Much has been written on the financial crisis of 2008 – the most severe economic downturn since the Great Depression – analysing its causes and the risks for the future of the global economy. This book takes an alternative approach which focuses on the legacy of the global financial crisis, what is remembered and what lessons have been drawn from it.
This volume provides perspectives on this legacy from a variety of contributors including central bankers, regulators, politicians, academics, and journalists. They offer insight into what remains of the crisis in terms of public and industry awareness, changes to the post-2008 financial architecture, lessons from the national experiences of highly exposed small economies, and considers this legacy in terms of oversight by regulatory regimes. These diverse perspectives are drawn together here to ask how we can ensure that these lessons will be transmitted to the new generation of global financiers.
List of Figures List of Tables Contributors Acknowledgements Introduction: The Legacy of the Global Financial Crisis (Youssef Cassis and Jean-Jacques van Helten) Part 1: Perspectives on the Global Financial Crisis 1.Moral Hazard and Equity Finance: Why Policy has been Sub-optimal since the Global Financial Crisis (C.A.E. Goodhart) 2. The Global Financial Crisis Ten Years On: Using and Forgetting the Past? (Catherine R. Schenk) 3. On Volatility, Economic Slow-Motion and Populism: The Global Financial Crisis and Beyond (Gerald Braunberger) 4. Lessons from the Great Financial Crisis in Perspective (Ramon Marimon) 5. The Wasted Legacy of a Crisis (Pervenche Berès) Part 2: National Experiences 6.The Financial Crisis, National Policy Responses and the Rise of Conservative Nationalism (Dorothee Bohle) 7.Financial Crisis Management: Unanswered Key Questions (Patrick Honohan) 8. SEB and the Financial Crisis in the Baltics (Magnus Agustsson and Karlis Danevics) 9.The Legacy of the Global Financial Crisis: The View from Greece (George Papaconstantinou) Part 3: The Architecture of Control 10.The Danger of Raising and then Dashing Expectations: The Lesson from Lehman? (Thomas Huertas) 11. Governing EU Banks after the Global Financial Crisis: From Regulation to Governance (Agnieszka Smolenska) 12. From Sets of Rules to Codes of Conduct (Jacques Beyssade) 13. Risk Management and Corporate Governance (Laurence Bogni-Bartholmé) Index
Youssef Cassis is Professor of Economic History at the European University Institute, in Florence, Italy. His work mainly focuses on banking and financial history, as well as business history more generally. His most recent books include Crises and Opportunities. The Shaping of Modern Finance (2011), and, with Philip Cottrell, Private Banking in Europe: Rise, Retreat and Resurgence (2015). Jean-Jacques van Helten is currently a Visiting Fellow at the European University Institute in Florence, Italy, and formerly the Managing Director & Chief Risk Officer, EMEA for the Bank of Montreal (BMO) Financial Group. He is a Non-Executive Director on the Boards of an Irish bank and a FinTech company, has a PhD in Economic History from London University and is a frequent speaker on risk management at international conferences.
Reviews for The Legacy of the Global Financial Crisis
Youssef Cassis and Jean-Jacques van Helten have assembled a 'dream team' of authors, including academics, bankers, central bankers, journalists, politicians, and regulators, for this accessible, engaging, and informed edited volume on the legacy of the Global Financial Crisis. This book is a major contribution to our collective memory of the greatest financial crisis since the Great Depression. * Professor of Finance and Financial History, Queen's University Belfast, UK and Author of Boom and Bust: A Global History of Financial Bubbles * It is unique to have such a variety of established practitioners and academics reflecting on the Global Financial Crisis from multiple angles. I attended the original conference and I learned and thoroughly enjoyed the wide diversity of topics on the impact of the financial crisis. I am sure that the reflections and lessons now gathered in this book will be useful for future crisis management challenges. * Keishi Hotsuki, Chief Risk Officer, Morgan Stanley *