Government interventions in economic emergencies / Pablo Sastre, editor.

Includes bibliographical references and index.

Print version record.

GOVERNMENT INTERVENTIONS IN ECONOMIC EMERGENCIES ; GOVERNMENT INTERVENTIONS IN ECONOMIC EMERGENCIES; CONTENTS ; PREFACE ; AUCTION BASICS: BACKGROUND FOR ASSESSING PROPOSED TREASURY PURCHASES OF MORTGAGE-BACKED SECURITIES ; SUMMARY ; DUTCH AUCTIONS AND REVERSE DUTCH AUCTIONS; Quality Differences of Troubled Assets Presents Challenges for Auctions ; Adverse Selection and Firms' Asset Holdings ; Reputational Issues and Participation ; Sequencing Issues; Will Auctions Unlock Credit Markets? ; Costs and Risks to Taxpayers; AUCTION DESIGN; Single-Unit Auctions.

Why are Treasury Auctions Called Dutch Auctions? Imperfect Information: Common Values and the Winner's Curse ; Revenue Equivalence ; Multiple-Unit Auctions ; Manipulation and Demand-Reduction Strategies ; Complementarities; Dutch Auctions with Multiple Units ; Uniform-Price vs. Individual Price Auctions ; End Notes ; BANKING AND SECURITIES REGULATION AND AGENCY ENFORCEMENT AUTHORITIES ; SUMMARY ; BACKGROUND; AN OVERVIEW OF BANKING AND SECURITIES REGULATION ; Banking ; Securities ; MAJOR ENFORCEMENT-RELATED STATUTES ; Banking; Securities ; ORGANIZATION OF ENFORCEMENT PROGRAMS; Banking.

Securities COMPARISON OF ENFORCEMENT AND COMPLIANCE TOOLS ; FOR FURTHER READING ; End Notes ; BEAR STEARNS: CRISIS AND "RESCUE" FOR A MAJOR PROVIDER OF MORTGAGE-RELATED PRODUCTS ; SUMMARY ; INTRODUCTION ; BACKGROUND ON BEAR STEARNS ; MORTGAGE-BACKED SECURITIES ; BEAR STEARNS AND THE INITIAL FED "RESCUE"; JP MORGAN INITIALLY AGREES TO ACQUIRE BEAR STEARNS WITH FED ASSISTANCE ; THE AMENDED BUYOUT OFFER ; THE ALTERED TERMS FOR THE FED AND THE DEBATE OVER MORAL HAZARD AND SYSTEMIC RISK; RELATED CONGRESSIONAL CONCERNS ; End Notes ; CONTAINING FINANCIAL CRISIS; SUMMARY ; INTRODUCTION.

THE UNDERLYING FINANCIAL PROBLEMS Complex Finance: The House of Cards ; SIVs ; Metro's Credit Enhancement; What Makes a Financial Crisis? ; GOVERNMENT INTERVENTIONS ; Open Market Operations and Monetary Policy; The Discount Window ; Term Auction Facility (TAF) ; Treasury's "Super-SIV" Proposal; Provision of New Capital to Financial Institutions ; Bear Stearns; Fannie Mae and Freddie Mac; AIG ; The 700 Billion Troubled Assets Relief Program (P.L. 110-343) ; Increases in Government Guarantees and Insurance ; Commercial Paper; Citigroup ; POLICY ISSUES: ARE REGULATORS' TOOLS ADEQUATE?

Information Speculation ; End Notes ; THE COST OF GOVERNMENT FINANCIAL INTERVENTIONS, PAST AND PRESENT ; SUMMARY ; WHERE HAS THE MONEY COME FROM?; THE COST OF FINANCIAL INTERVENTIONS; RECENT FINANCIAL INTERVENTIONS ; Troubled Assets Relief Program (TARP) ; American International Group (AIG) ; Fannie Mae and Freddie Mac ; Bear Stearns ; End Notes ; DANGERS FROM THE POLITICAL ALLOCATION OF CAPITAL; INFORMATION PROBLEMS; UNRESPONSIVENESS ; BIAS AGAINST ENTREPRENEURSHIP AND INNOVATION ; BIAS FOR CONSTITUENTS ; RESOURCE DIVERSION ; CORRUPTION AND CRONY CAPITALISM; CONCLUSION.

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