Author Affiliation

  • Dr. Ishrat Husain is Dean and Director of the Institute of Business Administration, Karachi

Faculty / School

Faculty of Business Administration (FBA)

Department

Department of Economics

Was this content written or created while at IBA?

Yes

Document Type

Article

Source Publication

SBP Research Bulletin

Keywords

Finance, Financial sector, Financial crisis, Pakistan

Disciplines

Business | Finance | Government Contracts

Abstract

The 2008 global financial crisis that turned into the worst economic recession across the world has led to some serious soul searching among the scholars and practitioners about the ways in which financial sector has to be regulated and supervised. There is very little doubt that the U.S. and European financial systems were badly affected and trillions of public tax dollars had to be poured into the system to avert a complete breakdown. The prompt and coordinated response of the G-8 and G-20 to the crisis was something which had not been seen before. Emerging and Developing Economies (EDEs) particularly China, India and Pakistan however survived this onslaught as well as the 1995-96 Asian crisis. It thus becomes an interesting question to explore as to why the financial systems in these countries were able to insulate themselves or at least created fire walls of safety and security that were difficult to permeate.

Publication Status

Published

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