The first global financial crisis of the 21st century,Part II: Introduction

Carmen Reinhart and Andrew Felton

MPRA Paper from University Library of Munich, Germany

Abstract: Sadly, our previous compilation of VoxEU columns, ‘The First Global Financial Crisis of the 21st Century,’ was not the last word on the subject. Since the publication of that volume in June 2008, the global crisis has both deepened and widened. The industrial world has seen the largest bank failures in its history, and many governments have intervened in the financial system in a manner that would once have been unthinkable. Wall Street and the City of London, along with most other financial centers, have been changed forever. Many storied financial firms have failed or been merged away, and others are left with significant ownership positions of national governments. The economy of Iceland has suffered a collapse just as sizable as any of Latin America or East Asia during the last few decades. Vox authors have kept up their prolific pace of commenting on unfolding events. In keeping with the mission of Vox, columnists both applied existing economic research to understand events and pointed the way to new avenues for research. These articles, it has to be understood, were written ‘in the moment’ over the past six months and so incorporate to a varying extend the history we have lived through. To help place individual contributions within this historical sequence, an appendix updates the timeline of events from our June publication through December.

Keywords: financial; crisis; monetary; policy; bank; failures; contagion (search for similar items in EconPapers)
JEL-codes: E5 E6 F3 (search for similar items in EconPapers)
Date: 2009-02-22
New Economics Papers: this item is included in nep-cba, nep-his, nep-mac, nep-sea and nep-ure
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (4)

Published in VoxEU-CEPR (2009): pp. 1-27

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https://mpra.ub.uni-muenchen.de/13607/3/MPRA_paper_13607.pdf original version (application/pdf)
https://mpra.ub.uni-muenchen.de/45120/3/MPRA_paper_13607.pdf revised version (application/pdf)
https://mpra.ub.uni-muenchen.de/45122/3/MPRA_paper_13607.pdf revised version (application/pdf)

Related works:
Book: The First Global Financial Crisis of the 21st Century Part II: June–December, 2008 (2009)
Working Paper: The first global financial crisis of the 21st century: Part II, June-December, 2008 (2009)
Book: The First Global Financial Crisis of the 21st Century Part I: August 2007-May 2008 (2008)
Working Paper: The First Global Financial Crisis of the 21st Century (2008)
Working Paper: The first global financial crisis of the 21st century: Introduction (2008)
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Persistent link: https://EconPapers.repec.org/RePEc:pra:mprapa:13607

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