By Dimitrios D. Thomakos, Platon Monokroussos, Konstantinos I. Nikolopoulos

This e-book presents a radical assessment of the hot monetary drawback from the point of view of either practitioners and teachers specialising within the area.

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The Bank of England acted similarly. Furthermore, the Federal Reserve became the buyer of last resort for securities that were being sold at distressed prices in the downward market spiral, and whose ex-post valuation would ultimately be inconsistent with the objective of an economic recovery. The Fed thus embarked on a vast purchasing program that encompassed an alphabet soup of securities, for which it provided a market as well as “warehousing” facility, possibly until maturity. Last but not least, the US government proceeded with decisive clean up and recapitalization of the banking system.

In the decade since the introduction of the euro, France turned from a current account surplus economy into a deficit one as investment was directed away from tradables and competitiveness lost. Likewise in Greece, where a real estate bubble per se might be harder to identify, capital expenditure and credit were overwhelmingly directed to the non-tradable sectors. To different degrees the productive capacity of these economies was hollowed out as a matter of underinvestment. Policy makers failed to anticipate and identify these dynamics in time, and it appears that they are still misunderstanding them today.

14 Inachos Lazos The ultimate collapse of a currency occurs when domestic savers lose faith and seek refuge elsewhere, thus provoking a capital flight that fatally erodes its value. That is, when the European Central Bank finally came in and Mario Draghi, in August 2012 delivered his “whatever it takes” speech, which arrested the self-destruction sequence the Eurozone had been engaged in. Financial markets for a long period of time had not considered such developments as likely on the whole, as the conditional probabilities were exceedingly low.

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A Financial Crisis Manual: Reflections and the Road Ahead by Dimitrios D. Thomakos, Platon Monokroussos, Konstantinos I.
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