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dc.contributor.authorBarrell, R-
dc.contributor.authorDavis, EP-
dc.identifier.citationEconomics and Finance Working Paper, Brunel University, 08-25en_US
dc.description.abstractThe financial crisis that started in August 2008 reached a climax in the autumn of 2008 with a wave of bank nationalisations across North America and Europe. Although banking crises are not uncommon, this is the largest since 1929–33. This paper discusses the build-up to the crisis, looking at the role of low real interest rates in stimulating an asset price bubble. That bubble was stocked by financial innovation and increases in lending. New financial products were not stress tested and have failed in the downturn. After discussing the bubbles we look at the collapse of the complex asset structure, and then put the crisis in the context of the literature. The paper concludes with a discussion of policy implications of the crisis, and advocates a significant improvement in the regulatory structure.en_US
dc.publisherBrunel Universityen_US
dc.subjectFinancial crisesen_US
dc.subjectAsset bubblesen_US
dc.subjectSecuritised assetsen_US
dc.subjectFinancial sector regulationen_US
dc.titleThe evolution of the financial crisis of 2007–8en_US
dc.typeResearch Paperen_US
Appears in Collections:Economics and Finance
Dept of Economics and Finance Research Papers

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