Since July 2007 the world economy has experienced a severe financial crisis originating in the U.S. housing market. The crisis has subsequently spread to the financial sectors in European and Asian economies and led to a severe worldwide recession. The existing literature on financial crises...

Pt. 1. 2008: after the crash. The worst market crisis in 60 years ; The perilous price of oil ; Paulson cannot be allowed a blank check ; Recapitalise the banking system ; How to capitalize the banks and save finance ; America must lead a rescue of emerging economies -- pt. 2. 2009: The right...

There are two major failings in policy interventions in the crisis in the US and Europe: the reluctance to remove the debt overhang through timely, orderly and comprehensive restructuring and the shift to fiscal austerity after an initial reflation. These have resulted in excessive reliance on...