We argue that the depth and breadth of the spread of the current crisis from the US subprime market across the globe was due more to the buildup of substantial financial vulnerabilities prior to the crisis than to irrational panic during the crisis. We examine how these developments explain the...

In this paper, we investigate the dynamics of contagion from the US low grade asset-backed securities (ABSs) market to UK financial markets during the 2007 subprime mortgage crisis and identify the contagion channels using both a single-state vector autoregressive (VAR) model and a...

The United States: why the trigger? -- The Bush and Obama administration's response -- From the American to the European crisis -- The Eurozone's sovereign debt crisis -- Russia: not an exceptional country -- China: from crisis management to rebalancing -- Japan, South Korea and India: impact...