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This book presents the Clarendon Lectures in Finance by one of the leading exponents of financial booms and crises. It explains why the recent global financial crisis erupted in an era when risk management was at the core of the most sophisticated financial institutions.

What causes a financial crisis? Can crises be anticipated or even avoided? Should governments and international institutions intervene? Based on ten years of research, the authors develop a theoretical approach to analyzing financial crises and use the latest economic theories to begin to understand the causes and consequences of financial crises.