Managerial and Supervisory Mistakes Leading to Foreseeable Consequence: Global Financial Crisis

KURNAZ, Niyazi and TOPAL, Hanife and KAYIK, Mustafa and ÖZKAN, Harika (2010) Managerial and Supervisory Mistakes Leading to Foreseeable Consequence: Global Financial Crisis. In: 2nd International Symposium on Sustainable Development, June 8-9 2010, Sarajevo.

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Abstract

The global financial crisis that began in summer 2007, deepened in 2008 and looks set to run for some time and to have profound effects on the global economy. For the 2007 subprime crisis, we consider that there are also some particular aspects which characterize the actual crisis, like the increased role of financial innovations (the securitization and credit derivatives) and a very important contagion phenomenon which began within the American economy and spread over the global financial markets. The subprime crisis extended at international level, following four main directions: at the root of the crisis lies a fundamental inconsistency between financial globalization – the process of liberalization and deregulation driving the impressive growth of world financial markets – and existing public rules and policies at both domestic and international levels. On the other hand; complex corporate structures managing financial innovation causing excessive risk taking and excessive leverage due to lack of adequate supervision enhanced the global disease. In this paper after discussing the causes of the global financial crisis, we will put forward ways and policies to overcome the ongoing crisis in global level.

Item Type: Conference or Workshop Item (Paper)
Uncontrolled Keywords: Global financial crisis, financial innovation, financial deregulation, financial liberalization, corporate governance
Subjects: H Social Sciences > HB Economic Theory
Depositing User: Mr. Ibrahim Kinal
Date Deposited: 01 Feb 2012 13:26
Last Modified: 02 Mar 2012 10:33
URI: http://eprints.ibu.edu.ba/id/eprint/154

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