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Allen, W. and R. Moessner (2011), The international propagation of the of 2008 and a comparison with 1931,Vol. 55, No.

2, pp 56-67. Allen, W. and R. Moessner (2011) examine the international propagation of the financial crisis of 2008, and compare it with the crisis of 1931. According their study, they dispute that the collateral squeeze in the US was an important propagator in 2008, and identify the similarities between these two crises which include that: the important sources of liquidity pressure on banks were not only deposit outflows; the behavior of creditors towards debtors and the valuation of assets by creditors were very important; flight to liquidity and safety was an important feature. However, one decisive difference between the two crises was that the supply of assets that regarded as liquid and safe in 2008 expanded quickly to contain the effects of the crisis, whereas in 1931 it was inelastic and became narrower with the passage of time.

Dr. Kaushal Bhatt (2012), Impact of US Subprime Crisis on Indian Economy, Journal of Finance, Vol. 2,Issue , ISSN - 2249-555X,PP no.218. Many lessons can be learned from the subprime crisis. Those lessons have not been systematically addressed, perhaps because everyone has been busy with fighting the fire. This is not a normal crisis period, and hence, no normal postcrisis recovery was expected. The financial wizards seem to remain overly optimistic that the crisis will be followed by a normal economic recovery so that life can get back to normalcy. The US meltdown which shook the world had little impact on India, because of Indias strong fundamental and less exposure of Indian financial sector with the global financial market. Perhaps this has saved Indian economy from being swayed over instantly. Unlike in US where capitalism rules, in India, market is closely regulated by the SEBI, RBI and government.

Corhay, Rad, and Urbain (1995), Understanding Financial Crises, Clarendon Lectures in Finance., Oxford: Oxford University Press, Vol xiv No.2, pp no. 1233 to 1341.

The Pacific-Basin stock markets of Australia, Hong Kong, Japan, New Zealand and Singapore over a twenty-year observation period. Allen and MacDonald (1995) scanned the relationship of stock indices from sixteen countries for the period 1971 to 1992 with the objective of determining the diversification benefits for Australian investors. The results show that cointegration tests on pairwise association of local and international markets led to Australia being cointegrated with Canada, France, Germany, Hong Kong, Switzerland and the UK. Allen and MacDonald (1995) then resorted towards a multivariate analysis by focusing on 3 constructed portfolios. For

instance, portfolio A comprises of Japan, US and Australia. In the same vein, portfolio B consisted of Japan, UK and US. And portfolio C was made up of Canda, UK and US. The multivariate analysis showed that portfolio B and portfolio C were cointegrated. Cremer and Salehi-Asfahani (1991), Models of the Oil Market, Harwood academic publishers, Switzerland. Vol No. 2 pp no. 2678.

A comprehensive and critical survey was conducted by Cremer and SalehiAsfahani (1991) where they surveyed fifteen years worth of economic literature on oil market modeling. In the survey, they divided modeling efforts into informal (with no or minimal mathematical symbolism), simulation and theoretical models. They further subdivided the informal models into two basic types according to behavior emphasis: monopolistic (cartel or dominant firm) and competitive modeling (backward bending supply curve, property rights or supply shocks). Simulation models were further subdivided into three groups including reduced form, optimization and energy balance models. At the end of their survey, they covered econometric studies conducted on the oil market with hypotheses related to market structure and functioning.

Alhajji, A.F. and Huettner, D. (2000a) OPEC and Other Commodity Cartels: a Comparison. Energy Policy, 28:1151-1164. To analyze oil market conditions and oil prices, developed a small-scale econometric model for the oil market. The model simulation results anticipated wide price fluctuation if OPECs core members (Saudi, Kuwait, UAE, Qatar, Libya) attempt to defend the cartels market share. A year later, Baldwin and Prosser (1988) developed a recursive simulation model for the World Oil Market (WOM) and various strategies for OPEC were tested assuming that OPEC can set either the price or the output. Both oil consumers and nonOPEC producers were assumed to be price takers where consumers maximize their benefits and non-OPEC countries maximize their profits. OPEC on the other hand is assumed to set either price or quantity. Results showed that supply and demand could balance for a range of prices and OPEC output depending on what strategy OPEC adopts.