Manias, Panics, and Crashes

Review Manias, Panics, and Crashes: A History of Financial Crises

by ROBERT Z. ALIBER, CHARLES P. KINDLEBERGER

Manias, Panics, and Crashes

Description

This book is widely regarded as an investment in classic. In its seventh edition, it follows the narrative of the most recent financial crisis that hit international markets and the global economy. In a gist, Aliber claims that the financial crises of the late 20th century and the early 21st century did not occur on their own, but were rather the result of an unstable international system. 

This book contains gems about financial history however; the lack of coherence between topics and discussions is left to be desired. The book sadly jumps from one topic to another, making it hard to follow. The author cites one topic then immediately diverts to a variety of subtopics, making it hard to comprehend. After one discussion, it is almost difficult to pinpoint what the discussion was exactly about. This book could have been written in a more organized form so that the significant details in the book will be highlighted.

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. He was part of the research staff for the Committee for Economic Development and Commission on Money and Credit. He served as a senior economic advisor for the Agency for Economic Development, US Department of State.

CHARLES P. KINDLEBERGER was a Ford Professor of Economics at MIT for thirty-three years. He wrote over thirty books on financial history. He was regarded as the master of the financial crisis. In his tenure at MIT, he worked as a consultant to the federal government, usually for the Treasury and the Federal Reserve. He became president of the American Economic Association in 1985. 

Table of Contents

List of Tables

Foreword

Robert M. Solow

Introduction

  1. Financial Crises: A Hardy Perennial
  2. The Anatomy of a Typical Crisis
  3. Speculative Manias
  4. Fueling the Flames: The Expansion of Credit
  5. The critical Stage—When the Bubble Is About to Pop
  6. Euphoria and Paper Wealth
  7. Bernie Madoff: Frauds, Swindles, and the Credit Cycle
  8. International Contagion 1618-1930
  9. Bubble Contagion: Mexico City to Tokyo to Bangkok to New York, London, and Reykjavik
  10. Euromania and Eurocrash
  11. Policy Responses: Benign Neglect, Exhortation, and Bank Holidays
  12. The Domestic Lender of Last Resort
  13. The Lehman Panic—An Avoidable Crash
  14. The Lessons of History

Epilogue

Notes

Afterword

Lord Robert Skidelsky

Index

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