The 2008 Global Financial Crisis in Retrospect Causes of the Crisis
This book addresses the causes and consequences of the international financial crisis of 2008. A range of esteemed contributors explore developments in the United States, where the crisis of 2008 originated, as well as the smallest country affected,
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The 2008 Global Financial Crisis in Retrospect
Robert Z. Aliber · Gylfi Zoega Editors
The 2008 Global Financial Crisis in Retrospect Causes of the Crisis and National Regulatory Responses
Editors Robert Z. Aliber Booth School of Business University of Chicago Chicago, IL, USA
Gylfi Zoega Department of Economics University of Iceland Reykjavik, Iceland
ISBN 978-3-030-12394-9 ISBN 978-3-030-12395-6 (eBook) https://doi.org/10.1007/978-3-030-12395-6 Library of Congress Control Number: 2019932970 © The Editor(s) (if applicable) and The Author(s), under exclusive license to Springer Nature Switzerland AG 2019 This work is subject to copyright. All rights are solely and exclusively licensed 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. The publisher remains neutral with regard to jurisdictional claims in published maps and institutional affiliations. Cover credit: Rawpixel/GettyImages/eStudio Calamar This Palgrave Macmillan imprint is published by the registered company Springer Nature Switzerland AG The registered company address is: Gewerbestrasse 11, 6330 Cham, Switzerland
Contents
1
A Retrospective on the 2008 Global Financial Crisis 1 Robert Z. Aliber and Gylfi Zoega
Part I The Source of the 2008 Global Financial Crisis 2
The Financial Alchemy That Failed 19 Marcus Miller
3
Prudential Regulation and Capital Controls 43 Michael Dooley
4
Three Grand State Projects Meet the Financial System 49 Peter Garber
5
The 2008 GFC: Savings or Banking Glut? 57 Robert N. McCauley
v
vi Contents
6
Capital Flows into the United States Ahead of the Great North Atlantic Financial Crisis 87 Brad Setser
7
The Foreign Capital Flow and Domestic Drivers of the US Financial Crisis and Its Spread Globally 111 Jeffrey R. Shafer
8
Financial Crises and Bank Capital 139 Robert Z. Aliber
9
Three Reflections on Banking Regulations and Cross-Border Financial Flows 157 Edwin M. Truman
Part II Iceland and the 2008 Global Crisis 10 From a Capital Account Surplus to a Current Account Deficit 177 Hamid Raza and Gylfi Zoega 1
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