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?