Manias, Panics, and Crashes A History of Financial Crises Eighth Edition - Original PDF
نویسندگان: Robert Z. Aliber · Charles P. Kindleberger · Robert N. McCauley
خلاصه: When this work first appeared, it looked back a long way to the financial crisis of the 1930s and revived interest in an old theme. Few books on the subject appeared during the several decades after World War II, following the spate of the 1930s, because the industry that produces them is anticyclical in character,1 and recessions from 1945 to 1973 were few, far between, and exceptionally mild. This work also looked forward, four years it turned out, to the developing country debt crisis of 1982. In the decades since, 1982 proved just the first of four waves of financial crises. Debtors in three, four, or more countries defaulted at about the same time and the prices of real estate and securities in these countries fell sharply. Each country that experienced a financial crisis also had a recession as household wealth declined in response to the sharp fall in the prices of securities and real estate, and as the banks became much more reluctant suppliers of credit as their own capital was depleted. The Great Recession that began in 2008 was the most severe and the most global since the Great Depression of the 1930