We propose a simple model of financial crises, which may be useful for the unified analysis of macro and financial policies implemented during the 2008–2009 financial crisis. A financial crisis is modeled as a disappearance of inside money due to the lemon problem à la Akerlof (1970), in a simplistic variant of Lucas and Stokey’s (1987) Cash-in-Advance economy, where both cash and capital stock...

This paper employs a price-based measure of integration, namely stock return differentials between ten emerging Asian economies and the US (as an indicator global integration), as well Japan region two alternative indicators regional to test for mean reversion draw inference on financial integration. It makes three-fold contribution: it uses not only aggregate but also industry level data retur...

Health system re-organisation is a common approach to healthcare reform aimed at better managing demographic shifts, changes in the health-burden profile, healthcare technologies, public expectations and the need for efficiency and sustainability in health service delivery [1, 2]. In line with international trends the Irish health system is undergoing major re-organisation. Some of these change...

This essay shows how Todd LaPorte’s work on reliability-seeking organizations contains insights for how we might understand the financial crisis of 2008–2009. In particular, the financial system was not perceived and described as critical infrastructure, there was a regulatory overemphasis on routine operational practices at the entity level, and there was insufficient countercyclical leadershi...

With an international dataset of credit default spreads as a credit risk measure, we propose a novel empirical framework to identify the structure of credit risk network across major financial institutions around the recent 2007-2008 global credit crisis. The findings directly shed light on credit risk transmission in a financial network and help find systemically important financial institutio...

Using one minute high-frequency data of the Shanghai Composite Index (SHCI) and the Shenzhen Composite Index (SZCI) (2007–2008), we employ the detrended fluctuation analysis (DFA) and the detrended cross correlation analysis (DCCA) with rolling window approach to observe the evolution of market efficiency and cross-correlation in pre-crisis and crisis period. Considering the fat-tail distributi...