Unfinished Business: The Unexplored Causes of the Financial Crisis and the Lessons Yet to be Learned

Unfinished Business: The Unexplored Causes of the Financial Crisis and the Lessons Yet to be Learned

by Tamim Bayoumi

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Overview


A penetrating critique tracing how under-regulated trading between European and U.S. banks led to the 2008 financial crisis—with a prescription for preventing another meltdown

There have been numerous books examining the 2008 financial crisis from either a U.S. or European perspective. Tamim Bayoumi is the first to explain how the Euro crisis and U.S. housing crash were, in fact, parasitically intertwined.
 
Starting in the 1980s, Bayoumi outlines the cumulative policy errors that undermined the stability of both the European and U.S. financial sectors, highlighting the catalytic role played by European mega banks that exploited lax regulation to expand into the U.S. market and financed unsustainable bubbles on both continents. U.S. banks increasingly sold sub-par loans to under-regulated European and U.S. shadow banks and, when the bubbles burst, the losses whipsawed back to the core of the European banking system. A much-needed, fresh look at the origins of the crisis, Bayoumi’s analysis concludes that policy makers are ignorant of what still needs to be done both to complete the cleanup and to prevent future crises.

Product Details

ISBN-13: 9780300238693
Publisher: Yale University Press
Publication date: 09/04/2018
Edition description: Reprint
Pages: 296
Sales rank: 810,792
Product dimensions: 5.00(w) x 7.70(h) x 1.10(d)

About the Author


Tamim Bayoumi is deputy director in the strategy, policy, and review department at the IMF. He wrote this book while he was a senior fellow at the Peterson Institute for International Economics. He lives in Washington, DC.

Table of Contents

List of Figures viii

Acknowledgements x

Introduction: The Needle (and the Damage Done) 1

Part I Anatomy of the North Atlantic Financial Crisis

1 European Banks Unfettered 15

2 US Shadow Banks Unleashed 44

3 Boom and Bust 71

Part II Misdiagnosing the North Atlantic Economy

4 A Flawed Monetary Union 109

5 Intellectual Blinkers and Unexpected Spillovers 133

6 A History of the International Monetary System in Five Crises 156

Part III Completing the Cure

7 Will Revamped Financial Regulations Work? 185

8 Making Macroeconomics More Relevant 207

9 Whither EMU? 229

Final Thoughts 250

Notes 256

References 265

Index 273

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