In September 2007, the collapse of the Northern Rock Bank heralded a devastating financial crisis. That became evident with the failure of one of the biggest financial firms of the world, the Lehman Brothers in 2008. Before this, modern financial markets appeared robust and working efficiently: prosperity seemed unlimited and stability unquestionable. The crisis shifted soon from the financial sector to the real economy, infecting it with dramatic consequences on individuals’ lives, bringing with it recession and unemployment. This moment marked a watershed putting into discussion the current paradigms.
Formal and Informal Credit Across Europe: A Long-Run Perspective / D. Coffman, C. Lorandini, M. Lorenzini (PALGRAVE STUDIES IN THE HISTORY OF FINANCE). - In: Financing in Europe : Evolution, Coexistence and Complementarity of Lending Practices from the Middle Ages to Modern Times / [a cura di] M. Lorenzini, C. Lorandini, D'M. Coffman. - New York : Palgrave Macmillan, 2018. - ISBN 9783319584928. - pp. 1-18 [10.1007/978-3-319-58493-5_1]
Formal and Informal Credit Across Europe: A Long-Run Perspective
M. Lorenzini
2018
Abstract
In September 2007, the collapse of the Northern Rock Bank heralded a devastating financial crisis. That became evident with the failure of one of the biggest financial firms of the world, the Lehman Brothers in 2008. Before this, modern financial markets appeared robust and working efficiently: prosperity seemed unlimited and stability unquestionable. The crisis shifted soon from the financial sector to the real economy, infecting it with dramatic consequences on individuals’ lives, bringing with it recession and unemployment. This moment marked a watershed putting into discussion the current paradigms.File | Dimensione | Formato | |
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