This chapter surveys the literature on bubbles, financial crises, and systemic risk. The first
part of the chapter provides a brief historical account of bubbles and financial crisis. The …

The global financial crisis provides an important testing ground for the financial globalisation
model. We ask three questions. First, did financial globalisation materially contribute to the …

The euro area continues to suffer from critical weaknesses that are the result of a poorly
designed fiscal and financial architecture, but its members are divided on how to address …

The origin and propagation of the European sovereign debt crisis can be attributed to the
flawed original design of the euro. In particular, there was an incomplete understanding of …

Is there a link between loose monetary conditions, credit growth, house price booms, and
financial instability? This paper analyzes the role of interest rates and credit in driving house …

Creating the European monetary union between diverse and unequal nation states is
arguably one of the biggest social experiments in history. This book offers an explanation of …

Between 2000 and 2012, the Portuguese economy grew less than the United States during
the Great Depression and less than Japan during its lost decade. This paper asks why this …

The euro crisis was fuelled by the diabolic loop between sovereign risk and bank risk,
coupled with cross-border flight-to-safety capital flows. European Safe Bonds (ESBies), a …

Two separate narratives have emerged in the wake of the Global Financial Crisis. One
interpretation speaks of private financial excess and the key role of the banking system in …

Greater financial integration between core and peripheral European Monetary Union (EMU)
members not only had an effect on both sets of countries but also spilled over beyond the …