The Causes of the Global Financial Crisis

Ali M. El-Agraa

doi:10.1108/S1569-3759(2011)0000093005

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Contemporary Studies in Economic and Financial Analysis

ISSN: 1569-3759
Series editor(s): Professor Robert Thornton, Professor J. Richard Aronson

Subject Area: Economics

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The Causes of the Global Financial Crisis

Document Information:
Title:	The Causes of the Global Financial Crisis
Author(s):	Ali M. El-Agraa
Volume:	93 Editor(s): Jonathan A. Batten, Peter G. Szilagyi ISBN: 978-0-85724-753-7 eISBN: 978-0-85724-754-4
Citation:	Ali M. El-Agraa (2011), The Causes of the Global Financial Crisis, in Jonathan A. Batten, Peter G. Szilagyi (ed.) The Impact of the Global Financial Crisis on Emerging Financial Markets (Contemporary Studies in Economic and Financial Analysis, Volume 93), Emerald Group Publishing Limited, pp.91-126
DOI:	10.1108/S1569-3759(2011)0000093005 (Permanent URL)
Publisher:	Emerald Group Publishing Limited
Article type:	Chapter Item
Abstract:	The world has been gripped by the severest global financial (and economic) crisis since the Great Depression of the 1930s. How did it come about, what is being done to alleviate its consequences and, vitally, what measures should be undertaken to ensure against its recurrence are therefore questions that must be satisfactorily addressed. Preventing ‘financial crises’ from ever happening again is of course completely out of the question, they being inherent to the economic system as we understand it; rather that of those of the ‘severest’ kind. Fortunately, a vast literature has been accumulating on these issues, so the intention here is not to add to it and reinforce the perception that economists will offer more opinions on a single issue than the total membership of any assembled group thereof for the purpose. Hence, this is confined to a consideration of the most convincing explanations. Owing to space limitations, I shall not examine the recommendations for future action in all the mentioned areas but will do so for what is being offered to cater for the capital adequacy and pro-cyclicality since they are of the essence and involve many players.