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Market crises, the financial system and the real economy: Analysis and implications for the global financial services industry
Journal of Risk Management in Financial Institutions,
3
(3),
211-230
(2010)
Abstract
Across the world, the deep and unexpected crisis within the global financial sector has quickly spread through to the real economy. To understand the mechanisms of contagion between the financial sector and the real economy, this paper begins by presenting a summary of the most important facts from the last 24 months. It then proposes some preliminary hypotheses regarding possible mechanisms to improve the stability of the financial services sector. Finally, the analysis examines potential solutions for the crisis in those major developed countries that envisage major public intervention. The paper also considers the implicit and explicit risks for the economies of the countries involved.
Keywords: crisis; financial system; stability; leverage; government intervention; risk
The full article is available to subscribers to the journal.
Author's Biography
Claudio Scardovi is Contract Professor of Financial Intermediary Economics at Bocconi University, Milan and Managing Director of Nomura’s financial institution group. Until 2007, he was Managing Director, Country Head and CEO of Oliver Wyman International, where he worked as a strategic consultant for major financial institutions, the Italian Ministry of Economy and Finance, and a number of primary Italian industrial groups. In 2005 and 2006, Euromoney named him as one of the world’s top 200 financial institution consultants.
Stefano Gatti is Principal of Degree Courses in Economics and Finance at Bocconi University’s Department of Finance. He is also Research Fellow at Carefin Universita` Bocconi; Member of the MBA Faculty at SDA Bocconi School of Management; Director of the 2007/08 International Teachers’ Programme, SDA Bocconi School of Management; Member of the Scientific Committee of Finlombarda — Project Financing; and Member of the Istituto per la Finanza Pubblica Scientific Committee — Fondazione Rosselli.
Damiano Ventola is an analyst for Nomura’s financial institution group. In 2009 he obtained a master of finance at Bocconi University; his final dissertation addressed the impacts of the public-to-private process on profitability and governance.
Citation
Scardovi, Claudio, Gatti, Stefano and Ventola, Damiano (2010, June 1). Market crises, the financial system and the real economy: Analysis and implications for the global financial services industry. In the Journal of Risk Management in Financial Institutions, Volume 3, Issue 3. https://doi.org/10.69554/NYTE1325.
© Henry Stewart
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Publications LLP