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Lessons from Financial Crisis: A Policy Failure?

In: Challenges in Economic and Financial Policy Formulation

Author

Listed:
  • Hossein Askari
  • Zamir Iqbal
  • Abbas Mirakhor

Abstract

The industrial economies are in a serious crisis not seen since the Great Depression. Dubbed as the “Great Recession,” an aspect of the crisis that began in 2007/2008 has recently become the subject of intense debate: credit. While credit has been a source of many crises in various parts of the world for a long time, analysts have focused on it as a crucial dimension of the current crisis only recently. The idea that debt (credit) may be the most important source of financial crises began in 2009 with the report of the excellent and painstaking research of Reinhart and Rogoff (2009). The central message of this research was that financial crises over the last few centuries have all been debt (credit) crises no matter what label (such as currency or banking crises) they carried at the time. This includes all the crises over the last half century, including the emerging markets’ crisis of the years from 1997 to 2000.

Suggested Citation

  • Hossein Askari & Zamir Iqbal & Abbas Mirakhor, 2014. "Lessons from Financial Crisis: A Policy Failure?," Palgrave Studies in Islamic Banking, Finance and Economics, in: Challenges in Economic and Financial Policy Formulation, chapter 0, pages 63-84, Palgrave Macmillan.
    • Handle: RePEc:pal:psibcp:978-1-137-38199-6_5
    DOI: 10.1057/9781137381996_5
    as

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