Shadow Networks: Financial Disorder and the System that Caused Crisis
Francisco Louca (Professor, Professor, ISEG, Lisbon University, Portugal),Michael Ash (Professor of Economics and Public Policy, Professor of Economics and Public Policy, University of Massachusetts Amherst, USA)
Shadow Networks: Financial Disorder and the System that Caused Crisis
Francisco Louca (Professor, Professor, ISEG, Lisbon University, Portugal),Michael Ash (Professor of Economics and Public Policy, Professor of Economics and Public Policy, University of Massachusetts Amherst, USA)
The 2007-08 financial crisis surprised many economists and the public. But how did the crisis come about, why was it so deep, and why has the clean-up been so slow and painful?Many accounts of the crisis focus on renegade activity in marginal financial sectors. Shadow Networks challenges this pervading view and sets out to demonstrate that, far from a dissident branch, the shadow finance that initiated the crisis is tightly networked with, and highly profitable for, bank-based finance. The collapse was not an accident, but was baked into the system of finance from the start. Shadow Networks traces the complex web of power that caused crisis and gives vivid descriptions of the actors in the quarter century leading up to 2007 to explain how the now decade-long crisis took shape.
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