The global financial crisis of 2007–8 and its implications
in The UK financial system (fifth edition)
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The global financial crisis of 2007-8 was a hugely significant event that had profound implications for the regulation of banks as well as for the wider financial system. This chapter examines the causes of financial crises in general and the specific causes of the global financial crisis in 2007-8. The specific causes of the 2007-8 include the growth of macro-imbalances; inappropriate monetary policy; sub-prime mortgages and the US housing bubble; financial innovation, in particular the process of securitisation; and the failure of regulation. The 2007-8 crisis had such far-reaching consequences for our understanding of risk and the way it is managed in the financial system, as well as consequences for the regulators of the system. In examining the global crisis of 2007-8, the chapter explores whether it was different from previous crises. It also explains the immediate response to the crisis from regulators and governments.

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