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Four Myths and a Financial Crisis

Radu Vranceanu ()

No DR 09006, ESSEC Working Papers from ESSEC Research Center, ESSEC Business School

Abstract: The main driving force of the financial crisis of 2007-2009 was a rapid deterioration of the trust of private agents in the quality of financial institutions. In turn, this loss of confidence entailed the collapse of several key asset markets and a sharp decline in the other asset prices. This paper surveys the critical moments of the crisis, puts forward some of the shock amplifying mechanisms and comments on the effectiveness of various policy measures. The conclusion opens the debate on what structural changes in the existing financial architecture are required to contain such crises in the future.

Keywords: Banking Sector; Economic Myths; Economic Policy; Financial Crisis; Trust (search for similar items in EconPapers)
JEL-codes: E65 G20 (search for similar items in EconPapers)
Pages: 21 pages
Date: 2009-09
New Economics Papers: this item is included in nep-fmk and nep-mac
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