Who Saw it Coming? The UK’s Great Financial crisis

Hindmoor, Andrew and McConnell, Allan (2015) Who Saw it Coming? The UK’s Great Financial crisis. Journal of Public Policy, 35 1: 63-96. doi:10.1017/S0143814X1400004X

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Author Hindmoor, Andrew
McConnell, Allan
Title Who Saw it Coming? The UK’s Great Financial crisis
Journal name Journal of Public Policy   Check publisher's open access policy
ISSN 0143-814X
Publication date 2015-04
Year available 2014
Sub-type Article (original research)
DOI 10.1017/S0143814X1400004X
Open Access Status
Volume 35
Issue 1
Start page 63
End page 96
Total pages 34
Place of publication Cambridge, United Kingdom
Publisher Cambridge University Press
Collection year 2015
Language eng
Formatted abstract
Who foresaw the UK banking crisis? This paper addresses this issue through detailed empirical work on the content of the Chancellor of the Exchequer’s speeches, Bank of England Financial Stability Reports, Financial Service Authority reports and speeches by Bank of England officials, editorials in the Times and Financial Times, bank annual reports and financial statements, credit rating reports, share price movements, Parliamentary questions, Treasury select committee reports and the output of academic economists. We find that few people inside or outside government recognised the existence of significant financial vulnerabilities in the financial system in the years prior to the collapse of Northern Rock in September 2007. We use the conceptual lenses of individual, institutional and paradigmatic pathologies to provide explanations for this failure to detect looming crisis conditions. We argue ultimately that regulators and commentators were blinded by faith in market forces and the risk-tempering properties of securitisation.
Keyword Financial crises
Northern Rock
United Kingdom
Q-Index Code C1
Q-Index Status Confirmed Code
Institutional Status UQ
Additional Notes Published online ahead of print 21 February 2014.

Document type: Journal Article
Sub-type: Article (original research)
Collections: Official 2015 Collection
School of Political Science and International Studies Publications
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Created: Fri, 17 Apr 2015, 16:05:25 EST by Bronwyn Clare Crook on behalf of School of Political Science & Internat'l Studies