Articles on Issue Theme
Radu VRÂNCEANU
ESSEC Business School, Paris
The main driving force of the financial crisis of 2007-2009 was a rapid deterioration of the trust of private agents in the quality of financial institutions and assets. In turn, this loss of confidence entailed the collapse of several key asset markets and a sharp decline in the other asset prices. This study surveys the critical moments of the crisis, puts forward some of the amplifying mechanisms and comments on the effectiveness of various policy measures. The conclusion opens the debate on what structural changes in the existing financial architecture are required to contain such crises in the future.
ŒCONOMICA no. 2/2009
Keywords: financial instruments, financial crisis, trust, banking sector, economic policy
JEL: E65, G20
Origines, moments critiques et conséquences de la crise financière de 2007-2009
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