Even after their role in the global financial crisis, globalised, minimally regulated financial markets are still regarded as inevitable and, on balance, good for us. Maurice Obstfeld of Berkeley tells Tim Phillips about the short but action-packed history of financial globalisation and asks whether we should be rethinking this aspect of capitalism too.
What is the source of a financial crisis? Why are financial systems fragile and why do they occasionally collapse? Stephen Cecchetti talks about his study on this topic. What he calls the anatomy of a financial crisis, can unfold in five steps in which people’s willingness to take on risks and their trust in financial institutions play a key role.
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