Origins and Impact of a Financial Crisis

Moorad Choudhry, Didier Joannas, Gino Landuyt, Richard Pereira and Rod Pienaar
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Moorad Choudhry: Europe Arad Bank plc
Didier Joannas: Thomson Reuters-Risk in North Asia
Gino Landuyt: Europe Arad Bank plc
Rod Pienaar: UBS AG prime services

Chapter 24 in Capital Market Instruments, 2010, pp 491-532 from Palgrave Macmillan

Abstract: Abstract This was the assessment of the IMF in their quarterly report of April 2007. Only three months later one of the deepest crises since the Great Depression of the 1930s broke out. The IMF quote was characteristic for its time. Many people continued to believe that we were living in a new era where unlimited credit supply was possible without creating excesses. However the ‘this-time-it-is-different’ view appeared not to be so different. Mainstream economists either did not acknowledge the build up of the asset price bubble or underestimated its impact.

Keywords: Central Bank; Hedge Fund; European Central Bank; Private Equity; Credit Default Swap (search for similar items in EconPapers)
Date: 2010
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-0-230-27938-4_24

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DOI: 10.1057/9780230279384_24

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