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The First Global Financial Crisis of the 21st Century: Part II: June – December, 2008

Since the first compilation of VoxEU columns on the global crisis was published in June 2008, the �subprime crisis� has metastasized in September 2008 causing credit markets to seize up worldwide. The world is now in the midst of an unprecedented economic crisis � a global event that is unfolding at extraordinary speed and in unexpected directions. Wall Street and the City of London have been changed forever.

In keeping with Vox's motto of 'research-based policy analysis and commentary', our columnists have applied research insights in bolstering our understanding events and pointing the way forward.

These articles, it has to be understood, were written �in the moment� over the past six months and so incorporate, to a varying extent, the history we have lived through. To help place individual contributions within this historical sequence, an appendix updates the timeline of events from our June publication up to December 2008. Another appendix provides a glossary of technical terms.

The columns are grouped under three headings: How did the crisis spread around the world? How has the crisis upended traditional thinking about financial economics? How should we fix the economy and financial system?

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Reinhart, C and A Felton (eds) (2009), ‘The First Global Financial Crisis of the 21st Century: Part II: June – December, 2008‘, CEPR Press, Paris & London. https://cepr.org/publications/books-and-reports/first-global-financial-crisis-21st-century-part-ii-june-december

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Reinhart, C and A Felton (2009), ‘Introduction: The First Global Financial Crisis of the 21st Century Part II: June – December, 2008‘, in Reinhart, C and A Felton (eds), The First Global Financial Crisis of the 21st Century: Part II: June – December, 2008, CEPR Press, Paris & London. https://cepr.org/publications/books-and-reports/first-global-financial-crisis-21st-century-part-ii-june-december

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Lane, P (2009), ‘Iceland: The future is in the EU‘, in Reinhart, C and A Felton (eds), The First Global Financial Crisis of the 21st Century: Part II: June – December, 2008, CEPR Press, Paris & London. https://cepr.org/publications/books-and-reports/first-global-financial-crisis-21st-century-part-ii-june-december

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Zoega, G (2009), ‘Iceland faces the music‘, in Reinhart, C and A Felton (eds), The First Global Financial Crisis of the 21st Century: Part II: June – December, 2008, CEPR Press, Paris & London. https://cepr.org/publications/books-and-reports/first-global-financial-crisis-21st-century-part-ii-june-december

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Reisen, H (2009), ‘The fallout from the global credit crisis: Contagion - emerging markets under stress‘, in Reinhart, C and A Felton (eds), The First Global Financial Crisis of the 21st Century: Part II: June – December, 2008, CEPR Press, Paris & London. https://cepr.org/publications/books-and-reports/first-global-financial-crisis-21st-century-part-ii-june-december

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Reinhart, V and C Reinhart (2009), ‘From capital flow bonanza to financial crash‘, in Reinhart, C and A Felton (eds), The First Global Financial Crisis of the 21st Century: Part II: June – December, 2008, CEPR Press, Paris & London. https://cepr.org/publications/books-and-reports/first-global-financial-crisis-21st-century-part-ii-june-december

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Loo-Kung, R and G Calvo (2009), ‘Rapid and large liquidity funding for emerging markets‘, in Reinhart, C and A Felton (eds), The First Global Financial Crisis of the 21st Century: Part II: June – December, 2008, CEPR Press, Paris & London. https://cepr.org/publications/books-and-reports/first-global-financial-crisis-21st-century-part-ii-june-december

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Hesse, H (2009), ‘Stock market wealth effects in emerging market countries‘, in Reinhart, C and A Felton (eds), The First Global Financial Crisis of the 21st Century: Part II: June – December, 2008, CEPR Press, Paris & London. https://cepr.org/publications/books-and-reports/first-global-financial-crisis-21st-century-part-ii-june-december

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Pehnelt, G and A Freytag (2009), ‘The political economy of debt relief‘, in Reinhart, C and A Felton (eds), The First Global Financial Crisis of the 21st Century: Part II: June – December, 2008, CEPR Press, Paris & London. https://cepr.org/publications/books-and-reports/first-global-financial-crisis-21st-century-part-ii-june-december

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Subramanian, A (2009), ‘India’s credit crunch conundrum‘, in Reinhart, C and A Felton (eds), The First Global Financial Crisis of the 21st Century: Part II: June – December, 2008, CEPR Press, Paris & London. https://cepr.org/publications/books-and-reports/first-global-financial-crisis-21st-century-part-ii-june-december

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Muellbauer, J (2009), ‘The folly of the central banks of Europe‘, in Reinhart, C and A Felton (eds), The First Global Financial Crisis of the 21st Century: Part II: June – December, 2008, CEPR Press, Paris & London. https://cepr.org/publications/books-and-reports/first-global-financial-crisis-21st-century-part-ii-june-december

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Micossi, S and D Gros (2009), ‘Crisis management tools for the euro-area‘, in Reinhart, C and A Felton (eds), The First Global Financial Crisis of the 21st Century: Part II: June – December, 2008, CEPR Press, Paris & London. https://cepr.org/publications/books-and-reports/first-global-financial-crisis-21st-century-part-ii-june-december

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Di Noia, C (2009), ‘A proposal on financial regulation in Europe for the next European Council‘, in Reinhart, C and A Felton (eds), The First Global Financial Crisis of the 21st Century: Part II: June – December, 2008, CEPR Press, Paris & London. https://cepr.org/publications/books-and-reports/first-global-financial-crisis-21st-century-part-ii-june-december

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Pagano, M (2009), ‘The European response to the crisis: Not quite there yet‘, in Reinhart, C and A Felton (eds), The First Global Financial Crisis of the 21st Century: Part II: June – December, 2008, CEPR Press, Paris & London. https://cepr.org/publications/books-and-reports/first-global-financial-crisis-21st-century-part-ii-june-december

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Rossi, S (2009), ‘Finance, market, globalisation: a plot against mankind?‘, in Reinhart, C and A Felton (eds), The First Global Financial Crisis of the 21st Century: Part II: June – December, 2008, CEPR Press, Paris & London. https://cepr.org/publications/books-and-reports/first-global-financial-crisis-21st-century-part-ii-june-december

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Gros, D (2009), ‘Can Europe take care of its own financial crisis?‘, in Reinhart, C and A Felton (eds), The First Global Financial Crisis of the 21st Century: Part II: June – December, 2008, CEPR Press, Paris & London. https://cepr.org/publications/books-and-reports/first-global-financial-crisis-21st-century-part-ii-june-december

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Persaud, A (2009), ‘The financial crisis may hasten European integration but slow global banking‘, in Reinhart, C and A Felton (eds), The First Global Financial Crisis of the 21st Century: Part II: June – December, 2008, CEPR Press, Paris & London. https://cepr.org/publications/books-and-reports/first-global-financial-crisis-21st-century-part-ii-june-december

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Micossi, S and D Gros (2009), ‘A call for a European Financial Stability Fund‘, in Reinhart, C and A Felton (eds), The First Global Financial Crisis of the 21st Century: Part II: June – December, 2008, CEPR Press, Paris & London. https://cepr.org/publications/books-and-reports/first-global-financial-crisis-21st-century-part-ii-june-december

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Levine, R and L Laeven (2009), ‘Governance of banks‘, in Reinhart, C and A Felton (eds), The First Global Financial Crisis of the 21st Century: Part II: June – December, 2008, CEPR Press, Paris & London. https://cepr.org/publications/books-and-reports/first-global-financial-crisis-21st-century-part-ii-june-december

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Lo Prete, A and G Bertola (2009), ‘Finance, redistribution, globalisation‘, in Reinhart, C and A Felton (eds), The First Global Financial Crisis of the 21st Century: Part II: June – December, 2008, CEPR Press, Paris & London. https://cepr.org/publications/books-and-reports/first-global-financial-crisis-21st-century-part-ii-june-december

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Forbes, K (2009), ‘What Next for the Dollar? The Role of Foreigners‘, in Reinhart, C and A Felton (eds), The First Global Financial Crisis of the 21st Century: Part II: June – December, 2008, CEPR Press, Paris & London. https://cepr.org/publications/books-and-reports/first-global-financial-crisis-21st-century-part-ii-june-december

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Reinhart, V and C Reinhart (2009), ‘Is the US too big to fail?‘, in Reinhart, C and A Felton (eds), The First Global Financial Crisis of the 21st Century: Part II: June – December, 2008, CEPR Press, Paris & London. https://cepr.org/publications/books-and-reports/first-global-financial-crisis-21st-century-part-ii-june-december

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Eichengreen, B (2009), ‘Can the IMF save the world?‘, in Reinhart, C and A Felton (eds), The First Global Financial Crisis of the 21st Century: Part II: June – December, 2008, CEPR Press, Paris & London. https://cepr.org/publications/books-and-reports/first-global-financial-crisis-21st-century-part-ii-june-december

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Dale, R (2009), ‘The financial meltdown is an academic crisis too‘, in Reinhart, C and A Felton (eds), The First Global Financial Crisis of the 21st Century: Part II: June – December, 2008, CEPR Press, Paris & London. https://cepr.org/publications/books-and-reports/first-global-financial-crisis-21st-century-part-ii-june-december

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Mills, P, C Spackman and J Kiff (2009), ‘European securitisation and the possible revival of financial innovation‘, in Reinhart, C and A Felton (eds), The First Global Financial Crisis of the 21st Century: Part II: June – December, 2008, CEPR Press, Paris & London. https://cepr.org/publications/books-and-reports/first-global-financial-crisis-21st-century-part-ii-june-december

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Pagano, M (2009), ‘The price of transparency‘, in Reinhart, C and A Felton (eds), The First Global Financial Crisis of the 21st Century: Part II: June – December, 2008, CEPR Press, Paris & London. https://cepr.org/publications/books-and-reports/first-global-financial-crisis-21st-century-part-ii-june-december

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Cohen, D (2009), ‘The Panglossian World of Finance‘, in Reinhart, C and A Felton (eds), The First Global Financial Crisis of the 21st Century: Part II: June – December, 2008, CEPR Press, Paris & London. https://cepr.org/publications/books-and-reports/first-global-financial-crisis-21st-century-part-ii-june-december

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Sinn, H (2009), ‘What can be learned from the banking crisis‘, in Reinhart, C and A Felton (eds), The First Global Financial Crisis of the 21st Century: Part II: June – December, 2008, CEPR Press, Paris & London. https://cepr.org/publications/books-and-reports/first-global-financial-crisis-21st-century-part-ii-june-december

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Mariano, B (2009), ‘Do reputational concerns lead to reliable ratings?‘, in Reinhart, C and A Felton (eds), The First Global Financial Crisis of the 21st Century: Part II: June – December, 2008, CEPR Press, Paris & London. https://cepr.org/publications/books-and-reports/first-global-financial-crisis-21st-century-part-ii-june-december

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Persaud, A (2009), ‘How risk sensitivity led to the greatest financial crisis of modern times‘, in Reinhart, C and A Felton (eds), The First Global Financial Crisis of the 21st Century: Part II: June – December, 2008, CEPR Press, Paris & London. https://cepr.org/publications/books-and-reports/first-global-financial-crisis-21st-century-part-ii-june-december

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Heinemann, F (2009), ‘Escaping from a Combined Liquidity Trap and Credit Crunch‘, in Reinhart, C and A Felton (eds), The First Global Financial Crisis of the 21st Century: Part II: June – December, 2008, CEPR Press, Paris & London. https://cepr.org/publications/books-and-reports/first-global-financial-crisis-21st-century-part-ii-june-december

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