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1 World Economic Forum, (2008), Global Risks 2008 a Global Risk Network Report,
www.weforum.org 2 Bank of International Settlement (2008), 78
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1 Ali, Salman Syed, (2007), "Financial Distress and Bank Failure: Lessons from Closure of
Ihlas Finans in Turkey", Islamic Economic Studies, p.. 2 Kindelberger, Charles (1996), Manias, Panics and Crashes: A History of Financial
Crises, p.11. 3 Driscoll, David D. (1996), What Is The IMF? The International Monetary Fund. 4 www.cftech.com, accessed on 28/06/2009.
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2 Benitt, Neil (1998), Banking at It Again, the Sunday Telegraph.
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1 Allen, Franklin; Gale, Douglas (2000), Bubbles and Crises, the Economic Journal, 110
(January), pp. 236-255.
انفجار الفقاعة): 2(مرحلة
ويكون ذلك بالهبوط الحاد لقيم األصول مالية كانت أو حقيقية، وما يصاحب " الفقاعية"
ذلك من محاولة من لديه معلومات التخلص من وعادة ما . هذه األصول مما يزيد الوضع سوءاً
لبضعة أيام أو . تكون هذه المرحلة قصيرة.شهور
تحول الفقاعة إلى أزمة): 3(المرحلة
إفالس عدد كبير من أصحاب األصول المنهارة، ثم تتوالى سلسلة التأثر من " الفقاعية"
المؤسسات المالية إلى القطاع الحقيقي، وعندها تبدأ إجراءات العالج مثل التحفيز
.المالي، وخفض معدالت الفائدة
تكوين الفقاعة): 1(مرحلة
أي تشكلها ونموها بفعل السياسات المالية والنقدية الرخوة، وبسبب التوسع الزائد في
االقراض ومنح االئتمان أو التوسع في الكتلة النقدية، وعادة ما تمتد هذه الفترة لمدة طويلة
.قد تصل بضع سنوات
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1 Casey Research, (2008), Exclusive Special Report: the Crisis in Pictures, p.3.
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1 Noia, Carmine Di; Micossi, Stefano; Carmassi, Jacopo and Peirce, Fabrizia (2009), Keep
it simple: Policy Responses to the Financial Crisis, p.15. 1 � ��$5- �\? �'? ^: >�'e$ o���Y ;��)�-$� ���«$ �� �&�0�$ �$�G�)$ �� H���$ ^0L
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}-$ Vx6�$ # $�F�)$ V�: �'�: Noia, Carmine Di; Micossi, Stefano; Carmassi, Jacopo and Peirce, Fabrizia (2009), Keep it
simple: Policy Responses to the Financial Crisis, p.15.
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1 Krueger, Anne, (2009), New Ideas in Development after the Financial Crisis, p.7.
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1 7'�%� �c��$ V�: �= ��F�$ $T= U��+ �0) � H=" �� Y �F�"apD��" U 6: �� 6& �T �$ ��,i" �6& " �� 3Y" V��{� 40p�~Too big to fail�Y� , � � V� F� A ��$ �� y-$ � �%�: � � � e$ S�T
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Understanding How Galss-Steagall ActImpacts Investment Banking and the Role of
Commercial Banks, www.cftec.com, accessed 28/06/2009.
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World Economic Forum (WEF), (2009), The Future of the Global Financial System a
Near-Term Outlook and Long-Term Scenarios, a World Economic Forum Report in
collaboration with Oliver Wyman, WEF. 1 Ja'( 4E$��" OPF� q�Y ��)�-$ " m�i ,��0�$ $T= � �pp�� �i" " ��W]$ qG9�" �F�
�%&�h >�« �{���� ,��]$: Baily, Martin Neil; Litan, Robert E., and Johnson, Matthew S., 2008, The Origins of the
Financial Crisis, p.37. 3 Noia, Carmine Di; Micossi, Stefano; Carmassi, Jacopo and Peirce, Fabrizia (2009), Keep
it simple: Policy Responses to the Financial Crisis, pp.17-18.
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1 Noia, Carmine Di; Micossi, Stefano; Carmassi, Jacopo and Peirce, Fabrizia (2009), Keep
it Simple: Policy Responses to the Financial Crisis, p.18.
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it Simple: Policy Responses to the Financial Crisis, p.4. 2 Noia, Carmine Di; Micossi, Stefano; Carmassi, Jacopo and Peirce, Fabrizia, Ibid, p.4. 3 The IMF, 2009, Debt Bias and Other Distortions: Crisis-Related Issues in Tax Policy, p.
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pp.15-19.
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