Unravelling the Credit Crunch

My new book on the Credit Crunch went off to my editor today. Here's a contents list:

1 What Happened?
1.1 U.S. Residential Property: The Crunch Begins
1.2 Old and New Style Banking
1.3 What Happened in the Markets: The Second Stage
1.4 Après Lehman le Déluge: The Third Stage
2 Understanding the Slime
2.1 Mortgage Structures and Borrowers
2.2 How Mortgages Were Made
2.3 Mortgage Lending During the Greenspan Boom
2.4 A Story of the ODM: Countrywide Financial
3 Financial Assets and Their Prices
3.1 Securities
3.2 Markets and Prices
3.3 The Liquidity of Financial Assets
3.4 What’s In It For Me?
4 Liquidity and Central Banks
4.1 The Basis of Old-Style Banking
4.2 Liability Liquidity
4.3 Central Banks
4.4 Central Bank Policy in a Crunch
4.5 A Tale of Two Central Banks
4.6 A Twenty First Century Run: Northern Rock
5 The Crash of 1929 and its Legacy
5.1 The Crash of 1929 and the Great Depression
5.2 Political Reactions
5.3 The New Deal
5.4 The RFC and Other Rescuers
5.5 The Evolution of Freddie and Fannie
6 Securitisation and Tranching
6.1 Securitisation
6.2 The Securitisation of Subprime Mortgages
6.3 Models and Hedging
6.4 Model Risk
6.5 Where did it all go wrong?
6.6 The Write-downs
7 The Legacy Fails
7.1 The Growth, Distress, and Rescue of Fannie Mae and Freddie Mac
7.2 Financial Services Modernisation in the 1990s
7.3 The End of the Broker/Dealer
7.4 Lessons from the Failure of the Broker/dealer Model
7.5 Compensating Controls
8 Structured Finance
8.1 Credit Derivatives
8.2 ABS in Structured Finance
8.3 Structured Finance in the Boom Years
8.4 Insurance In Form And Name
8.5 The Rescue of AIG
8.6 Off Balance Sheet Funding
9 Municipal Finance and The Monolines
9.1 Municipal Finance
9.2 The Monolines Do Structured Finance
9.3 Insurers and Finance: A Toxic Mix?
9.4 Auction Rate Securities
10 The Rules of the Game
10.1 Accounting andWhy It Matters
10.2 Regulation and Regulatory Capital
10.3 The Consequences of Basel 2
10.4 Regulation away from Basel
10.5 Understanding Earnings
10.6 Japan’s Lost Decade
10.7 A Comparative Anatomy of Financial Crises
11 Changes and Consequences
11.1 Transmission
11.2 The Provision of Credit to the Broad Economy
11.3 What Worked and What Didn’t
11.4 Central Banks, Regulators and Accountants
11.5 Experimental Finance
11.6 The Financial System from 2009

My book has just been published

Finally Understanding Risk: The Theory and Practice of Financial Risk Management has appeared. Here's a link for amazon. The high level contents follow:

Part One: Risk Management and the Behaviour of Products
Chapter 1 Markets, Risks, and Risk Management in Context
1.1 Financial Markets Overview
1.2 Trading and Market Behaviour
1.3 Basic Ideas in Risk Management
1.4 Culture and Organisation
1.5 Some External Constraints

Chapter 2 Derivatives and Quantitative Market Risk Management
2.1 Returns, Options, Sensitivities
2.2 Portfolios and Risk Aggregation
2.3 Understanding the Behaviour of Derivatives
2.4 Interest Rate Derivatives and Yield Curve Models
2.5 Single Name Credit Derivatives
2.6 Valuation, Hedging and Model Risk

Part Two: Economic and Regulatory Capital Models
Chapter 3 Capital: Motivation and Provision
3.1 Motivations for Capital
3.2 Capital Instrument Features
3.3 Regulatory Capital Provision

Chapter 4 Market Risk Capital Models
4.1 General Market Risk Capital Models
4.2 Some Limitations to and Extensions of Value At Risk Models
4.3 Risk Systems and Risk Data

Chapter 5 Credit Risk and Credit Risk Capital Models
5.1 The Banking Book: Introducing the Products and the Risks
5.2 Credit Risk for Small Numbers of Obligators
5.3 An Introduction to Tranching and Portfolio Credit Derivatives
5.4 Credit Portfolio Risk Management
5.5 Political and Country Risk

Chapter 6 Operational Risk and Further Topics in Capital Estimation
6.1 An Introduction to Operational Risk
6.2 The Tails and Operational Risk Modelling
6.3 Allocating Capital and Other Risks

Chapter 7 Bank Regulation and Capital Requirements
7.1 Regulatory Capital and the Basel Accords
7.2 Basel II: Beyond the capital rules

Part Three: Treasury and Liquidity Risks
Chapter 8 The Treasury and Asset/Liability Management
8.1 An Introduction to Asset/Liability Management
8.2 Banking Book Income and Funding the Bank
8.3 ALM in Practice
8.4 Trading Book ALM

Chapter 9 Liquidity Risk Management
9.1 The Liquidity of Securities and Deposits
9.2 Liquidity Management
9.3 Contingent Liquidity and Contingent Funding
9.4 Stresses of Liquidity

Part Four: Some Trading Businesses and their Challenges
Chapter 10 An Introduction to Structured Finance
10.1 Contractual Relations
10.2 Asset Backed Securities
10.3 Securitisation Structures and Technology

Chapter 11 Novel Asset Classes, Basket Products, and Cross Asset Trading
11.1 Inflation-linked Products
11.2 Equity Basket Products
11.3 Convertible Bonds
11.4 Equity/Credit Trading
11.5 New Products