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J. Cochrane
How did Paul Krugman get it so wrong?
P. Triana
Lecturing Birds on Flying: Can Mathematical Theories Destroy the Financial Markets?
K. French
The Squam Lake Report: Fixing the Financial System
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Financial Crises
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The Quants: How a New Breed of Math Whizzes Conquered Wall Street and Nearly Destroyed It
T.D. Willett
The role of defective mental models in generating the current financial crisis
J. Ostry
Capital inflows
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Fool's Gold: How the Bold Dream of a Small Tribe at J.P. Morgan Was Corrupted by Wall Street Greed and Unleashed a Catastrophe
O. Blanchard, G. Dell'Ariccia, P. Mauro
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Why India choked when Lehman broke
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Financial Market Bubbles and Crashes
E. Prasad, R. Rajan
Next generation financial reforms for India
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Managing financial innovations in emerging markets
J. Barth
The Rise and Fall of the US Mortgage and Credit Markets
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Too Big to Fail: The Inside Story of How Wall Street and Washington Fought to Save the Financial System – and Themselves
E.S. Prasad
Some new perspectives on India's approach to capital account liberalization
G. Singh
Lacunae in financial regulatory framework vis‐à‐vis financial repression
D. Sornette
Why Stock Markets Crash: Critical Events in Complex Financial Systems
N. Roubini, S. Mihm
Crisis Economics: A Crash Course in the Future of Finance
H. Shefrin
Beyond Greed and Fear: Understanding Behavioral Finance and the Psychology of Investing
T. Willett
George Soros's reflexivity and the global financial crisis
S.P. Berkmen, G. Gelos, R. Renhack, J.P. Walsh
The global financial crisis
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G.A. Akerlof, R. Shiller
Animal Spirits: How Human Psychology Drives the Economy and Why it Matters for Global Capitalism
M. Lewis
The Big Short: Inside the Doomsday Machine
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M.T. Williams
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M. Gilbert
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R. Bookstaber
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J. Tibman
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A. Smithers
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P. Liang, T.D. Willett, N. Zhang
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T. Burham
Mean Markets and Lizard Brains
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R. Rajan
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S. Marjit
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T.D. Willett
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Y. Reddy
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B. Eichengreen
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International Monetary Fund
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E. Bernstein
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The Origin of Wealth: Evolution, Complexity, and the Radical Remaking of Economics
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Is there a bubble in the housing market?
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Understanding Financial Crises
Purpose – The purpose of this paper is to discuss implications of the global crisis for economic and financial research and policy. Design/methodology/approach – The paper reviews many recent studies on the crisis and offers the author's views on some of the most important lessons to be drawn from the crisis Findings – The review counters views that the crisis reflected a basic failure of economics, but agrees that it undercuts some particular theories and approaches to economics. More attention needs to be given to imperfections in the operation of both markets and governments, drawing on insights from behavioral and neuro economics and finance and political economy analysis and recognizing the importance of limited information and uncertainty about correct models. The creation of perverse incentive structures explain a large part of the financial excesses that led to the crisis. Financial considerations need to be integrated much more closely with macroeconomic analysis and financial risk analysis needs to pay more attention to economic considerations. Useful insights can be drawn from many different theories and approaches and we should not expect any one theory to have all the answers. The excesses observed in the advanced economies do not imply that there are not enormous benefits to be gained from further financial liberalization in emerging market economies, but they do show that great care must be taken in establishing strong supervision of such liberalizations and highlight many of the dangers to look out for. Originality/value – The paper offers a guide to the literature for those interested in learning more about the causes and effects of the crisis and policy responses and offers a number of suggestions for fruitful research topics and policy strategies.
Indian Growth and Development Review – Emerald Publishing
Published: Sep 28, 2010
Keywords: Financial risk, Macroeconomics, Financial analysis, Behavioural economics
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