Financial Crisis, Bank Behaviour and Credit Crunch
This book presents original contributions assessing the effects the 2008 financial crisis has had on bank behaviour, regulation and credit access. After describing some of the economic aspects behind the outbreak and later developments in the recent finan
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Stefania P.S. Rossi Roberto Malavasi Editors
Financial Crisis, Bank Behaviour and Credit Crunch
Contributions to Economics
More information about this series at http://www.springer.com/series/1262
Stefania P.S. Rossi • Roberto Malavasi Editors
Financial Crisis, Bank Behaviour and Credit Crunch
Editors Stefania P.S. Rossi Department of Economics and Business University of Cagliari Cagliari Italy
Roberto Malavasi Department of Economics and Business University of Cagliari Cagliari Italy
ISSN 1431-1933 ISSN 2197-7178 (electronic) Contributions to Economics ISBN 978-3-319-17412-9 ISBN 978-3-319-17413-6 (eBook) DOI 10.1007/978-3-319-17413-6 Library of Congress Control Number: 2015946596 Springer Cham Heidelberg New York Dordrecht London © Springer International Publishing Switzerland 2016 This work is subject to copyright. All rights are reserved by the Publisher, whether the whole or part of the material is concerned, specifically the rights of translation, reprinting, reuse of illustrations, recitation, broadcasting, reproduction on microfilms or in any other physical way, and transmission or information storage and retrieval, electronic adaptation, computer software, or by similar or dissimilar methodology now known or hereafter developed. The use of general descriptive names, registered names, trademarks, service marks, etc. in this publication does not imply, even in the absence of a specific statement, that such names are exempt from the relevant protective laws and regulations and therefore free for general use. The publisher, the authors and the editors are safe to assume that the advice and information in this book are believed to be true and accurate at the date of publication. Neither the publisher nor the authors or the editors give a warranty, express or implied, with respect to the material contained herein or for any errors or omissions that may have been made. Printed on acid-free paper Springer International Publishing AG Switzerland is part of Springer Science+Business Media (www.springer.com)
For my lovely Ludovica who joined me at the conference. Stefania
ThiS is a FM Blank Page
Preface
A liquidity shortage, beginning in late 2007, sparked a series of events that resulted in the collapse of large financial institutions and dramatic downturns in key stock markets. The crisis played a significant role in determining extensive failures of economic activities, declines in consumer demand and wealth, and a severe recession in many areas of the globalised world. Even more depressing consequences were avoided owing to exceptional interventions by monetary authorities and governments, which directly supported the financial markets with bailout policies and massive injections of liquidity. These interventions resulted in further important consequences, with the ex ante distortion of incentives—leading intermediaries to choose arrangements with excessive illiquidity and thereby increasing financial fragility—being the most important. The European sovereign-debt crisis that spread out later i
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