The First Global Financial Crisis of the 21st Century by Economic Policy Research Center.pdf

文档介绍：The First Global Financial Crisis
of the 21st Century
A Publication
Centre for Economic Policy Research (CEPR)
Centre for Economic Policy Research
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© June 2008 Centre for Economic Policy Research
British Library Cataloguing in Publication Data
A catalogue record for this book is available from the British Library
ISBN: 978-0-9557009-3-4
The First Global Financial Crisis
of the 21st Century
A Publication
Edited by Andrew Felton and Carmen Reinhart
Centre for Economic Policy Research (CEPR)
The Centre for Economic Policy Research is work of over 700 Research Fellows and
Affiliates, based primarily in European universities. The Centre coordinates the research
activities of its Fellows and Affiliates municates the results to the public and private
sectors. CEPR is an entrepreneur, developing research initiatives with the producers,
consumers and sponsors of research. Established in 1983, CEPR is a European economics
anization with uniquely wide-ranging scope and activities.
The Centre is pluralist and non-partisan, bringing economic research to bear on the analysis
of medium- and long-run policy questions. CEPR research may include views on policy, but
the mittee of the Centre does not give prior review to its publications, and
the Centre takes no institutional policy positions. The opinions expressed in this report are
those of the authors and not those of the Centre for Economic Policy Research.
CEPR is a registered charity (No. 287287) and pany limited by guarantee and registered
in England (No. 1727026).
Chair of the Board Guillermo de la Dehesa
President Richard Portes
Chief Executive Officer Stephen Yeo
Research Director Mathias Dewatripont
Policy Director Richard Baldwin
Contents
Preface ix
Introduction 1
Section 1 Why Did the Crisis Happen? 5
The relationship between the recent boom and the current 7