Abstract
Since the insolvency of Lehman Brothers in September 2008, vast efforts have been devoted to describing and explaining the developments prior to, during and after the associated financial and economic crisis. Although the crisis was triggered in the United States, notably with the implosion of the sub-prime mortgage market, the unfolding financial turmoil had global repercussions. In particular, with the abrupt reversal of the global credit cycle, regional imbalances within the euro area became exposed, together with associated weaknesses in private and public, financial and non-financial sector balance sheets.
The views expressed are those of the authors and should not be construed as representing the views of the European Central Bank.
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© 2014 Philippe de Rougemont and Bernhard Winkler
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de Rougemont, P., Winkler, B. (2014). The Financial Crisis in the Light of the Euro Area Accounts: Selected Issues. In: Winkler, B., van Riet, A., Bull, P. (eds) A Flow-of-Funds Perspective on the Financial Crisis. Palgrave Studies in Economics and Banking. Palgrave Macmillan, London. https://doi.org/10.1057/9781137353016_6
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DOI: https://doi.org/10.1057/9781137353016_6
Publisher Name: Palgrave Macmillan, London
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