Manias, Panics, and Crashes (eBook)

In the Eighth Edition of this classic text on the financial history of bubbles and crashes, Robert McCauley joins with Robert Aliber in building on Charles Kindleberger's renowned work. McCauley draws on  his central banking experience to introduce new chapters on cryptocurrency and the United States as the 21st Century global lender of last resort. He also updates the book's coverage of the recent property bubble in China, as well as providing new perspectives  on the US housing bubble of 2003-2006, and the Japanese bubble of the late 1980s. And he gives new attention to the social psychology that leads people to take the risk of investing in Ponzi schemes and asset price bubbles. For the first time in this revised and updated edition, figures highlight key points to ensure that today's generation of finance and economic researchers, students, practitioners and policy-makers-as well as investors looking to avoid crashes-have access to this panoramic history of financial crisis.

Robert Z. Aliber is Professor Emeritus of International Economics and Finance at the University of Chicago Booth School of Business, USA. He was director of the Center for Studies in International Finance; on the research staff for the Committee for Economic Development and Commission on Money and Credit; and senior economic advisor for the Agency for International Development, U.S. Department of State. Aliber has consulted to the Board of Governors of the Federal Reserve System and to other U.S. government agencies, the World Bank and the International Monetary Fund, testified before committees of the Congress, and lectured extensively in the United States and abroad.

The late Charles P. Kindleberger was the Ford Professor of Economics at MIT for 33 years and author of over 30 books. He was best known as a financial historian, whom the Economist referred to as 'the master of the genre' on financial crisis. He advanced the study of international finance and helped to devise the Marshall Plan, approved by Congress, for Europe's reconstruction after World War II. During his tenure at MIT, Kindleberger was a consultant to the federal government several times, most often for the Treasury and the Federal Reserve. In 1985, he was president of the American Economic Association.