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The First Global Financial Crisis of the 21st Century

A VoxEU.Org Publication

Format: Paperback
Publisher: Centre for Economic Policy Research, London, United Kingdom
Published: 1st Jul 2008
Dimensions: w 170mm h 244mm d 11mm
Weight: 335g
ISBN-10: 0955700930
ISBN-13: 9780955700934
Barcode No: 9780955700934
The global financial crisis is often defined by the collapse of the investment bank Lehman Brothers in September 2008. This book, first published as an eBook three months prior to the collapse, recognises that a global crisis was already well underway. It highlights how losses in the US subprime market had spread beyond the confines of the US mortgage sector and the borders of the United States, how risk spreads had ballooned and liquidity in some markets had dried up forcing large financial institutions to report significant losses. Bank runs were no longer the stuff of history. The financial crisis that emerged and the policy responses have been unprecedented in scale. They have also challenged economists to explain where the global crisis came from, where it was heading, and what could be done. This book brings together the views and predictions of leading economists published on months before the developments of late 2008 in a volume that holds its own against the events that followed.

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