The work of Charles Kindleberger, who died on July 7th, has never been more In “Manias, Panics and Crashes”, Mr Kindleberger provided a. Manias, Panics, and Crashes has ratings and reviews. Charles Kindleberger’s brilliant, panoramic history revealed how financial crises follow a. Manias, Panics and Crashes, is a scholarly and entertaining account of the way that mismanagement of money and credit has Kindleberger, Charles P. (et al.).
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Manias, Panics, and Crashes: A History of Financial Crises
I had been hoping for more of a straightforward narrative description of each crisis, many of which, after all, occurred in unfamiliar settings.
Email alerts New issue alert. Just a moment while we sign you in to your Goodreads account. I recently had cause to re-read this book, and was kinrleberger to be able to observe the connections between historical financial crises and economic events in our current economy.
Econometricians among my friends tell me that rare events such as panics cannot be dealt with by the normal techniques of regression, but have to be introduced exogenously as “dummy variables. Baloney page claims CPA’s count the number of beans that firms claim. Related articles in Google Scholar.
For those looking for detailed descriptions of specific crises, something like Bagehot’s “Lombard Street” is more entertaining. I would love to see more books like this I mention events of the past 10 years because Kindleberger could not have foreseen the changes in the financial practices that lead to what has happened, but it has clearly followed his model as if he had been writing today. He disentangles the narrative of many financial disasters into their component parts, then works to educate the reader how to identify which phase of the financial cycle the reader finds himself.
Moreover, any trace of analysis, opinion and conclusions postponed till the very last chapter and Anyone who picks up this book hoping it may help make sense of what’s going on in the world and the economy would be bitterly disappointed. Lists with This Book. Goodreads helps you keep track of books you want to read.
Don’t cuarles have an Oxford Academic account? While other worthy tomes, such as “History of Financial Disasters in 3 Volumes” cover much of the same material, the original organization of Kindleberger’s work is what commends it. Jan 06, James rated it it was ok Shelves: If you originally registered with a username please use that to sign in.
The author looks particularly at doing nothing, at declaring bank holidays, central bank cash infusions, and international rescues.
Many times it felt like kinxleberger endless list of historical examples that illustrate an idea. It might be useful to some readers, but not to me. I totally disagree that Lehmann bro should have been bailed out.
And he was right! But sometimes the bubble is big enough, or has sensitive-enough investors, that it causes larger scale disruption. The idea that financial crises across the world are connected crasshes repeated ad nauseam. I remember very vividly loaning my copy to a friend one evening, noting the chapter title “The Emergence of Swindles” as a cautionary tale for us to expect the revelation of a major financial fraud, only to see the very next day the emergence of the Bernie Madoff Ponzi scheme.
Rescues domestic or foreign do work, but have corresponding challenges — they risk moral hazard, and sometimes the rescuer doesn’t have enough money to go through with it. I found a disconcertingly disjointed presentation.
Nov 25, Adam McNamara rated it liked it Shelves: To see what your friends kindlebedger of this book, please sign up. With all of the talk about stock market manipulation, derivative fraud, and the imminent collapse of the global economic s I enjoyed this book first as an economics student in my undergraduate college course of study.
Moreover, any trace of analysis, opinion and conclusions postponed till the very last chapter and here it is big spoiler “Lender of last resort is a necessary evil”. Majority of the text reads as one long list of historic events that author doesn’t even recount, but simply refers to. You’ll definitely need to hit Wikipedia to refresh your macro-economic knowledge– especially at the end of the book, during the discussions of Domestic and International Lenders of Last Resort.
Since its introduction inthis book has charted and followed this volatile world of financial markets. If you like books and love to build cool products, we may be looking for you. If you haven’t read extensively on the history of the events in question it probably would make very little sense and a rather tedious reading.
Everyone that opens this books has an opportunity to learn something new. It tries to be both, and it fails at both. It doesn’t read as a treatise on the economics causes and consequences of financial cycles, panics, etc.
Dec 19, Valters Chares rated it really liked it Shelves: The first third of the book documents this process. That said it is probably the most complete book on the history and causes of economic upheavals from the 17th century to available to the non-economist. Instead of taking crises case by case, the author divides them on stages and gives a very detailed description of what happened on this or that stage, what are the similarities.
If you’re in a rush and want to get the gist, read the last chapter. Article PDF first page preview. In addition to sincere promoters of the new asset, there are incompetents and frauds promising returns they can’t reliably deliver, or have no intention to deliver.
Ignore it at your peril. This is a classic book in the financial world, but I was somewhat disappointed with it.
Manias, Panics, and Crashes: A History of Financial Crises by Charles P. Kindleberger
I enjoyed this book first as an economics student in my undergraduate college course of study. As speculators pile in, the price of the asset grows higher than can be justified based on future cash flows.
If you take the time to work your way through this book you will come away with a more sophisticated understanding of words such as “credit””liquidity” and “asset prices” and how they are interrelated. Both the descriptions and proscriptions of this book, especially its focus on the lender of last resort, seem to be amazingly prescient though it probably just that this iconic text was on the bookshelf of every major player in the fed at the time. It is a historical and non-quan The edition reads like a playbook for the collapse and bailout of of