Financial crises have become an all-too-common occurrence over the past twenty years, largely as a result of changes in finance brought about by increasing internationalization and integration. As domestic financial systems and economies become more interlinked, weaknesses can significantly...

The recent international financial crisis was basically caused by the indiscreet extending of “subprime” loans to the American people for the purchase of property in the United States. Scholars have come up with various opinions in order to understand whether this was actually the cause of...