OECD Journal: Financial Market Trends

  • Discontinued

The articles in Financial Market Trends focus on trends, structural issues and developments in financial markets and the financial sector.


Tracing the origins of the financial crisis

More than half a decade has passed since the most significant economic crisis of our lifetimes and a plethora of different interpretations has been offered about its origins. This paper consolidates the stylised facts put forward so far into a concise and coherent meta-narrative. The paper connects the dots between the arguments developed in the literature on macroeconomics and those laid out in the literature on financial economics. It focuses, in particular, on the interaction of monetary policy, international capital flows and the decisive impact of the rise of the shadow banking industry.

JEL classification: A10, F30, G01

Keywords: Financial crisis, international capital flows, shadow banking


JEL: A10: General Economics and Teaching / General Economics / General Economics: General; G01: Financial Economics / General / Financial Crises; F30: International Economics / International Finance / International Finance: General
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