E-Book Overview
Although there have been numerous studies of the causes and consequences of the Great Financial Crisis of 2007–2010 in the US and abroad, many of these were undertaken only for a small number of countries and before the financial and economic effects were fully realized and before various governmental policy responses were decided upon and actually implemented. This book aims to fill these voids by providing a more thorough assessment now that the worst events and the regulatory reforms are sufficiently behind us and much more information about these developments is available. It reviews and analyzes the causes and consequences of and the regulatory responses to the Great Financial Crisis, particularly from a public policy viewpoint. In the process, it explores such intriguing questions as: What caused the crisis? How did the crisis differ across countries? What is the outlook for another crisis, and when? This is a must read for those who are trying to find answers to these questions.
Readership: Graduate students, academics, economists, finance professionals, monetary, banking authorities and financial regulatory bodies, and those who are interested to find out the impacts of the Great Financial Crisis and the adequecy of the reforms and policy responses in its aftermath.
E-Book Content
The First Great Financial Crisis of the 21st Century A Retrospective 9469hc_9789814651240_tp.indd 1 7/9/15 12:05 pm World Scientific–Now Publishers Series in Business ISSN: 2251-3442 Published: Vol. 1 Games and Dynamic Games by Alain Haurie, Jacek B. Krawczyk and Georges Zaccour Vol. 2 Dodd–Frank Wall Street Reform and Consumer Protection Act: Purpose, Critique, Implementation Status and Policy Issues edited by Douglas D. Evanoff and William F. Moeller Vol. 3 The History of Marketing Science edited by Russell S. Winer and Scott A. Neslin Vol. 4 The Analysis of Competition Policy and Sectoral Regulation edited by Martin Peitz and Yossi Spiegel Vol. 5 Contingent Convertibles [CoCos]: A Potent Instrument for Financial Reform by George M. von Furstenberg Vol. 6 Superpower, China? Historicizing Beijing’s New Narratives of Leadership and East Asia’s Response Thereto by Niv Horesh, Hyun Jin Kim and Peter Mauch Vol. 7 Diagnostics for a Globalized World by Sten Thore and Ruzanna Tarverdyan Vol. 8 Advances in Data Envelopment Analysis by Rolf Färe, Shawna Grosskopf and Dimitris Margaritis Vol. 9 The First Great Financial Crisis of the 21st Century: A Retrospective edited by James R. Barth and George G. Kaufman World Scientific – Now Publishers Series in Business: Vol.9 The First Great Financial Crisis of the 21st Century A Retrospective James R. Barth Auburn University, USA & Milken Institute, USA George G. Kaufman Loyola University Chicago, USA World Scientific 9469hc_9789814651240_tp.indd 2 7/9/15 12:05 pm Published by World Scientific Publishing Co. Pte. Ltd. 5 Toh Tuck Link, Singapore 596224 USA office: 27 Warren Street, Suite 401-402, Hackensack, NJ 07601 UK office: 57 Shelton Street, Covent Garden, London WC2H 9HE and now publishers Inc. PO Box 1024 Hanover, MA 02339 USA Library of Congress Cataloging-in-Publication Data The first great financial crisis of the 21st century : a retrospective / edited by James R. Barth (Auburn University, USA & Milken Institute, USA), George G. Kaufman (Loyola University Chicago, USA). pages cm -- (World Scientific-Now Publishers series in business ; vol. 9) ISBN 978-9814651240 (alk. paper) 1. Financial crises. I. Barth, James R. II. Kaufman, George G. HB3722.F57 2015 330.9'0511--dc23 2014046647 British Library Cataloguing-in-Publication Data A catalogue record for this book is available from the British Library. Copyright © 2016 by editors and authors All righ