Special Issue: Learning from the Financial Crisis

During the ongoing international financial crisis several dysfunctions of the financial system have become visible. By now it is clear that the system is currently dealing with – to name just a few – excessive leverage of equity, with excessive indebtedness, and with excessive complications and excessive complexity in some market segments. This special issue should collect contributions that i) help to understand the development towards the current financial crisis, ii) analyse the spillover effects that enhanced the escalation of the financial crisis, or iii) make proposals on what can be learned from the current financial crisis that might be helpful when it comes to re-designing the international financial system. We are happy to receive both theoretical and empirical contributions.