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Jihad Dagher
Financial crises are traditionally analyzed as purely economic phenomena. The political economy of financial booms and busts remains both under-emphasized and limited to isolated episodes. This paper examines the political economy of financial policy during ten of the most infamous financial booms and busts since the 18th century, and presents consistent evidence of pro-cyclical regulatory policies by governments. Financial booms, and risk-taking during these episodes, were often amplified by political regulatory stimuli, credit subsidies, and an increasing light-touch approach to financial supervision. The regulatory backlash that ensues from financial crises can only be understood in the context of the deep political ramifications of these crises. Post-crisis regulations do not always survive the following boom. The interplay between politics and financial policy over these cycles deserves further attention. History suggests that politics can be the undoing of macro-prudential regulations.
Caroline Criado Perez

the subprime and Chinese excesses of the 2000s, Boom and Bust: A Global History of Financial Bubbles provides a fascinating guide through a historical journey of speculative financial crises. Building on seminal analyses by Charles P. Kindleberger ( Manias, Panics, and Crashes ) and John Kenneth Galbraith ( A Short History of Financial Euphoria ), authors William Quinn and John Turner present a novel framework they dub the “bubble triangle” for assessing and understanding booms and busts. They see a financial bubble as a fire, composed of oxygen, fuel, and heat

International Monetary Fund. Communications Department

-fraud prosecutor reflects on the challenges of tackling transnational crime Back to Basics What Is the Informal Economy? Having fewer workers outside the formal economy can support sustainable development Corinne Deléchat and Leandro Medina Picture This Uncertain Age The pandemic is taking a toll on young people Melinda Weir Books Invisible Women: Data Bias in a World Designed for Men , Caroline Criado Perez Boom and Bust: A Global History of Financial Bubbles , William Quinn and John Turner Making a Modern Central Bank: The Bank of England 1979