This paper argues that the global financial crisis still in train is a system-wide financial crisis on par with the Great Depression and the bursting of Japan's bubble, and that there are lessons to be learned from previous system-wide financial crises. The primary argument is that because a...

With a notional amount outstanding of more than USD 500 trillion, the market for OTC derivatives is of vital importance for global financial stability. A growing proportion of these contracts are cleared via central counterparties (CCPs), which means that CCPs are gaining in importance as...

With a notional amount outstanding of more than USD 500 trillion, the market for OTC derivatives is of vital importance for global financial stability. A growing proportion of these contracts are cleared via central counterparties (CCPs), which means that CCPs are gaining in importance as...

Alle anderen kritischen Werke zur Finanzkrise erscheinen neben diesem nur als Stückwerk. Das liegt auch daran, dass die Kritik des österreichischen Wirtschaftspublizisten (zuletzt "Die Gemeinwohl-Ökonomie", BA 12/10) fundamental ist, vom Mainstream der Wirtschaftswissenschaft sich radikal...