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dc.contributor.authorALLEN, Franklin
dc.contributor.authorCARLETTI, Elena
dc.date.accessioned2010-05-06T08:55:49Z
dc.date.available2010-05-06T08:55:49Z
dc.date.issued2009
dc.identifier.citationInternational Review of Finance, 2009, 10, 1, 1-26en
dc.identifier.urihttp://hdl.handle.net/1814/13895
dc.description.abstractWhat caused the crisis? Initially many thought that it was due to incentive problems in the U.S. mortgage industry. However, after the large economic meltdown following Lehman Brothers' bankruptcy in September 2008, it seems that much more was going on. We argue that there was a bubble in real estate prices in the United States and a number of other countries. The main causes of the bubble were loose monetary policy, particularly by the United States Federal Reserve, and global imbalances. The combination of cheap credit together with the easy availability of funds contributed to create the bubble. Many other factors such as subprime mortgages, weak regulatory structures, and high leverage in the banking sector exacerbated the effects of the crisis. We consider possible reforms aimed at minimizing the occurrence of future crises in the governance structure of central banks, measures to reduce global imbalances, and changes in banking regulation.en
dc.language.isoenen
dc.titleAn Overview of the Crisis: Causes, Consequences and Solutionsen
dc.typeArticleen
dc.neeo.contributorALLEN|Franklin|aut|
dc.neeo.contributorCARLETTI|Elena|aut|EUI70001


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