Project Finance in Theory and Practice, 2nd Edition

Preface to the Second Edition

The first edition of this book was published at the end of 2007, with its preface dating back to June 2007. At that time, financial markets worldwide were at their peaks in most of the segments of financial intermediation. The growth was sustained by a very long period of expansive monetary policy by the Federal Reserve, with very low levels of real interest rates, growth of equity indices and prices, expansion in the real estate and credit markets, and an increased use of a new generation of increasingly complex asset-backed securities and structured debt products. In Europe, many columnists were criticizing the more conservative policy of the European Central Bank and its excessive attention to inflationary pressures ...