Financial crises aggravated by high-leveraged financial
institutions and/or heavily indebted private agents occur rarely
but their economic impacts are severe: firms go bankrupt, credit
crunch emerges, unemployment rises dramatically and sovereign debts
sour. Like severe natural disasters their forecast is difficult if
not impossible. Nonetheless, the literature on financial crises, in
particular on the global financial crisis 2007-2009, is already
voluminous. The overall picture this literature is painting
regarding the emergence and propagation of the latest crisis is
rather well researched and main insights are broadly accepted.
However, there are some specific aspects of crisis causation,
crisis management and the economic impacts of severe financial
crises which are not well addressed so far. This book discusses the
topics of contagion in emerging stock markets during the Asian and
Latin American crisis and the relationship between the executive
compensation structure and the banks' riskiness of asset
portfolios.
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