Table of Contents
I.INTRODUCTION.................................................................................................................1
II.APPLYING THE KINDLEBERGER FRAMEWORK TO THE GLOBAL
FINANCIAL CRISIS....................................................................................................................5
II.A.CREDIT EXPANSION...................................................................................................................5
II.A.1.Emergence of Alternative Financial System.................................................................................5

18
II.A.2.Regulatory Changes......................................................................................................................18

Availability to Non-Financial Firms and Households...................................................................................32
III.CONCLUSION.................................................................................................................49