Grey matters: Marios Clerides and Constantinos Stephanou, “The financial crisis and the banking system in Cyprus” (1 July 2009).

Cyprus Economic Policy Review, Vol. 3, No. 1, 2009. Available at SSRN: http://ssrn.com/abstract=1431223

Abstract:
This paper briefly reviews the causes and propagation mechanisms of the global financial crisis, and the types of policy responses that have been undertaken to date in order to mitigate its adverse effects. It subsequently examines the way that it has been transmitted to the Cypriot banking system, and looks at the impact of the crisis on Cypriot banks so far.

CFR comment:
The authors, the head of risk management for Hellenic Bank and a senior economist at the World Bank, provide an interesting assessment of the impact of the financial crisis on the Cypriot banking sector, including some discussion of the role of offshore deposits in those banks. The overview of the financial crisis is thoughtful and concise; the paper will be of most interest to those involved with Cypriot financial institutions.

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Andrew P. Morriss

Andrew P. Morriss, Chairman, is the D. Paul Jones, Jr. & Charlene Angelich Jones – Compass Bank Endowed Chair of Law at the University of Alabama School of Law. He was formerly the H. Ross & Helen Workman Professor of Law and Business at the University of Illinois,Urbana-Champaign. He received his A.B. from Princeton University, his J.D. and M.Pub.Aff. from the University of Texas at Austin, and his Ph.D. (Economics) from the Massachusetts Institute of Technology. He is a Research Fellow of the N.Y.U. Center for Labor and Employment Law,and a Senior Fellow of the Institute for Energy Research, Washington,D.C., as well as a regular visiting faculty memberat the Universidad Francisco Marroquín,Guatemala. He is the author or coauthor of more than 50 scholarly articles, books, and bookchapters, including Regulation by Litigation (Yale Univ. Press 2008) (with Bruce Yandle and Andrew Dorchak), and is the editor of Offshore Financial Centers and Regulatory Competition (American Enterprise Institute Press 2010).

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