Modern Guide to Financial Shocks and Crises

Contents:

Preface ix

PART I FINANCIAL INSTABILITY AFTER THE GLOBAL
FINANCIAL CRISIS: TAXONOMY AND MODELS
1. The Global Financial Crisis 2
Vincenzo D'Apice and Giovanni Ferri
2. Minsky's financial instability hypothesis 22
Maria Nikolaidi
3. Financial accelerator framework 45
Tommaso Oliviero and Giovanni W. Puopolo

PART II MAIN CHANNELS OF TRANSMISSION OF THE
FINANCIAL SHOCK
4. The role of the household balance sheets 66
Christophe Andre
5. The European network of cross-border lending 93
Ornella Ricci and Francesco Saverio Stentella Lopes
6. International banks and the transmission of financial shocks 111
Eugenio Cerutti and Haonan Zhou
7. The role of bank ownership types and business models 135
Giorgio Caselli
8. The role of market valuation in financial crises 159
Paola Bongini and Emanuele Rossi

PART III THE ROLE OF PUBLIC POLICIES
9. Reflections on the shifting consensus about monetary and
fiscal policies following the GFC and the COVID-19 crises 180
Alex Cukierman
10. Fiscal policy lessons since the Global Financial Crisis 199
Jeremie Cohen-Setton
11. The government as lender of last resort and temporary owner 212
Aneta Hryckiewicz
12. The sovereign-bank nexus 241
Giovanni Ferri and Valerio Pesic
13. Financial reforms 262
Alexandre Garel and Arthur Petit-Romec

PART IV LEARNING FROM PAST FINANCIAL CRISES TO
PREVENT FUTURE ONES
14. Looking back: a historical perspective on European crises 289
Elias Bengtsson
15. Looking ahead: early warning systems 314
E. Philip Davis and Dilruba Karim

Index 349

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• Crises e desastres financeiros
• Macroeconomia
• Economia internacional
• História económica

Financial shocks and crises; Models of financial instability; Transmission of financial shocks; Public policies against financial instability; Financial regulation; Early warning systems