Hardback
The Financial and Economic Crises
An International Perspective
9781848446663 Edward Elgar Publishing
The 2007 financial and economic crisis that began in the United States and quickly spread around the world differed from earlier crises in a number of significant ways. This book examines the causes of these events in the US, and their impacts on North America, Europe, Asia and Australia.
More Information
Contributors
Contents
More Information
The 2007 financial and economic crisis that began in the United States and quickly spread around the world differed from earlier crises in a number of significant ways. This book examines the causes of these events in the US, and their impacts on North America, Europe, Asia and Australia.
As with previous crises, real estate booms and busts and excessive financial leverage played key roles; however, the most recent crisis had many unique aspects to it, all of which are explored here in depth. This includes the role played by large international banks, shadow banks, increased global liquidity, population growth and other factors. Collectively, these factors contributed to interconnected economies and financial markets to an extent that never existed before. The net result was the unprecedented ripple effect of the crisis from the US and into the rest of the world. The impact in the US was significantly different than the impact in Canada, Japan, Spain and other countries. Significantly, the global effects of the crisis varied widely from country to country, as did government responses to the crisis. The contributors to this book – international academics, bank regulators, and practitioners – critique the crises and important international regulatory issues from the point of view of various countries.
Academics, regulators, legislators and financial practitioners will do well to add this book to their shelves.
As with previous crises, real estate booms and busts and excessive financial leverage played key roles; however, the most recent crisis had many unique aspects to it, all of which are explored here in depth. This includes the role played by large international banks, shadow banks, increased global liquidity, population growth and other factors. Collectively, these factors contributed to interconnected economies and financial markets to an extent that never existed before. The net result was the unprecedented ripple effect of the crisis from the US and into the rest of the world. The impact in the US was significantly different than the impact in Canada, Japan, Spain and other countries. Significantly, the global effects of the crisis varied widely from country to country, as did government responses to the crisis. The contributors to this book – international academics, bank regulators, and practitioners – critique the crises and important international regulatory issues from the point of view of various countries.
Academics, regulators, legislators and financial practitioners will do well to add this book to their shelves.
Contributors
Contributors: M. Amano, A.P. Angkinand, C. Bajada, J.R. Barth, N. Beekarry, J.A. Brox, J. Cauthen, H. Gischer, B.E. Gup, H. Ishido, H. Kim, J. Kim, J. Király, T. Lutton, K. Mérő, D. Nam, M.J. Nieto, P. Reichling, K.P. Ryu, R. Trayler
Contents
Contents:
Preface
PART I: NORTH AMERICA
1. Global Financial Crises
Benton E. Gup
2. Spillover Effects from the US Financial Crises: Some Time-Series Evidence from National Stock Returns
Apanard Penny Angkinand, James R. Barth and Hyeongwoo Kim
3. Canadian Banks and the North American Housing Crisis
James A. Brox
PART II: EUROPE
4. The German Banking System and the Financial Crisis
Horst Gischer and Peter Reichling
5. No Free Lunch – No Decoupling, the Crisis and Hungary: A Case Study
Júlia Király and Katalin Mérő
PART III: ASIA AND AUSTRALIA
6. An Analysis of the Ripple Effects of the Global Financial Crisis on the South Korean Economy and the Recovery
Jungeun Kim, Kyeong Pyo Ryu and Doowoo Nam
7. Promulgation of the US Housing Market Crisis into Asia: Impacts and Depths
Masanori Amano and Hikari Ishido
8. How Australia Survived the Global Financial Crises
Chris Bajada and Rowan Trayler
PART IV: INTERNATIONAL REGULATORY ISSUES
9. A Single Financial Market and Multiple Safety-Net Regulators: The Case of the European Union
María J. Nieto
10. The Global Financial Crises: Back to Basics, Bank Supervision in Developing Countries
Thomas Lutton and Joseph Cauthen
11. Hedge Funds and Offshore Financial Centers: New Challenges for the Regulation of Systemic Risks
Navin Beekarry
Index
Preface
PART I: NORTH AMERICA
1. Global Financial Crises
Benton E. Gup
2. Spillover Effects from the US Financial Crises: Some Time-Series Evidence from National Stock Returns
Apanard Penny Angkinand, James R. Barth and Hyeongwoo Kim
3. Canadian Banks and the North American Housing Crisis
James A. Brox
PART II: EUROPE
4. The German Banking System and the Financial Crisis
Horst Gischer and Peter Reichling
5. No Free Lunch – No Decoupling, the Crisis and Hungary: A Case Study
Júlia Király and Katalin Mérő
PART III: ASIA AND AUSTRALIA
6. An Analysis of the Ripple Effects of the Global Financial Crisis on the South Korean Economy and the Recovery
Jungeun Kim, Kyeong Pyo Ryu and Doowoo Nam
7. Promulgation of the US Housing Market Crisis into Asia: Impacts and Depths
Masanori Amano and Hikari Ishido
8. How Australia Survived the Global Financial Crises
Chris Bajada and Rowan Trayler
PART IV: INTERNATIONAL REGULATORY ISSUES
9. A Single Financial Market and Multiple Safety-Net Regulators: The Case of the European Union
María J. Nieto
10. The Global Financial Crises: Back to Basics, Bank Supervision in Developing Countries
Thomas Lutton and Joseph Cauthen
11. Hedge Funds and Offshore Financial Centers: New Challenges for the Regulation of Systemic Risks
Navin Beekarry
Index
