Three major financial crises: What have we learned?

Ross P. Buckley, Aimilios Avgouleas, Douglas Arner

Research output: Chapter in Book/Report/Conference proceedingChapter (peer-reviewed)peer-review

Abstract

Few experts predicted the Asian Financial Crisis, Global Financial Crisis or Eurozone Debt Crisis, and we certainly do not pretend to be able to predict the next one. Yet history teaches that fragility, which periodically erupts into a full blown financial crisis, is an integral feature of market-based financial systems in spite of the advent of sophisticated risk management tools and regulatory systems. If anything, the increased frequency of modern crises in the wake of financial globalisation underscores how difficult it is to deal with systemic risk. We thus seek to compare these three major crises to distill the lessons to be learned and identify how to strengthen our financial systems
Original languageEnglish
Title of host publicationSystemic Risk
Subtitle of host publicationA Reappraisal 10 Years After Lehman Brothers
EditorsSteven Schwarcz, Emilios Avgouleas, Douglas Arner
Place of PublicationToronto/New York
PublisherMcGill-Queen's University Press
ISBN (Electronic)9781928096917
Publication statusPublished - 2019

Keywords

  • systemic risk
  • financial crisis
  • bank regulation
  • financial stability
  • Global financial crisis
  • Eurozone crisis
  • Asian Financial Crisis
  • regulatory reform

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