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Fault Lines: How Hidden Fractures Still Threaten the World Economy

Page 36

by Raghuram G. Rajan


  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)

  G-20 (Group of)

  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

  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; exportled 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 noncognitive 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

  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 inphysical 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

  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

  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 (1945)

  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: Federal Reserve responses to fiscal stimulus response to jobless recovery from

  recessions: of of 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, inmortgage-backed securities relationship to return underpricing of See also tail risks

  risk managers

  Rodrik, Dani

  Roosevelt, Franklin D.

  Rosenthal, Howard

  Rubin, Robert

  Russia

  S&P 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

  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 overvaluation of price volatility of students. See education

  subprime mortgage market: boom in, classification of loans credit growth and defaults in governmentsponsored 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

 

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