Journal of Economic Literature最新文献_第10页

Ten Years of Evidence: Was Fraud a Force in the Financial Crisis? 十年证据:欺诈是金融危机的主因吗?

IF 12.6 1区经济学

Journal of Economic Literature Pub Date : 2021-12-09 DOI: 10.1257/jel.20201602

John M. Griffin

{"title":"Ten Years of Evidence: Was Fraud a Force in the Financial Crisis?","authors":"John M. Griffin","doi":"10.1257/jel.20201602","DOIUrl":"https://doi.org/10.1257/jel.20201602","url":null,"abstract":"This article synthesizes the large literature regarding the role of various players in residential mortgage-backed securities (RMBS) securitization at the center of the 2008–09 US housing and financial crisis. Underwriting banks facilitated wide-scale mortgage fraud by knowingly misreporting key loan characteristics underlying mortgage-backed securities (MBS). Under the cover of complexity, credit rating agencies catered to investment banks by issuing increasingly inflated ratings on both RMBS and collateralized debt obligations (CDOs). Originators who engaged in mortgage fraud gained market share, as did CDO managers who catered to underwriters by accepting the lowest-quality MBS collateral. Appraisal targeting and inflated appraisals were the norm. RMBS and CDO prices indicate that the marginal AAA investor was unaware of pervasive mortgage fraud and ratings inflation, but these factors were strongly related to future deal performance. The supply of fraudulent credit was not uniform, but clustered in certain geographic regions and zip codes. As these dubious originators extended credit to those who could not afford the loans, the credit expansion led to house price booms and subsequent crashes in these zip codes. Overall, a consistent narrative based on substantial research indicates that conflicts of interest, misreporting, and fraud were focal features of the financial crisis. (JEL G01, G21, G28, K42, R30)","PeriodicalId":48416,"journal":{"name":"Journal of Economic Literature","volume":"42 8","pages":""},"PeriodicalIF":12.6,"publicationDate":"2021-12-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138503218","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Doctoral Dissertations in Economics One-Hundred-Eighteenth Annual List 经济学博士学位论文第一百一十八年度榜单

IF 12.6 1区经济学

Journal of Economic Literature Pub Date : 2021-12-09 DOI: 10.1257/jel.59.4.1467

引用次数: 0

JEL Classification System 杰尔分类系统

IF 12.6 1区经济学

Journal of Economic Literature Pub Date : 2021-12-09 DOI: 10.1257/jel.59.4.1451

引用次数: 0

Book Review: The Great Reversal by Thomas Philippon 书评:托马斯·菲利蓬的《大逆转》

IF 12.6 1区经济学

Journal of Economic Literature Pub Date : 2021-12-01 DOI: 10.1257/jel.20211628

J. Eeckhout

{"title":"Book Review: The Great Reversal by Thomas Philippon","authors":"J. Eeckhout","doi":"10.1257/jel.20211628","DOIUrl":"https://doi.org/10.1257/jel.20211628","url":null,"abstract":"Thomas Philippon’s The Great Reversal: How America Gave Up on Free Markets is a remarkable piece of research that draws our attention to a timely and relevant issue: the rise of market power and its macroeconomic implications. The book documents the facts, offers a number of hypotheses to explain those facts, and discusses the policy interventions needed to remedy market power. This essay reviews the contribution of the book, especially the conceptual and empirical foundations that lead to the main conclusions. The main virtue of the book is to offer a wealth of facts and implications that highlight the different aspects of the evolution of market power. This essay also considers instances that permit an alternative viewpoint. First, I maintain that the reliance on concentration indices to measure market power can be misleading. Second, the essay argues that to date there is no evidence that bestows a different experience in the evolution of market power in Europe compared to the United States. Third, the book gives most air time to antitrust and merger review as the main cause. While antitrust is relevant, technological change is at least as, if not more, important for the observed rise of market power. This essay manifests that technological change has fundamental implications for welfare and therefore for policy intervention. (JEL D24, E22, G31, G34, K21, L13)","PeriodicalId":48416,"journal":{"name":"Journal of Economic Literature","volume":" ","pages":""},"PeriodicalIF":12.6,"publicationDate":"2021-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44858005","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 5

Journal of Economic Literature, December 2021, Volume LIX, Number 4 《经济文献杂志》，2021年12月，第十卷，第4期

IF 12.6 1区经济学

Journal of Economic Literature Pub Date : 2021-12-01 DOI: 10.1257/jel.59.4.1

引用次数: 0

A Survey on Income Inequality in China 中国收入不平等状况调查

IF 12.6 1区经济学

Journal of Economic Literature Pub Date : 2021-12-01 DOI: 10.1257/jel.20201495

Junsen Zhang

引用次数: 23

Book Reviews 书评

IF 12.6 1区经济学

Journal of Economic Literature Pub Date : 2021-12-01 DOI: 10.1257/jel.59.4.1376.r2

Ernest E. Hemingway

引用次数: 0

“Somewhere in the Middle You Can Survive”: Review of The Narrow Corridor by Daron Acemoglu and James Robinson “在中间的某个地方，你可以生存”:对达隆·阿西莫格鲁和詹姆斯·罗宾逊的《狭窄走廊》的评论

IF 12.6 1区经济学

Journal of Economic Literature Pub Date : 2021-12-01 DOI: 10.1257/jel.20201629

A. Dixit

引用次数: 5

Mass Atrocities and Their Prevention 大规模暴行及其预防

IF 12.6 1区经济学

Journal of Economic Literature Pub Date : 2021-12-01 DOI: 10.1257/jel.20201458

Charles H. Anderton, J. Brauer

{"title":"Mass Atrocities and Their Prevention","authors":"Charles H. Anderton, J. Brauer","doi":"10.1257/jel.20201458","DOIUrl":"https://doi.org/10.1257/jel.20201458","url":null,"abstract":"Counting conservatively, data show about 100 million mass atrocity-related deaths since 1900. A distinct empirical phenomenon, mass atrocities are events of enormous scale, severity, and brutality, occur in wartime and in peacetime, are geographically widespread, occur with surprising frequency, under various systems of governance, and can be long-lasting in their effects on economic and human development, wellbeing, and wealth, more so when nonfatal physical injuries and mental trauma also are considered. As such, mass atrocities are a major economic concern. Given the multidisciplinary nature of the subject matter, the pertinent conceptual, theoretical, and empirical literatures are voluminous and widely dispersed, and have not been synthesized before from an economics point of view. We address two gaps: a “mass atrocities gap” in the economics literature and an “economics gap” in mass atrocities scholarship. Our goals are, first, to survey and synthesize for economists a broad sweep of literatures on which to base further work in this field and, second, for both economists and noneconomists to learn how economic inquiry contributes to understanding the causes and conduct of mass atrocities and, possibly, to their mitigation and prevention. In drawing on standard, behavioral, identity, social network, and complex systems economics, we find that the big puzzles of the “how” and “why” of mass atrocities, and mass participation therein, are being well addressed. While new research on such topics will be valuable, work should also progress to develop improved prevention approaches. (JEL D72, D74, K38, N40, Z13)","PeriodicalId":48416,"journal":{"name":"Journal of Economic Literature","volume":" ","pages":""},"PeriodicalIF":12.6,"publicationDate":"2021-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49157408","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 12

Book Reviews 书评

IF 12.6 1区经济学

Journal of Economic Literature Pub Date : 2021-12-01 DOI: 10.1257/jel.59.4.1376.r1

Vryonis Speros

引用次数: 0