Conventional wisdom held that housing prices couldn't fall. But the spectacular boom and bust of the housing market during the first decade of the twenty-first century and millions of foreclosed homeowners have made it clear that housing is no different from any other asset in its ability to...

Front -- Contents -- Preface -- Introduction -- 1 Unhappy family -- 2 Dashed illusions -- 3 The German question revisited -- 4 Winners and losers -- 5 A dangerous vacuum -- 6 Irreparable errors -- 7 The technocrats stumble -- 8 A bank unlike the others -- 9 The Cyprus cauldron -- 10 Sovereignty...

The European debt crisis has posed a challenge for many people to understand, both non-Europeans and Europeans alike. Even economists, finance specialists and market commentators are often uncertain of its causes or in the interpretation of events ongoing, or of past events that have taken place...

Cover -- EDITORIAL ADVISORY BOARD -- Policy responses to the Great Financial Crisis -- Has regulatory reform been misdirected? -- What happened to global banking after the crisis? -- The impacts of financial regulations: solvency and liquidity in the post-crisis period -- Effectiveness and...

Three times in the few years since the global financial crisis erupted, the euro has come close to extinction, endangering both the world economy and history's most ambitious project in shared sovereignty. Yet each tim e, the case for a common currency proved to be more compelling than its...

This study investigates the shock-absorbing properties of a banking union. It makes a detailed comparison between the way in which banking unions have absorbed regional financial shock at the federal level in the USA, but have led to severe regional (national) financial dislocation and tensions...

Intro -- EUROPEAN RESPONSE TO THE FINANCIAL CRISIS -- EUROPEAN RESPONSE TO THE FINANCIAL CRISIS -- CONTENTS -- PREFACE -- Chapter 1 COMMUNICATION FROM THE COMMISSION TO THE EUROPEAN COUNCIL: A EUROPEAN ECONOMIC RECOVERY PLAN -- 1. INTRODUCTION -- A. European Economic Recovery Plan -- 2....

Intro -- THE FINANCIAL CRISISAND THE EUROPEAN UNION -- THE FINANCIAL CRISIS AND THE EUROPEAN UNION -- CONTENTS -- PREFACE -- AEUROPEAN ECONOMIC RECOVERY PLAN* -- THE TIME TO ACT IS NOW -- 1. INTRODUCTION -- A EUROPEAN ECONOMIC RECOVERY PLAN -- 2. SUPPORTING THE REAL ECONOMYAND BOOSTING...

Intro -- Contents -- I. INTRODUCTION -- II. A BRIEF PRIMER ON COLLATERALIZED DEBT OBLIGATIONS -- III. DEFAULT PROBABILITY AND DEFAULT CORRELATION, IN STCDOS -- IV. IDIOSYNCRATIC AND SYSTEMIC RISK IN STCDO TRANCHES -- V. DATA AND EMPIRICAL FRAMEWORK -- VI. RESULTS -- VII. CONCLUSIONS -- REFERENCES.