Twelve Market and Government Failures Leading to the 2008-09 Financial Crisis
Author(s): de la Dehesa, Guillermo
The paper, authored by Guillermo de la Dehesa, discusses twelve serious failures leading up to the recent financial crisis and how they led to instances of moral hazard, adverse selection and contagion, among others. Decision-makers have not only been unable to handle these situations, but in many ways, they have contributed to their perpetuity. The analysis and discussion in this paper aim to assist the ongoing debate surrounding financial reform.