every time. Fortunately, astute readers now have a new book, Financial Stability from Chris Whalen and Fred Feldkamp, that devotes considerable space to the long history of financial chicanery of all types. The scope is impressive including ancient empires, the Bank of England, the history of U.S. banking, the Great Depression, and more recent follies. But the book does not stop at history; it goes on to survey today’s financial landscape with a gimlet eye that looks at hidden liabilities, disappearing assets, and bubbles-in-the-making that should give savers and investors pause. Importantly, Whalen and Feldkamp separate themselves from the doom-and gloom crowd by using hard data instead of conspiracy theories and sound analysis instead of ideological rants. They also offer concrete solutions and thoughtful policy recommendations in case any bankers or policymakers are still listening. Even if the elites are not paying attention, the everyday investor can benefit greatly from the scholarship and engaging style on display here. Whalen and Feldkamp’s book is a tour de force and badly needed right now.”
—James Rickards, author of bestsellers The Death of Money and Currency Wars
“Isaac Newton’s observations about a falling apple revealed the simple natural order from which God set the world in motion. In this book, Feldkamp and Whalen make observations that similarly touch on the natural order of commercial relations among men. As one of the leading U.S. finance lawyers with a forty-year focus on the interplay between law, accounting, and economics, Feldkamp has held a unique vantage point from which to observe how changes in laws and rules impact markets. Feldkamp and Whalen review the fall of the U.S. economy in 2008 and the subsequent recovery and compare that experience against the history of markets over 2,000 years to make observations that every government official, policy maker, lawyer, trader, accountant, economist, businessperson, and citizen needs to understand.”
—Michael S. Smith, Managing Partner of Chicago Office, Baker McKenzie
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