Cecchetti and Schoenholtz place the beginning of the Financial Crisis on August 9, 2007 the day when BNP Paribas suspended redemptions from three of their mutual funds because their fund managers could not value their assets. With hindsight 20/20 the authors analyze the reasons why the BNP event was the spark that lit the tinder and shifted the system from a good state to a bad one.
Looking Back: The Financial Crisis Began 10 Years Ago This Week
By: Stephen G. Cecchetti, Kim Schoenholtz – Brandeis University, NYU
