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Financial Crises: Past, Present and Future James J. Angel, PhD, CFA Georgetown University McDonough School of Business 1 About me      B.S. Caltech MBA Harvard Ph.D. Berkeley At Georgetown since 1991 Studies financial markets and regulation      Visited over 50 exchanges around the world Inventor of two patents for trading systems Testified four times before US Congress Former Chair of Nasdaq Economic Advisory Board On board of directors of Direct Edge stock exchanges 2 Overvie
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  Financial Crises:Past, Present andFuture James J. Angel, PhD, CFAGeorgetown UniversityMcDonough School of Business 1  About me  B.S. Caltech  MBA Harvard  Ph.D. Berkeley  At Georgetown since 1991  Studies financial markets and regulation  Visited over 50 exchanges around the world  Inventor of two patents for trading systems  Testified four times before US Congress  Former Chair of Nasdaq Economic Advisory Board  On board of directors of Direct Edge stock exchanges 2  Overview  Financial “crises” occur with regularity    Typical pattern  Asset bubble + bust  Excessive leverage  Failure of financial institutions  Recession  Current mess started in US housing finance.  Aftershocks still occurring 3  Financial Crises  Have happened many times  Currency crisis  Fixed exchange rate systems usually blow up in acrisis  Thailand 1998  European Rate Mechanism 1992  Mexico 1994  Financial system crisis  Too much debt 4
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