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The Shadow Banking System and Hyman Minsky’s Economic Journey

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Abstract

The global financial crisis of 2007–2009 is unprecedented in modern times. Nevertheless, it can be better understood by taking a long historical perspective that includes crises and crashes from other times and places. A select group of 16 authors or writing teams with extensive experience in the investment management profession have contributed essays to this extraordinary collection.

About the Author(s)

Paul McCulley

Paul McCulley is chairman of the society of fellows of the Global Interdependence Center. Previously, he was a senior partner at PIMCO, where he was a member of its investment committee and founding author of its research publication, "Global Central Bank Focus." Mr. McCulley has appeared regularly in business media, including CNBC and PBS' "Wealth Track." He has also served as a member of the U.S. Department of the Treasury's borrowing advisory committee. Mr. McCulley holds a BA degree from Grinnell College and an MBA degree from Columbia University's Graduate School of Business.