Overview
- New financial crises attract new audiences to this classic
- Five stages typify bubbles from South Sea to crypto
- As international lender of last resort, the United States can limit the damage of financial panic and crash
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About this book
In the Eighth Edition of this classic text on the financial history of bubbles and crashes, Robert McCauley joins with Robert Aliber in building on Charles Kindleberger's renowned work. McCauley draws on his central banking experience to introduce new chapters on cryptocurrency and the United States as the 21st Century global lender of last resort. He also updates the book's coverage of the recent property bubble in China, as well as providing new perspectives on the US housing bubble of 2003-2006, and the Japanese bubble of the late 1980s. And he gives new attention to the social psychology that leads people to take the risk of investing in Ponzi schemes and asset price bubbles. For the first time in this revised and updated edition, figures highlight key points to ensure that today’s generation of finance and economic researchers, students, practitioners and policy-makers—as well as investors looking to avoid crashes—have access to this panoramic history of financial crisis.
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Table of contents (15 chapters)
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Front Matter
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Back Matter
Authors and Affiliations
About the authors
Robert Z. Aliber is Professor Emeritus of International Economics and Finance at the University of Chicago Booth School of Business, USA. He was director of the Center for Studies in International Finance; on the research staff for the Committee for Economic Development and Commission on Money and Credit; and senior economic advisor for the Agency for International Development, U.S. Department of State. Aliber has consulted to the Board of Governors of the Federal Reserve System and to other U.S. government agencies, the World Bank and the International Monetary Fund, testified before committees of the Congress, and lectured extensively in the United States and abroad.
The late Charles P. Kindleberger was the Ford Professor of Economics at MIT for 33 years and author of over 30 books. He was best known as a financial historian, whom the Economist referred to as 'the master of the genre' on financial crisis. Headvanced the study of international finance and helped to devise the Marshall Plan, approved by Congress, for Europe's reconstruction after World War II. During his tenure at MIT, Kindleberger was a consultant to the federal government several times, most often for the Treasury and the Federal Reserve. In 1985, he was president of the American Economic Association.
Robert N. McCauley is a wide-ranging economist with particular expertise in international financial markets and the global domain of the dollar. His central banking career spanned 38 years at the Federal Reserve Bank of New York and the Bank for International Settlements (BIS), including three years as head of the BIS Asian Office in Hong Kong SAR. In 1999, he co-authored Dodging Bullets: Changing U.S. Corporate Capital Structures in the 1980s and 1990s, an application of the Minsky-Kindleberger model to the corporate leveraging mania. He is currently nonresident senior fellow at the Global Development Policy Center at Boston University and associate member of the Faculty of History at the University of Oxford.
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Bibliographic Information
Book Title: Manias, Panics, and Crashes
Book Subtitle: A History of Financial Crises
Authors: Robert Z. Aliber, Charles P. Kindleberger, Robert N. McCauley
DOI: https://doi.org/10.1007/978-3-031-16008-0
Publisher: Palgrave Macmillan Cham
eBook Packages: Economics and Finance, Economics and Finance (R0)
Copyright Information: The Editor(s) (if applicable) and The Author(s) 2023
Softcover ISBN: 978-3-031-16007-3Published: 07 March 2023
eBook ISBN: 978-3-031-16008-0Published: 06 March 2023
Edition Number: 8
Number of Pages: XIX, 425
Number of Illustrations: 2 b/w illustrations, 9 illustrations in colour
Topics: Macroeconomics/Monetary Economics//Financial Economics, Financial History, Finance, general, Economic History, Banking, International Political Economy
Keywords
- Financial crises
- Financial history
- Financial crashes
- Global financial crisis
- Financial markets
- Financial bubbles
- National banking systems
- Asset-price bubbles
- Exchange-rate volatility
- International financial systems
- Economic history
- Lender of last resort
- International economy
- Liquid capital
- Capital markets
- Housing based credit bubbles
- Minksy moment
- Japanese bubble of late 1980s
- Credit fueled price bubbles
- Cryptocurrencies