Meet the editor

Stelios Markoulis is an Associate Professor of Finance at the Cyprus Institute of Management and a member of the visiting teaching faculty at the University of Cyprus. He is also an Honorary Visiting Research Fellow at the City University Business School, London. He has also worked for several years in the financial services industry and in particular in the area of investment banking. His main research interests currently focus

on bank distress and regulation, as well as the effects of exogenous shocks, such as terror attacks, on capital and foreign exchange markets. In the past he has also undertaken research regarding the determinants of stock returns and capital raising through the stock market. He has published over 20 papers in international peer-reviewed academic journals and has contributed chapters to several books.

Contents

**Section 1**

**Section 2**

**Section 3**

**Section 4**

**Section 5**

*by Dogus Emin*

Introductory Chapter: Financial Crises

The Primary Origin of the Financial Crisis

*by Ryo Hasumi, Hirokuni Iiboshi, Tatsuyoshi Matsumae*

*by Aloui Mouna and Jarboui Anis*

Source of the Great Recession

*and Shin-Ichi Nishiyama*

*by Shanuka Senarath*

*by Stelios N. Markoulis*

**Preface XI**

Introduction **1**

**Chapter 1 3**

Origin of the Financial Crisis **11**

**Chapter 2 13**

Great Recession Sources **31**

**Chapter 3 33**

The "Alchemy" behind the Financial Crisis **55**

**Chapter 4 57**

Financial Crisis: A Case on Turkey **77**

**Chapter 5 79**

Political and Institutional Dynamics of the Global Financial Crisis

External Factors on Turkish Short-Term Interest Rates and Daily Exchange Rates: Tranquil Periods versus Politically Stressed Times
