The global financial crisis, the EMU sovereign debt crisis and International financial regulation: Lessons from a systematic literature review

Abstract To ensure the safety and soundness of the global financial system as well as individ- ual financial institutions and to reduce systemic risk, numerous policy measures and regulatory reforms have been brought forward as a reaction to the Global Financial Crisis and the European Sovereign Debt Crisis. Simultaneously, numerous academic works have critically reviewed these developments. Therefore, based on a dataset of 455 papers, this article intends to structure the multitude of publications and provide a comprehensive overview of post-crisis regulatory research publications. Studies can be roughly divided into three overarching clusters: publications identifying causes of the crisis, articles focusing on policy and reform reactions, and literature investigating whether these reforms fit their purpose. A holistic and systematic review allows us to extract relevant recommendations and areas of action to be taken to prevent such a crisis in the future.