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Extra resources for An Assessment of the Global Impact of the Financial Crisis
Prior to the financial liberalisation period, from around the late 1930s to the early 1970s, there had been direct controls on bank lending and exchange controls on international flows, which may very well have contained the level of innovation and efficiency in the banking sector. But as Bodo et al. (2001) demonstrate that period was free from serious banking crises. 2. This underpricing of risk came about by low-risk spreads whereby the differentials between risky assets and safe assets declined substantially.
Now that the house bubble has burst and deleverage is taking place, it is very likely that the long-term uptrend in the profitability of financial companies will be reversed. Similar observations can be made in Europe, excluding the UK, although the rise in inequality is not as high as in the US/UK. The rising profits share aped financial institutions thereby increasing leveraging (debt to assets ratio) and high risk-taking in financial institutions. 18 Assessing the Global Impact of the Crisis This promoted the financial engineering based on the US subprime mortgages as explained in what follows in this section.
Both the redistribution just referred to along with the financial liberalisation policies led to a period of financial engineering in the US, which spread worldwide to produce the current ‘great recession’. We turn our discussion to financial liberalisation essentially in the US and the financial engineering there in an attempt to explain the origins of the current crisis. 2 US financial liberalisation and financial engineering Financial liberalisation in the US began in the 1970s. More precisely in 1977, when the US started to deregulate its financial system.