{"product_id":"financial-stability-website-isbn-9781118935798","title":"Financial Stability, + Website","description":"\u003cb\u003eApplying the Lessons of History to Understanding Fraud Today and Tomorrow\u003c\/b\u003e  \u003cp\u003e\u003ci\u003eFinancial Stability\u003c\/i\u003e provides a roadmap by which the world can anticipate and avoid future financial disruptions. This unique discussion of past and present financial events offers new insights that explain economic, political, and legal antecedents of financial crises in Western markets. With a detailed discussion of the history of finance, this book shows modern investors and finance professionals how to learn from past successes and failures to gauge future market threats.\u003c\/p\u003e \u003cp\u003eReaders will gain new insight into the antecedents of todays financial markets and the political economy that surrounds them. Armed with this knowledge, they will be able to craft a strategy that steers away from financial disorder and toward maximum stability. Coverage includes discussion of capital, forecasting, and political reaction, and past, present, and future applications within all realms of business. The companion website offers additional data and research, providing a complete resource for those seeking a better understanding of the risk at hand.\u003c\/p\u003e \u003cp\u003eAs the world struggles to emerge from the latest financial crisis, professionals in finance, the law and other disciplines, and the people they advise, are searching for understanding to avoid future crises. \u003ci\u003eFinancial Stability\u003c\/i\u003e argues that the best lessons are learned from our own mistakes, and that the ability to look ahead depends upon our willingness to look back. Readers will:\u003c\/p\u003e \u003cul\u003e \u003cli\u003eReview the historical laws, practices, and outcomes that shaped the modern day financial markets of the great western economies\u003c\/li\u003e \u003cli\u003eUnderstand the theory of financial stability, the roles of law and transparency, and the importance of action to punish fraud in order to prevent future contagion\u003c\/li\u003e \u003cli\u003eWork through the theoretical proofs in terms of math, law, accounting, economics, philosophy, and international trade\u003c\/li\u003e \u003cli\u003eBuild a strategy for the future with consideration toward needs, sources, balance, and learning from past mistakes\u003c\/li\u003e \u003c\/ul\u003e \u003cp\u003eEverywhere around the globe, at all points in history, financial crises have always been rooted in the confluence of politics, finance, and law. \u003ci\u003eFinancial Stability\u003c\/i\u003e puts the latest global financial crisis in perspective, highlighting the lessons we have already learned, and those we need to internalize today.\u003c\/p\u003e  \u003cp\u003ePreface\u003cbr\u003e \u003cbr\u003e Introduction\u003cbr\u003e \u003cbr\u003e \u003cb\u003ePart 1: A Flight through Financial Market History—Freedom and Fraud\u003c\/b\u003e\u003cbr\u003e \u003cbr\u003e Chapter 1. The First Few Millennia\u003cbr\u003e \u003cbr\u003e Chapter 2. The Bank of England and the Scottish Enlightenment\u003cbr\u003e \u003cbr\u003e Chapter 3. U.S. Banking, from British Colonies to 1865\u003cbr\u003e \u003cbr\u003e Chapter 4. Bagehot's Dictum (a.k.a. the \"Greenspan Put\")\u003cbr\u003e \u003cbr\u003e Chapter 5. U.S. Financial Markets from 1865 to the Great Depression\u003cbr\u003e \u003cbr\u003e Chapter 6. Depression, War, and Aftermath—Reflecting on Finance from 1929 to 1973\u003cbr\u003e \u003cbr\u003e Chapter 7. Early Deregulation: The Transactions that Replaced Depression Era Thrifts\u003cbr\u003e \u003cbr\u003e Chapter 8. Riskless Arbitrage—Stand-alone Collateralized Mortgage Obligations (\"CMOs\")\u003cbr\u003e \u003cbr\u003e Chapter 9. Paradise Gained, Lost, Regained, and Destroyed—1992 to 2008\u003cbr\u003e \u003cbr\u003e Chapter 10. Resurrection, Recovery and Reform—2008-2013\u003cbr\u003e \u003cbr\u003e Chapter 11. Different Circumstances Require Different Solutions\u003cbr\u003e \u003cbr\u003e \u003cb\u003ePart 2: The Theory of Financial Stability\u003cbr\u003e \u003cbr\u003e \u003c\/b\u003eChapter 12. Statement: Rule of Law + Freedom + Transparency → Equilibrium\u003cbr\u003e \u003cbr\u003e Chapter 13. Saying vs. Doing\u003cbr\u003e \u003cbr\u003e \u003cb\u003ePart 3: Proofs of the Theory of Financial Stability\u003cbr\u003e \u003cbr\u003e \u003c\/b\u003eChapter 14. Mathematics: (1 + \u003ci\u003ei\u003c\/i\u003e)\u003ci\u003ex \u0026gt;\u003c\/i\u003e (E = \u003ci\u003emc\u003c\/i\u003e\u003csup\u003e2\u003c\/sup\u003e)\u003cbr\u003e \u003cbr\u003e Chapter 15. Law: Incomplete \"Sale\" ≡ Secured Borrowing\u003cbr\u003e \u003cbr\u003e Chapter 16. Economics: Savings ≡ Investment\u003cbr\u003e \u003cbr\u003e Chapter 17. Accounting:  Assets ≡ Liabilities + Capital\u003cbr\u003e \u003cbr\u003e Chapter 18. International Trade:  Current Account Deficit ≡ Capital Investment — Domestic Savings\u003cbr\u003e \u003cbr\u003e Chapter 19. Philosophy: Benevolence \u0026gt; Self Interest \u0026gt; Fraud\u003cbr\u003e \u003cbr\u003e \u003cb\u003ePart 4: The Future\u003cbr\u003e \u003cbr\u003e \u003c\/b\u003eChapter 20. Achieving Wisdom While Avoiding Mistakes of Experience\u003cbr\u003e \u003cbr\u003e Chapter 21. Capital Needs\u003cbr\u003e \u003cbr\u003e Chapter 22. Sources of Capital\u003cbr\u003e \u003cbr\u003e Chapter 23. Managing the Water Balloon\u003cbr\u003e \u003cbr\u003e Chapter 24. Balancing the Bubbles\u003cbr\u003e \u003cbr\u003e Epilogue: Truth and Consequences\u003cbr\u003e \u003cbr\u003e References\u003cbr\u003e \u003cbr\u003e About the Companion Website\u003cbr\u003e \u003cbr\u003e About the Authors\u003cbr\u003e \u003cbr\u003e Index\u003c\/p\u003e  \u003cp\u003e\u003cb\u003eFREDERICK L. FELDKAMP\u003c\/b\u003e is a retired partner of Foley \u0026amp; Lardner, LLP, where he chaired the firm's financial asset securitization practice. He has been a key contributor to the legal basis of mortgage-backed securities and other financial innovations in the United States. Feldkamp's numerous publications have appeared in peer-reviewed legal journals around the world. \u003c\/p\u003e\u003cp\u003e\u003cb\u003eR. CHRISTOPHER WHALEN\u003c\/b\u003e is an investment banker and author who lives in New York City. He is Senior Managing Director and Head of Research at Kroll Bond Rating Agency, where he is responsible for financial institution and corporate ratings. Over the past three decades, he has worked for financial firms such as Bear, Stearns \u0026amp; Co., Prudential Securities, Tangent Capital Partners, and Carrington. He was a co-founder and principal of Institutional Risk Analytics from 2003 through 2013, when the firm was acquired by Total Bank Solutions.   \u003c\/p\u003e\u003cp\u003eThe 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 \u003ci\u003eFinancial Stability\u003c\/i\u003e 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.\u003c\/p\u003e \u003cp\u003eFrom 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 \u003ci\u003eFinancial Stability\u003c\/i\u003e 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 \u003ci\u003eFinancial Stability\u003c\/i\u003e.\u003c\/p\u003e \u003cp\u003eOnly 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. \u003ci\u003eFinancial Stability\u003c\/i\u003e 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.\u003c\/p\u003e  \u003cp\u003eThe 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 \u003ci\u003eFinancial Stability\u003c\/i\u003e 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. \u003c\/p\u003e\u003cp\u003eFrom 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 \u003ci\u003eFinancial Stability\u003c\/i\u003e 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 \u003ci\u003eFinancial Stability.\u003c\/i\u003e \u003c\/p\u003e\u003cp\u003eOnly 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. \u003ci\u003eFinancial Stability\u003c\/i\u003e 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.\u003c\/p\u003e","brand":"Wiley","offers":[{"title":"Default Title","offer_id":47989212250341,"sku":"NP9781118935798","price":75.0,"currency_code":"USD","in_stock":false}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/1842\/7735\/files\/9781118935798.jpg?v=1761783229","url":"https:\/\/k12savings.com\/products\/financial-stability-website-isbn-9781118935798","provider":"K12savings","version":"1.0","type":"link"}