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 VoxEU.org months
before the developments of late 2008 in a volume that holds its own
against the events that followed.
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