Many observers have argued the regulatory framework in place prior to the global financial crisis was deficient because it was largely “microprudential” in nature (Crockett, 2000; Borio, Furfine, and Lowe, 2001; Borio, 2003; Kashyap and Stein, 2004; Kashyap, Rajan, and Stein, 2008; Brunnermeier et al., 2009; Bank...

Raghuram Rajan was one of the few economists who warned of the global financial crisis before it hit. Rajan shows how the individual choices that collectively brought about the economic meltdown--made by bankers, government officials, and ordinary homeowners--were rational responses to a flawed...

Aus der Finanzkrise ist über die Währungskrise längst eine weltweite Bedrohung des Finanzsystems geworden. Die akuten Brandherde der globalen Finanzstruktur scheinen zwar immer wieder unter Kontrolle, doch unter der Oberfläche brodelt es weiter. Genau hier setzt mit Raghuram Rajan einer der...