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Origins and Impact of a Financial Crisis

In: Capital Market Instruments

Author

Listed:
  • Moorad Choudhry

    (Europe Arad Bank plc)

  • Didier Joannas

    (Thomson Reuters-Risk in North Asia)

  • Gino Landuyt

    (Europe Arad Bank plc)

  • Richard Pereira
  • Rod Pienaar

    (UBS AG prime services)

Abstract

This was the assessment of the IMF in their quarterly report of April 2007. Only three months later one of the deepest crises since the Great Depression of the 1930s broke out. The IMF quote was characteristic for its time. Many people continued to believe that we were living in a new era where unlimited credit supply was possible without creating excesses. However the ‘this-time-it-is-different’ view appeared not to be so different. Mainstream economists either did not acknowledge the build up of the asset price bubble or underestimated its impact.

Suggested Citation

  • Moorad Choudhry & Didier Joannas & Gino Landuyt & Richard Pereira & Rod Pienaar, 2010. "Origins and Impact of a Financial Crisis," Palgrave Macmillan Books, in: Capital Market Instruments, edition 0, chapter 24, pages 491-532, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-27938-4_24
    DOI: 10.1057/9780230279384_24
    as

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