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Causes of Global Financial Crises and Regulation-Failure
[Příčiny globální finanční krize a selhání regulace]

Author

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  • Petr Musílek

Abstract

Global financial crisis is a sharp, brief, ultracyclical deterioration of all or most of a group of financial indicators - illiquidity, financial insolvencies, rate of returns, asset prices, financial institutions failures, and rush out of the real or long-term financial asset into money. Current global financial crisis includes credit crisis, liquidity crisis and investment crisis. We can identify these causes as follows: real estate bubble, credit overexpansion, overspeculation, financial panic, regulation-failure, and imperfect institutional arrangement of global financial market.

Suggested Citation

  • Petr Musílek, 2008. "Causes of Global Financial Crises and Regulation-Failure [Příčiny globální finanční krize a selhání regulace]," Český finanční a účetní časopis, Prague University of Economics and Business, vol. 2008(4), pages 6-20.
    • Handle: RePEc:prg:jnlcfu:v:2008:y:2008:i:4:id:285:p:6-20
    DOI: 10.18267/j.cfuc.285
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    References listed on IDEAS

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    1. George A. Akerlof & Paul M. Romer, 1993. "Looting: The Economic Underworld of Bankruptcy for Profit," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 24(2), pages 1-74.
    2. Mishkin, Frederic S., 1999. "Lessons from the Asian crisis," Journal of International Money and Finance, Elsevier, vol. 18(4), pages 709-723, August.
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    More about this item

    Keywords

    Global financial crisis; Credit crisis; Real estate crisis; Globální finanční krize; Úvěrová krize; Nemovitostní krize;
    All these keywords.

    JEL classification:

    • E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
    • G10 - Financial Economics - - General Financial Markets - - - General (includes Measurement and Data)

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