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Financial Crises, Contagion, and the Lender of Last Resort
Manufacturer: Oxford University Press, USA
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ASIN: 0199247218 |
Book Description
Financial crises, often of an apparently contagious nature, have become more frequent over the last two decades than they were previously. The monetary authorities, especially central banks, and, in the international context, the International Monetary Fund, have had to decide how to handle them. This has revived interest in the analysis of the role of a Lender of Last Resort (LOLR). On the one hand, such LOLR support actions have been accused of contributing to the currently increased frequency of (systemic) crises. By providing a safety net for banking activities, they are said to encourage excessive risk taking (moral hazard), thus provoking the very crises they are supposed to prevent. On the other hand, the (surprisingly) fast recovery experienced after (most of) these crises may, perhaps, be attributed to the safety net provided by LOLR facilities, which may have dampened real effects by containing contagion. Currently, the need for, and the appropriate design of, a LOLR both at the national and international level is hotly debated. There are fierce controversies about how to handle crisis management. This book assembles a selection of the best available studies in this field, and illuminates both sides of the debate. After a substantial review of the literature, Part I Iooks back to the historical evolution of thought on the conduct of LOLR. Parts II and III review contemporary contributions to the debate. Part IV explores the international aspects of these issues. Overall, this Reader provides comprehensive and authoritative coverage of the contending views on how the authorities might respond to financial crises. It will appeal to a broad readership including financial and monetary economists, commentators on financial subjects, (central) bankers, financial regulators, and ministries of finance.
Book Description
This digital document is a journal article from Journal of Banking and Finance, published by Elsevier in 2005. The article is delivered in HTML format and is available in your Amazon.com Media Library immediately after purchase. You can view it with any web browser.
Description:
This paper develops a model of the lender of last resort (LOLR) from a Central Bank (CB) viewpoint. The model in a static setting suggests that the CB would only rescue banks which are above a threshold size, consistent with the insight of ''too big to fail''. In a dynamic setting, CB's optimal policy in liquidity support depends on the trade off between contagion and moral hazard effects. Our results show that contagion is the key factor affecting CB's incentives in providing LOLR and they also provide a rationalization for ''constructive ambiguity''.
Book Description
Get any training session off the ground fast-- or jumpstart one whenever it lags--with more than 400 proven activities in the bestselling Games Trainers Play series. Their names may range from ``Tombstone Planning'' to ``The `Nobel' Prize Winner,'' but these brilliantly offbeat, unexpected, disarming, fully reproducible games have one serious mission: to coax even the most reluctant groups to talk, laugh, think, and work together. Page after page of fun, easy-to-plan tear-out exercises help you: break the ice and get participants acquainted; shake up outworn habits and perceptions; challenge with thought-provoking brainteasers; test learning and retention; develop communication and listening skills; bring out and involve participant-leaders; win back lethargic, distracted, low-energy groups; encourage creative problem-solving; boost or reinforce a group's self-image; forge cohesive work teams and value object; facilitate transfer of training to the job.
Customer Reviews:
Old, but GOOD.......2005-03-16
This is a great resource for anyone who conducts training sessions, seminars, conferences, or informal meetings of any sort. No frills, just lots and lots of ideas...some to use as is, some you will want to adapt. I've used dozens of these games and every one made the point I wanted to teach. A true classic.
Good Resource.......2003-01-28
This really is an excellent book for finding activities to add to your training sessions. There are a lot of great games in this resource. The games are listed by subject matter to make it easy to get right to where you want to go and the games are just as relevant as they ever were.
The only reason that I didn't give it a five is that I don't care for the typeset and overall presentation of the book, but these things are easily overlooked when you find a great new activity.
STILL A GREAT CHOICE.......2000-06-24
Don't be put off by this book's 1983 publication date. It is still one of the best sources of icebreakers and other training exercises. It's value?--the book's not just for professional trainers. It can be used by just about anyone who needs some ideas about what to do when you get up in front of a group--any group. It's not cluttered by lectures or lengthy explanations. You just jump right in and flip through the samples. It's even fun just to browse. This is the second in a series of training game books by Scannell and Newstrom. Look at one and you'll probably want all three!
Book Description
Get any training session off the ground fast-- or jumpstart one whenever it lags--with the more than 400 proven activities in the bestselling Games Trainers Play series. Their names may range from ``Tombstone Planning'' to ``The `Nobel' Prize Winner,'' but these brilliantly offbeat, unexpected, disarming, fully reproducible games have one serious mission: to coax even the most reluctant groups to talk, laugh, think, and work together. Page after page of fun, easy-to-plan tear-out exercises help you: break the ice and get participants acquainted; shake up outworn habits and perceptions; challenge with thought-provoking brainteasers; test learning and retention; develop communication and listening skills; bring out and involve participant-leaders; win back lethargic, distracted, low-energy groups; encourage creative problem-solving; boost or reinforce a group's self-image; forge cohesive work teams that value group effort; facilitate transfer of training to the job.
Customer Reviews:
a pretty good buy.......2002-08-19
The games in this book require few props, which is one reason i like it. However there are many numerical and verbal exercises which might not be suitable for all groups. The games are well classified and easy to find in the book. The ones on creative thinking, learning and communication are particularly good. I work with students and have used many of the games with success. This book can be used for any type of audience, overall it is a pretty good buy.
Book Description
Announcing the fourth and newest edition to the best-selling training games series of all time! Even More Games Trainers Play, Edward Scannell and John Newstrom pick up where they left off in previous Games Trainers Play guides. You'll find fully-explained, ready-to-use icebreakers, brainteasers, problem-solvers and session closers that target the skills you need to teach most--communication, listening, presentation, leadership, creative problem-solving and more. Each game can be played in under 30 minutes and implemented at little or no cost. What's more, this edition focuses in on today's ``hot topics'' of team building, quality initiatives and quality in customer service.
Customer Reviews:
Superb resource book.......2007-05-03
I had this series of books before - loaned them out at work and never got them back (go figure!). Happy to have found them again here.
Recipe for one WILD office Xmas party.......2002-12-19
After we heard what a crazy holiday party the auditor's office was planning, our agency was determined to outdo them, so we hurriedly formed a committee to study the problem and suggest workable plans of action. After rejecting several alternative ideas (such as duckpin bowling and tea at the state museum) we decided to really cut loose and order pizza at lunch time. Supplemented with soft drinks from the machine in the lobby, no less! Everything was set for the best holiday party ever.
When (after days of waiting) the magical day and hour arrived, we all sat down to enjoy our lunchtime celebration when the realization hit: the only way we were going to have fun and interesting conversation was if we actually talked to each other!!
For a few agonizing minutes we silently munched on our pizza and considered the grim situation, until (in a moment reminiscent of the deus ex machina device of Greek theatre) one of our number arrived late, a Santa cap jauntily perched on his head, an easel and flip chart under one arm, and THIS BOOK under the other (he had a magic marker too, but I don't really remember where he was carrying that - perhaps in his pocket protector?). The party was saved!
Now when the folks from the auditor's office show off this year's crop of photocopies of their faces and other body parts, we'll have some stories to tell them about how much fun a REAL party can be.
Even More Games.......2000-11-27
Like a Rocky sequel, this book doesn't get it. It would be useful with children and young adults, but I could not use it with high functioning adults. Had I not been in a hurry, and had reviewed the book, I would not have purchased it.
Great idea's for anyone to use, anytime, anywhere!.......2000-04-08
This book has wonderful idea's to use in almost any setting. You could use the idea's with adults or youth. It is a complete resource for anyone who leads groups of people. It is full of fun activities to do!
Book Description
For more than a century European astronomers grappled with the mystery surrounding a suspected variation in latitude that affected their careful observations. Where the best minds in Europe had failed, an intellectual upstart from America eventually succeeded. In 1891, Seth Chandler, an actuary for an insurance company with no formal education in astronomy, built an inexpensive instrument that accurately detected the elusive variation of latitude. To compound the embarrassment of the Europeans--who discounted Americans as insignificant in the world of astronomical research--another American, Simon Newcomb, working at the U.S. Naval Observatory and using existing mathematical equations, validated Chandler's discovery.
Much more than a mere academic exercise, this solution to the problem, dubbed the "Chandler Wobble," had profound significance to astronomers of the day and played an important role later in space exploration and the eventual development of the Global Positioning System (GPS) that so revolutionized modern technology. The authors, scientists themselves, manage to unravel the mystery without the use of technical jargon and bewildering formulae, and recount both the historical events and the dramatic human aspects of the story. Private correspondence, documents, and photographs provided by Chandler's granddaughter give readers a glimpse of life within the family and of Chandler's relationships with the scientific community. It is an uplifting tale filled with the ironies of how an amateur astronomer helped America find credibility in the world of serious scientific research, a world the U.S. would eventually lead all the way to the moon.
Customer Reviews:
A Review: Latitude.......2006-12-07
Latitude presents an issue in geodesy and astronomy that perplexed scientists, astronomers, and surveyors for years. Early surveys and measurements of latitude exhibited a certain amount of error; the real question was, how much error is acceptable and what are the causes of such error. Latitude discusses in great detail the history and science behind these errors and one aspect of error in particular - polar motion.
The authors of Latitude, a Father and Daughter combination, Bill and Merri Sue Carter both have a strong scientific background in astronomy and geodesy. With this understanding of their backgrounds I fully expected Latitude to delve deep into the science behind the phenomenon of variation in latitude; however, instead I found that they spent more time discussing history. The Carters did a remarkable job in depicting the history and lives of the scientists that made the discovery but they also went further and portrayed the lives of the scientists before them that shaped the way to making the discovery. The historical items discussed range from letters to parents while at sea, family photographs, locations of actual instruments used by scientists, to the homes where they resided.
In the opening the Carters grab your attention with fictional prologue about a commercial airliner having to make a no visibility emergency landing. This landing was to take place several years ago when GPS landing systems were not commonly installed in planes. This introduction serves many purposes. First, it demonstrates what the GPS technology provides to its users and how today we take the highly technical system (that takes into account a huge amount of factors) for granted. This GPS technology is shown to give within a meter accuracy of the location of a receiver and as the book later goes on to show for a long time such accuracy was difficult to achieve. Secondly, it captivates the reader. I think the authors could have done a better job of explaining why this introduction is particularly relevant to the purpose of the book, but it comes out eventually.
One topic of discussion that caught me by surprise was religion. Religion is discussed in different places throughout the book, but the entire first half chapter on Newcomb deals with his conflict with religion It does appear clear that the authors seem to share the beliefs of Newcomb on the subject by the way the topic is discussed. There exists an enormous amount of interest in this topic that would spark emotions across the spectrum and the Carters present a pretty good case in the brief time it is discussed. This particular topic, while widely disputed by the masses of the public, would potentially be an interesting book and if published would undoubtedly spark the interest of a wider populace than that of Latitude.
During the course of the book the Carters show how Chandler was able to determine the shifting of latitude caused by the polar "wobble." It goes on to discuss how Newcomb assists in explaining to the scientific community how the expected value of a 10 month period for the shift to go full circle could actually be the 14 month period detected by Chandler. The authors point out that Chandler most likely had no clue that the expected period for the shift was 10 months and may contribute to why nobody was able to accurately detect a validated variation of latitude before him. It is an interesting point on how even the smartest people can be blinded by expectations of truth as opposed to looking at the evidence and facts behind research and hard data.
The only distraction I found while reading the book was that in a book of about 200 pages the discovery (the main point of the book) was not discussed until about page 120. For a historian this would not be a big deal; however, as a person interested primarily in the science behind the earth, I found myself anxious to get further along into the discovery of the phenomenon and on occasion asked myself: is this (topic) noteworthy enough to delay getting to the point?
Throughout the entire book I found no real negative issues with the book Latitude. While the authors will probably never receive a literary award for their style of writing, they did a great job taking into account the historical perspective of the accounts leading to the discovery of the variation of latitude caused by polar motion. The book also does a good job in discussing the science behind the discovery and how complicated all the effects and factors make this subject.
And here's why your GPS works.......2006-11-20
We have learned how Global Positioning Systems affect our lives in astonishing ways, from directing smart bombs onto thugs in Iraq to turning Texas hunters into space shuttle accident investigators.
GPS has hundreds of other uses, too, including keeping airliners on course, but none of it would be possible without an understanding of the variation in latitude, and there's a story behind that.
That latitude varies, with respect to the distant stars, was suspected by the middle of the 18th century, but the measurements to prove it were almost impossibly delicate. Some of the finest scientific minds of the age considered it, including Leonhard Euler, but the actual solution did not come about until the 1890s, finally nailed down by Seth Chandler, a typical example of a New England Yankee tinkerer.
Chandler was better educated than most boys in the 1850s, going to high school in Boston, but he never attended college.
At age 15, he was hired by the leading American mathematician of the day, Benjamin Peirce, to be a "computer." That is, he ground out equations for astronomical summaries, work that today is done electronically. In those days, such solutions were done by mere stubbornness with pencil and paper.
The Carters, father and daughter, are well qualified to tell this recondite story. Bill Carter is a former chief of the geosciences laboratory at the National Oceanic and Atmospheric Administration, Merri Sue Carter is an astronomer at the National Earth Orientation Service of the Naval Observatory.
Together they manage to make understandable some very complicated geometry, and almost -- but not quite -- impart some of the thrill of reading a murder mystery into the hunt for variation of latitude.
Drama there was, but mostly of a rather rarefied kind.
It is not a simple story.
European scientists on the hunt for proof of variation decided to set up observatories on opposite sides of the globe, and they chose Berlin and Waikiki. But though the Waikiki observatory was built, Chandler beat Europe's best to the answer, using marvelously sensitive instruments of his own design, and a feel for the wobble of the Earth that perhaps has never been surpassed.
Chandler, scanning his pages of numbers, discovered that the variation of latitude has more than one component.
In fact, he came to believe that Earth has three subtle wobbles that impart a complex behavior to its axis (and, consequently, to the apparent latitude, as measured against the fixed stars).
With better instruments and vastly greater resources, modern scientists have confirmed two of Chandler's wobbles. The third is so subtle that even today, researchers are not sure it exists. If it does, evidence may become available by around 2010.
For a few bucks, you can buy a cellular phone with GPS as one of a dozen features. There's a whole lot more to that feature than most of us imagine.
Much Better Than Longitude. .......2004-09-12
Then why only four stars? I'll get to that later.
This book is a masterful synopsis of one of the most intriguing stories of nineteenth century astronomy. I found the narrative compelling and read the entire book in a single sitting, something I almost never do. The authors bring real passion and thorough technical competence to this subject. (Unlike the author of a similarly titled work, who at least brings passion and an elegant style to her task.) After reading it, I was hungry for more. It is obvious that the authors worked very hard to produce a concise treatment, so I refuse to fault them for lack of detail. The book is very successful in achieving its stated goals.
The excerpts from historical documents, photographs and illustrations are well chosen and serve to further the narrative and illustrate the thinking and life of Seth Carlo Chandler. I only wish there were more of them.
I fear that unlike a similarly titled work, the authors may have unintentionally aimed too high - a good deal of technical sophistication may be required to thoroughly enjoy this fine book, although I hesitate to discourage anyone who might find it interesting from tackling it. I don't know how much I would have enjoyed the book if I did not know what a least squares fit or transit circle was and dozens of other such details.
The story brings to mind Twain's observation that truth is stranger than fiction, because fiction is constrained by probabilities, truth is not. The authors successfully convey a sense of the personalities involved and the spirit of the times. More important, the narrative unfolds like a detective novel, with clues sprinkled in the beginning foreshadowing the brilliant deductions that tie the loose ends together. It's much more exciting and better than a detective novel, because it pertains to actual events that are unfolding even today. Unto the present day, no adequate theoretical explanation for the persistence of "Chandler Wobble" exists, nor Chandler's assertions that it contains at least two harmonic components, in addition to the annual component. (Scientists are at a loss to explain the current six year leap second drought going back to 1999. There are more things in Heaven and Earth, Horatio....)
Will the years around 2010 vindicate Chandler's bold predictions, will we find Chandler's two components? I can't wait to find out.
Why only four stars? I hate to quibble, but...
I found the nationalistic tone a little off-putting. I am a very patriotic American, a veteran and a registered Republican and like Chandler, a New Englander to boot. That having been said, in my appreciation of the history of ideas and especially the history of science, I am more of an internationalist than Kofi Annan. (I have sympathy for the authors, who in their quotidian professional lives may have to deal with superciliously nationalistic Europeans. I noticed that in a recent public opinion poll in Germany, Copernick made the list of top 50 historically important Germans, even though their grandparents would have considered his descendants to be Untermenschen. Ditto in spades for Einstein.)
Another quibble is with the lame prologue that almost made me give up before I got started. I think you can safely skip the prologue entirely and enjoy the book even more. (If you enjoy the prologue, skip this book and read a similarly titled book instead.) More annoying is their précis of the history of astronomy in Chapter I. They go beyond oversimplification to actual misstatement. Copernicus was not the first to propose a heliocentric universe, Aristarchus of Samos preceded him by almost two millennia. Copernicus did not model orbits as perfect circles, he had more epicycles that Ptolemy. The treatment of Galileo by the Vatican follows dramatic lines laid down by Arthur Miller. In doing so they misstate the position of the church. I don't want to defend censorship or the Renaissance Vatican, but the story is more complicated than the simple allegorical conflict between truth and superstition that it has been reduced to today.
This works on several levels.......2003-02-03
Like many good books, this one works on several levels. Its primary focus is the story of Seth Carlo Chandler, an amateur astronomer who discovered the variation of latitude now called the Chandler Wobble. In a larger sense, it explores how a group of American scientists attempted to raise American science up to the standards and practices of Europe. But what makes this an especially good read is that the authors make the scientists come alive. We learn not only what these scientists did, but also why. The authors penetrate the minds and motives of the scientists, creating a story that is both historical and imaginative
Although this book should appeal to a general audience, it is especially of interest to professionals who work in geodesy, surveying, astronomy, geophysics, and related disciplines requiring precise positioning. These readers will find a wealth of information about the foundation and structure of present scientific organizations, Today, the Global Positioning System and related technologies are capable of providing a precise positioning capability quickly and easily. But these technologies owe much to the work of Chandler and other scientists of the late nineteenth century. This vivid telling of Chandler's personal and professional life provides perceptive insight into a world that eventually brought America to the forefront of science and space exploration.
I really enjoyed this book!.......2003-01-04
I bought this book after seeing the advertisement for it in Sky and Telescope. I'm an amature astronomer and enjoy reading about the history of science. I had never heard this story before, although I knew about many of the men (Newcomb, Gould, Airy, etc) who are included in it. I thought it was very easy to read and interesting. The authors (Father and Daughter, both scientists in this case!) clearly know a great deal about this subject and give plenty of detail. Nice pictures, plenty of good background material. I came away with a much deeper understanding of the problem of the variation of latitude as well as the problems faced by American scientists in the late 1800's.
A true inspiration to an "amature" like me to keep plugging away and looking for answers that the "professionals" may have missed.
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