One of the many lingering questions posed by the continuing meltdown of global finance concerns the role of securitization and the so-called shadow banking system in amplifying the scope of the crisis. As the crisis has revealed, a crucial function of many shadow financial units such as special...

This article focuses on the issue of systemic illiquidity as a key component in the financial crises of the late 1990s. The article critically revisits Minsky's financial fragility hypothesis, advancing his insights into the analysis of crises in East Asia, Russia, and the United States in the...

There is no doubt that the shadow banking system played an important role in the global financial crisis. What is in question is whether it played a causal or merely amplifying role. This paper argues in favour of the latter. Focusing specially on the process of the production of CDOs through...

The globalisation of financial markets has attracted much academic and policymaking commentary in recent years, especially with the growing number of banking and financial crises and the current credit crisis that has threatened the stability of the global financial system. This major Research...

This vital new Handbook is an authoritative volume presenting key issues in finance that have been widely discussed in the financial markets but have been neglected in textbooks and the usual compilations of conventional academic wisdom.