INDEX
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affordable housing mandate
Alesina, Alberto
Alger, Horatio
alpha (excess returns)
Alphatec
American International Group (AIG): bailout of; compensation of employees and managers of; credit default swaps of; customers of; financial problems of; Financial Products unit of
Angeletos, George-Marios
annuities
antitrust regulations
Argentina: G-20 membership of; state-owned enterprises in
Aristotle
arm’s length systems: of employment; financial
Asia: economic growth in; exchange-rate policies in; exports of; financial crisis of 1998; financial systems in; foreign debt of governments in; recovery from crisis; savings in. See also specific countries
asset-backed securities. See mortgage-backed securities
asset prices: departures from fundamentals; increases in. See also housing market
Australia, economic growth of
automobile industry: government bailouts of; in India
Bagehot, Walter
bailouts: of AIG; of automobile industry; of banks; of Fannie Mae and Freddie Mac; political consequences of; shortcomings of
Bank of America
Bank of Japan
Bank of North Dakota
bankruptcies
banks: bailouts of; boards of; CEOs of; compensation in; competition among; debt of; deposit insurance for; deposits in; in developing countries; failures of; financial system roles of; lending standards of; loans to developing countries by; mortgage-backed securities held by;
banks (continued) mortgage lending process of; off–balance sheet assets of; organizational complexity of; performance measurement in; power of; proprietary trading by; regional; revolving door with government; risk exposures of; risk managers in; rural; shareholders of; short-term debt of; state-owned; stock prices of; too systemic to fail; transparent structures of. See also central banks; financial systems; investment banks; regulation, banking
Barofsky, Neil
Bear Stearns
behavioral economics
Benartzi, Shlomo
benchmarking
Bernanke, Ben
Bloomberg, Michael
bond holders
bonds: covered; insurers of. See also government bonds; interest rates
Brandeis, Louis
Brazil: economic reforms in; exchange-rate policies of; financial crisis in; interest spreads in
brokers, mortgage
Brown, Gordon
bubbles: development of; dot-com; Federal Reserve policies and; in Japan. See also housing market
budget deficits, federal
buffers, capital
bureaucracies
Bush, George H. W.
Bush, George W.
Bush (George W.) administration
businesses. See firms
business schools
Calomiris, Charles W.
Camdessus, Michel
Canada, health care costs in
capital: buffers; contingent; organizational; physical; requirements for banks; venture. See also human capital
capitalism: competitive markets in; crony; free-enterprise; relationship (managed); self-interest in
Carville, James
Cassano, Joseph
Cayne, James
CDOs. See collateralized debt obligations
central banks: Chinese; of developing countries; objectives of; purchases of dollar assets; regulatory responsibilities of; resources for managing crises. See also Federal Reserve; interest rates; monetary policy
chaebols
Chanos, James
charitable giving
charter schools
children: Chinese one-child policy; development of; health and nutrition of. See also education
Chile, economic growth of
China: consumption in; economic growth of; energy consumption in; exchange-rate intervention by; export-led growth strategy of; exports of; foreign reserves of; interest rates in; investment in; middle class in; one-child policy of; reforms in; savings in; state-owned enterprises in
Chrysler
Citigroup: board members of; CEO of; off–balance sheet assets of; risk managers of; risks taken by; salaries in; stock price of
climate change
Clinton, Bill
Clinton administration
CLOs. See collateralized loan obligations
cognitive capture
Cole, Shawn
collateralized debt obligations (CDOs)
collateralized loan obligations (CLOs)
colleges. See higher education
Community Reinvestment Act (CRA)
conglomerates
consumption: in China; in developing countries; discouragement of; of energy; excess; in Japan; of middle class; political pressure for economic stimulus to; in United States
contingent capital
corruption
CRA. See Community Reinvestment Act
credit: benefits and costs of easy; definition of; democratization of
credit card debt
credit default swaps
credit markets: access to; in developing countries; expansion of; government intervention in; informal; microcredit; political pressure for easy credit. See also subprime mortgage market
credit ratings, of mortgage-backed securities
crises. See financial crises
crony capitalism
currencies. See exchange-rate policies
current-account balances
debt: consumer; government; household; negative views of. See also credit markets; foreign debt; mortgages
Defoe, Daniel, A Plan of the English Commerce
demand: in housing market; interest rate levels and; in United States. See also consumption
democracies
democratization of credit
Dennis, William
deposit insurance
deregulation
developing countries: central banks of; consumption in; current-account surpluses of; economic growth of; excess savings of; exchange-rate policies of; financial systems of; foreign debt of; foreign exchange reserves of; foreign investment in; microcredit in; organizational capital in; poverty in; trade deficits of; trade surpluses of
Dimon, Jamie
disability payments
dot-com bubble
Douthat, Ross
early developers
earthquake, Haitian
earthquake insurance
East Asia. See Asia; specific countries
East India Company
economic growth: of developing countries; financial sector role in; global policy coordination for; of industrial countries; of late developers; moderated fluctuations in; monetary policy and. See also export-led growth strategies; recessions
economists: debates on credit access; failings of; technology used
education: accountability; class sizes; distance; early childhood; family influences and; formal; human capital formation; improving quality of; increased attainment rates; inequality in; intrinsic worth of; No Child Left Behind Act; ongoing; parental choice; quality of; relationship to incomes; school year lengths; student performance; of teachers; teaching quality; technology in. See also higher education
efficient markets hypothesis
elevator ladies
Elizabeth I, Queen
Embraer
Emmanuel, Rahm
employment: Federal Reserve policies and; hiring process and; jobless recoveries; layoffs; motivations in; on-the-job training; political pressure for economic stimulus; portable benefits; sabbaticals; skills needed in; technological change and; temporary. See also labor force; unemployment rates
employment benefits. See health insurance
energy use
England. See also United Kingdom
Enron
environmental sustainability
Europe: covered bonds held by banks; firms in. See also specific countries
European Central Bank
European Union (EU)
exchange-rate policies: of Brazil; of China; of developing countries; of India; of Japan
expectations hypothesis
export-led growth strategies: of China; dependence on foreign consumers; in future; of Germany; of Japan; of late developers; managed capitalism and; success of; transition to balanced economy; weaknesses of
exports: of China; of India; of Japan; of South Korea; of Taiwan. See also trade
The Fable of the Bees (Mandeville)
family influences on education and human capital
Fannie Mae (Federal National Mortgage Association): establishment of; foreign investors in; government takeover of; lending to support housing prices; losses of; mandate of; mortgage-backed securities issued by; reforms of; role in subprime crisis
fault lines: consequences of; in future; geological; income inequality in United States as; interaction of arm’s-length and relationship-based financial systems; political; reforms needed to address; systemic; trade imbalances
FDIC Improvement Act of 1991
Federal Deposit Insurance Corporation (FDIC)
Federal Home Loan Mortgage Corporation. See Freddie Mac
Federal Housing Administration (FHA)
Federal National Mortgage Association. See Fannie Mae
Federal Reserve: Bernanke as chairman of; Bernanke as governor of; establishment of; Greenspan as chairman of; Greenspan put and; healthy-economy mandate of; independence of; inflation-fighting policies of; influence of; interest-rate cuts by; interest-rate hikes by; interest-rate policies of; mistakes by; mortgage-backed security purchases by; objectives of; political pressures on; reforms of; regulatory responsibilities of; responses to recession of 2001; Survey of Consumer Finances
Federal Reserve Bank of Kansas City
Feldstein, Martin
Ferguson, Niall
FHA. See Federal Housing Administration
financial crises: of 2007-8; Asian (1998); in India; in Japan; Mexican (1994); resilience of systems; resources for managing. See also fault lines
financial markets.stock market
financial systems: arm’s length; competition in; deregulation of; of developing countries; economic growth and; incentives in; innovation in; monetary policy and; public distrust of; redundancy in; reforms in; regulation of; relationship-based; resilience of. See also banks; investment banks
firms: conglomerates; differences between American and other; political power of; regulation of. See also banks
fiscal stimulus: discretionary; in jobless recoveries; Keynesian doctrine of; Obama administration package (2009); political
fiscal stimulus (continued) pressure for; in United States
FNMA (Federal National Mortgage Association). See Fannie Mae
food prices
foreign debt: of developing countries; fickleness of financers; in foreign currencies; Mexican crisis (1994); reducing; short-term
foreign exchange reserves: of China; of developing countries
foreign investment: in developing countries; in East Asia; in mortgage-backed securities; in U.S. government bonds
Formosa Plastics Group
France: annuities sold by monarchy; automobile industry in; energy consumption in; health care costs in; social welfare spending in; state-owned enterprises in; unemployment benefits in
Franklin, Benjamin
fraud
Freddie Mac (Federal Home Loan Mortgage Corporation): establishment of; foreign investors in; government takeover of; lending to support housing prices; losses of; mandate of; mortgage-backed securities issued by; reforms of; role in subprime crisis
free-enterprise capitalism
French, Ken
French Revolution
Frieden, Jeffry
Fuld, Richard
G-7 (Group of 7)
G-20 (Group of 20)
Gelband, Michael
Gender, Robert
General Motors
Germany: banks in; energy consumption in; export-led growth strategy of; health care costs in; Landesbanks in; social welfare spending in; unemployment benefits in; Weimar Republic
Ginnie Mae (Government National Mortgage Association)
Glass-Steagall Act of 1933
global economic governance reforms
GNMA (Government National Mortgage Association). See Ginnie Mae
Goldin, Claudia
Goldman Sachs
government bonds: foreign investors in; risk premium on
government intervention: attitudes toward; corruption and; in credit markets; in early developers; expectations of; in financial systems; in housing market; in India; limitations of; managed capitalism strategy; in market economies; private sector influence on; reducing; risk taking and; role in financial crisis; state-owned enterprises; unintended consequences of. See also exchange-rate policies; export-led growth strategies; regulation
Government National Mortgage Association. See Ginnie Mae
government-sponsored enterprises (GSEs). See Fannie Mae; Freddie Mac; Ginnie Mae
Grapes of Wrath (Steinbeck)
Great Depression
greed
Greenspan, Alan
Greenspan put
growth. See economic growth; export-led growth strategies
GSEs (government-sponsored enterprises). See Fannie Mae; Freddie Mac; Ginnie Mae
Haitian earthquake
Hart, Robert M.
Hayek, Friedrich von
Head Start
health care: cost-efficiency of; in developing countries; medical tourism
health insurance: adverse-selection problem of; costs of; employment-based; in Europe; reform act (2010); required; subsidies for; universal; U.S. system of
Heckman, James
hedge funds
Henry VII, King
Heymath
higher education: business schools; costs of; enrollment assistance for; future of; graduation rates of; relationship to incomes
high school graduation rates. See also education
Hillery, Ruthie
HOLC. See Home Owner’s Loan Corporation
Holmes, Steven
home equity loans
home ownership: affordable housing mandate; government policies to expand; rates of; tax credits
Home Owner’s Loan Corporation (HOLC)
Horioka, Charles
hospitals
Housing and Urban Development, Department of (HUD)
housing market: boom in; bust in; credit expansion in; demand in; effects of low interest rates in; government intervention in; historical evolution of; oversupply in; price increases in; tax breaks in. See also mortgages; subprime mortgage market
Huang, Yasheng
HUD. See Housing and Urban Development, Department of
human capital: access to; components of; definition of; improving; non-cognitive skills; training; value of. See also education
IMF. See International Monetary Fund
immigration: effects on income inequality; illegal
imports: of India; of United States. See also trade
incentives: in bureaucracies; effects of unemployment benefits; in financial firms; in governments; reforms of;
incentives (continued) for risk-taking
income inequality: attitudes toward; causes of increases in; credit expansion and; economic benefits of; increases in; policy responses to; political pressure for easy credit and; political pressure for economic stimulus and; reducing
incomes: college premium; financial institution compensation; of hedge fund managers; from investments; in Kenya; opportunities for increasing; of physicians. See also economic growth; poverty; wages
India: British rule of; central bank of; conglomerates in; economic growth of; economic policies of; energy consumption in; exchange-rate policies of; exports of; financial crisis in; government intervention in credit markets in; health care costs in; physical capital in; reforms in; trade policies of
Indonesia: economic crisis in; IMF loans to
industrial development: early developers; in India; late developers; in Taiwan
inequality. See income inequality
infant-industry protection
inflation: in asset prices; expectations of; Federal Reserve policies and; relationship to unemployment; in United States
innovation. See also technological change
institutional economics
insurance: bond; earthquake; livelihood; mortgage. See also health insurance; unemployment benefits
interest rates: on bank deposits; in China; consequences of low; effects of; expectations hypothesis and; increases to fight inflation; in Japan; long-term; low levels of; on mortgages; on savings; short-term; spreads of; Taylor rule and
International Monetary Fund (IMF): Asian financial crisis and; conditionality of loans; influence of; Mexican loans (1994); policy coordination role of; reforms in; staff of; warnings about trade imbalances
Internet: communicating with public through; distance education; use in hiring
investment: bond holders; boom in; in China; in East Asia; housing; incomes from; in managed capitalist systems; in physical capital; relationship to saving. See also foreign investment
investment banks. See also banks
investment managers. See also hedge funds
Jackson Hole Conferences
Japan: central bank of; competition in; consumption in; economic growth of; education in; elevator ladies in; employment in; energy consumption in; exchange-rate policies of; export-led growth strategy of; exports of; financial bubble and crisis in; health care costs in; keiretsus in; managed capitalism in
jobless recoveries: political pressure for economic stimulus during; in United States
jobs. See employment; labor force
Johnson, Lyndon B.
JP Morgan
Katz, Lawrence
keiretsus
Kenya, government expenditures in
Keynes, John Maynard
labor force: migration of; mobility of; protective legislation and; resilience of; skills of; training; women in. See also employment; income inequality; wages
labor unions. See unions
late developers
Lee Kuan Yew
Lehman Brothers: board members of; CEO of; collapse of; risks taken by; salaries in; short selling by; subsidiaries of
Lenin, Vladimir
liquidity. See also monetary policy
liquidity risk
livelihood insurance
Lucas, Robert E., Jr.
Madoff, Bernard
Malaysia: economic growth of; export-led growth strategy of; investment in
managed capitalism: in Asia; challenges of; export-led growth strategies and; investment and; success of
Mandeville, Bernard, The Fable of the Bees
markets. See capitalism; financial markets; housing market; prices; stock market
marriage
McCarthy, Nolan
Medicaid
medical care. See health care; physicians
medical malpractice
Medicare
Merrill Lynch
Mexico: conditional cash transfers; financial crisis of 1994
Mian, Atif
microcredit
middle class
migration
mobility: economic; factors restricting; of workers
models, economic
Mohamad, Mahathir
monetary policy: credit expansion and; financial stability and; housing market and; improvements in; Japanese; Keynesian; lags in; political influences on; reforms of; of United States. See also central banks; interest rates
money-market funds
moral hazard
Morgan, J. P., See also JP Morgan
Morrice, Brad
mortgage-backed securities: credit risk of; Fannie Mae and Freddie Mac issues; federal purchases of; held by banks; investors in; ratings of; risks of; subprime mortgages in; tail risks of; tranches of
mortgage brokers
mortgage insurance
mortgages: defaults on; deregulation of thrift industry; FHA; foreclosures of; historical evolution of; interest rates on; predatory lending; traditional lending process for. See also subprime mortgage market
motivations
multilateral financial institutions: influence of; lending by; reforms of. See also International Monetary Fund; World Bank
mutual fund management companies
national home ownership strategy. See also home ownership
nationalism
Nehru, Jawaharlal
New Century Financial
New Deal
New York City
No Child Left Behind Act of 2002
noncognitive skills
Northern Rock
Obama, Barack
Obama administration
Office of Thrift Supervision
O’Neal, Stanley
opportunities
organizational capital
ownership society. See also home ownership
Park Chung Hee
Paulson, Henry J.
Paulson, John
PBOC. See People’s Bank of China
Pension Benefit Guarantee Corporation
pensions
People’s Bank of China (PBOC)
Peugeot
Phillips curve
physicians: malpractice suits and; salaries of. See also health care
Pinto, Edward
A Plan of the English Commerce (Defoe)
Plaza Accord (1985)
political fault lines
politics: economics and; of immigration; pressures for easy credit; pressures for fiscal stimulus
Poole, Keith
populist credit expansion
Populist movement
poverty: cycle of; in developing countries; family instability and; opportunities for escape from
Prasad, Eswar
predatory lending
prices: food; functions of. See also asset prices; housing market; inflation
Prince, Charles
professional credentials
proprietary trading
protectionism
racism
rating agencies
Rato, Rodrigo de
recession of 2001: Federal Reserve responses to; fiscal stimulus response to; jobless recovery from
recessions: of 1990-91; of 2009; cleansing role of; jobless recoveries from; Keynesian policies and; overreactions to; political pressure for economic stimulus during
redundancy, in financial systems
reforms: in access to credit; in Brazil; in China; in deposit insurance; educational; fault lines addressed by; of Federal Reserve; financial; in global economic governance; goals of; guiding principles of; of health insurance; in housing finance; of incentives; in India; of monetary policy; of multilateral financial institutions; need for; reducing government intervention; reducing search for tail risk; regulatory; tort; of unemployment benefits
regulation: antitrust; cycle-proof; enforcement of; failures of; history of; laissez-faire ideology and; in New Deal; reforms of. See also deregulation
regulation, banking: capital requirements; central bank responsibilities for; cognitive capture and; Community Reinvestment Act; effectiveness of; enforcement of; history of; of new products; reforms of; resolution of bank failures; risk monitoring and; transparency of
relationship capitalism. See managed capitalism
relationship systems: of employment; financial
remittances
Renault
research and development. See also innovation
Reserve Bank of India
resilience: of financial systems; of workers
retirement savings
returns: alpha; relationship to risk
risk: bank exposures; of default; effects of government intervention; in financial sector; incentives for taking; information needed for monitoring; interest rate levels and; liquidity; in mortgage-backed securities;
risk (continued) relationship to return; underpricing of. See also tail risks
risk managers
Rodrik, Dani
Roosevelt, Franklin D.
Rosenthal, Howard
Rubin, Robert
Russia
S&P 500 options prices
sabbaticals
safety net: conditional cash transfers; costs of; in Europe; political attitudes toward; social security; strengthening; in United States. See also health insurance; unemployment benefits
Salam, Reihan
Salinas de Gortari, Carlos
Samuelson, Robert J.
“Save More Tomorrow” plan
savings: in Asia; government policies to encourage; household; increasing; interest rates on; rates of; relationship to investment; retirement; shortages of
schools. See education
Schumpeter, Joseph
scientific research
securitization: benefits of; collateralized debt obligations; collateralized loan obligations; of French annuities; innovative products. See also mortgage-backed securities
self-interest
Shiller, Robert
short sellers
Sinha, Yashwant
skill-based technical change
Smith, Adam
socialists
social safety net. See safety net
social security
Social Security Act of 1935
Sorkin, Andrew Ross
South Korea: chaebols in; economic growth of; economic policies of; exports of; investment in
Soviet Union
Squam Lake Working Group
Stalin, Joseph
state-owned banks
state-owned enterprises
Stein, Herbert
Steinbeck, John, Grapes of Wrath
sterilized intervention
stock market: bank stock prices; crash of (2000); dot-com bubble in; efficient markets hypothesis and; over-valuation of; price volatility of
students. See education
subprime mortgage market: boom in; classification of loans; credit growth and; defaults in; government-sponsored enterprises and; housing prices and; NINJA loans; originating companies; private issuers of; securitization in; size of
Subramanian, Arvind
Sufi, Amir
Suharto
systemically important financial institutions: bond holders of; factors in importance of; prevention of; reducing number of; risks taken by
Taibbi, Matt
tail risks: difficulties in managing; incentives for taking; of mortgage-backed securities; public exposure of; reducing search for; systemic; taken by banks
Taiwan: economic growth of; exports of; industrial development in; managed capitalism in; state-owned enterprises in
TARP. See Troubled Asset Relief Program
Tata Steel
taxes: credits; housing subsidies; income; in managed capitalist systems; marginal rates of; raising; rebates of; redistributive
Taylor, John
Taylor rule
teachers: education of; hiring; performance measurement of. See also education
Teach for America
technical change, skill-based
technological change: economic growth and; in education; effects on jobs; productivity increases and; in recent past
Texas Instruments
textile manufacturing
Thailand, investment in
Thaler, Richard
Tocqueville, Alexis de
too big to fail financial institutions
too systemic to fail institutions. See systemically important financial institutions
tort reform
trade: development of; imports; protectionism. See also export-led growth strategies
trade deficits: of developing countries; of United States
traders: compensation of; performance measurement of; position limits for; risk managers and; risks taken by; short sellers
trade surpluses: of developing countries; of exporters; of Japan
training
transparency: of financial institution structures; in financial systems; of regulation; value of
Treasury Department, U.S.
Trillin, Calvin
Troubled Asset Relief Program (TARP)
UBS
unemployment benefits: duration of; in Europe; extensions of; history of; incentive effects of; levels of; predetermined, contingent extensions of; reforms of; in United States
unemployment rates: jobless recoveries; relationship to inflation; in United States
unions: teacher; weaknesses of
United Kingdom: deposit insurance in; financial system of; health care costs in; IMF and; policies in India;
United Kingdom (continued) trade of; workers’ organizations in
United Progressive Alliance (UPA)
universities. See higher education
UPA. See United Progressive Alliance
Vanguard
venture capital
Volcker, Paul
wages: effects of immigration; inequality in; in managed capitalist systems; minimum. See also incomes
Wallison, Peter J.
Wall Street Journal
Wang, Y. C.
Washington Mutual
wealth. See also income inequality
Weber, Max
Weimar Republic
welfare programs. See safety net
Willumstad, Robert
women, labor force participation of
work, motivations in. See also employment
World Bank
World Trade Organization (WTO)
Yin, K. Y.
Zedillo, Ernesto