Both the euro-area and the United States suffered an initially quite similar housing and financial shock in 2007/8, with several states in both regions being particularly badly affected. Yet there was never any question that the worst hit US states would need a special bail-out or leave the...

The collapse of the housing market coupled with the largest government intervention in the economy in US history led to a radical reorganization of the investment banking industry in 2008 culminating in the failure of two major US investment banks: Lehman Brothers and Bear Stearns. This paper...

The collapse of the housing market coupled with the largest government intervention in the economy in US history led to a radical reorganization of the investment banking industry in 2008 culminating in the failure of two major US investment banks: Lehman Brothers and Bear Stearns. This paper...

This paper discusses the role of risk management and corporate governance as causal factors in the onset of the financial crisis. The downturn in the housing and mortgage markets precipitated the first phase of the financial crisis in August 2007 when the solvency of a number of large financial...