We have just experienced the worst financial crash the world has
seen since the Great Depression of the 1930s. While real economies
in general did not crash as they did in the 1930s, the financial
parts of the economy certainly did, or, at least, came very close
to doing so. Hundreds of banks in the United States and Europe have
been closed by their supervisory authorities, forcibly merged with
stronger partners, nationalized or recapitalized with the tax
payers' money. Banks and insurance companies had, by mid 2010,
already written off some 2000 billion dollars in credit write-downs
on loans and securities. In this book, Johan Lybeck draws on his
experience as both an academic economist and a professional banker
to present a detailed yet non-technical analysis of the crash. He
describes how the crisis began in early 2007, explains why it
happened and shows how it compares to earlier financial crises.
General
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