IDEAS home Printed from https://ideas.repec.org/a/cpt/journl/vy2011i123p7-67.html
   My bibliography  Save this article

La gran crisis financiera de 2007-2009

Author

Listed:
  • Vittorio, Corbo

    (Centro de Estudios Públicos, Santiago)

  • Jorge, Desormeaux M.

    (Massachusetts Institute of Technology (MIT), Cambridge)

  • Klaus, Schmidt-Hebbel

    (Pontificia Universidad Católica de Chile, Santiago)

Abstract

To what extent was the Great Financial Crisis of 2007-2009 similar to previous crises, and what were the main causes behind it? The purpose of this paper is to explore these questions, presenting the traditional pattern followed by financial crises in the past, a chronology of the recent crisis, and an in-depth analysis of its causes. We distinguish between three different classes of causes in our analysis: those which created the opportunity for severe distortions to arise in the financial system, those which explain the desire of the financial system to take advantage of them, and those responsible for the neglect shown by our regulatory and supervisory frameworks to rein them in and avoid a catastrophic event. The crisis was caused by a complex series of factors, some of which are traditional, and others are new to our experience. Distinguishing clearly between main causes and mere symptoms of the crisis is essential for the design of adequate regulatory policy.

Suggested Citation

  • Vittorio, Corbo & Jorge, Desormeaux M. & Klaus, Schmidt-Hebbel, 2011. "La gran crisis financiera de 2007-2009," Estudios Públicos, Centro de Estudios Públicos, vol. 0(123), pages 7-67.
  • Handle: RePEc:cpt:journl:v::y:2011:i:123:p:7-67
    as

    Download full text from publisher

    File URL: https://estudiospublicos.cl/index.php/cep/article/view/333
    Download Restriction: no

    File URL: https://estudiospublicos.cl/index.php/cep/article/view/333/473
    Download Restriction: no
    ---><---

    More about this item

    Keywords

    international financial crisis; market failures; regulation failures; financial system; world recession;
    All these keywords.

    JEL classification:

    • E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
    • F34 - International Economics - - International Finance - - - International Lending and Debt Problems
    • G01 - Financial Economics - - General - - - Financial Crises
    • G15 - Financial Economics - - General Financial Markets - - - International Financial Markets
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:cpt:journl:v::y:2011:i:123:p:7-67. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Aldo Mascareño (email available below). General contact details of provider: https://edirc.repec.org/data/cepppcl.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.