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Adrian Blundell-Wignall, Gert Wehinger & Patrick Slovik

In: Capital Market Reform in Asia: Towards Developed and Integrated Markets in Times of Change

Chapter 13: The Elephant in the Room: The Need to Deal with What Banks Do*

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The Elephant in the Room: The Need to Deal with What Banks Do*
The Elephant in the room: The need to deal with what banks do
AdrianBlundell-Wignall, GertWehinger, and PatrickSlovik
Introduction

Contagion and counterparty risk are the hallmarks of this crisis.

Contagion risk and counterparty failure have been the main hallmarks of the global financial and economic crisis of 2007–09, making it very different and much more potent than those that preceded it. While some large diversified banks that focused mainly on commercial banking survived very well, financial conglomerates built on investment banking, the structuring of complex derivatives, and proprietary trading as the main drivers of growth, as well as other smaller and less diversified banks, particularly those focused on mortgages, suffered crippling losses. In principle, sound corporate governance ...

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