Unfinished Business: The Unexplored Causes of the Financial Crisis and the Lessons Yet to be Learned
| Author | : | |
| Rating | : | 4.46 (648 Votes) |
| Asin | : | 0300225636 |
| Format Type | : | paperback |
| Number of Pages | : | 288 Pages |
| Publish Date | : | 2014-04-15 |
| Language | : | English |
DESCRIPTION:
Tamim Bayoumi is the first to explain how the Euro crisis and U.S. banks led to the 2008 financial crisis—with a prescription for preventing another meltdown There have been numerous books examining the 2008 financial crisis from either a U.S. market and financed unsustainable bubbles on both continents. banks increasingly sold sub-par loans to under-regulated European and U.S. or European perspective. U.S. housing crash were, in fact, parasitically intertwined. shadow banks and, when the bubbles burst, the losses whipsawed back to the core of the European banking system. Starting in the 1980s, Bayoumi outlines the cumulative policy errors that undermined the stability of both the European and U.S. A much-needed, fresh look at the origins of the crisis, Bayoumi’s analysis concludes that policy makers are ignorant of what still needs to be done both to complete the cleanup and to prevent future crises.. A penetrating critique tracing how under-regulated trading between European and U.S. financial sectors, highlighting the catalytic role played by European mega banks that exploited lax regulation to expand into the U.S
Subprime Crisis and the European Debt Crisis, Tamim Bayoumi's important book is the first to show that the two crises were of a piece. Both stemmed from the influence of a powerful anti-regulatory lobby in the United States, exported to Europe via the Basel Committee on Banking Supervision. And neither crisis would have been as grave and costly absent its interaction with the other. Bayoumi's encompassing view reminds us that the problem is far from fully solved, and that now is not the time for regulators and policy makers to relax.’ — Barry Eichengreen, George C. Pardee Pro