Gaping Fault Lines in the Global Financial Stability Architecture: Lessons from the US Sub-Prime Crisis
0
조회
0
다운로드
0
인용
0
참고문헌
키워드
초록
The US sub-prime crisis has been a prime revelation of monumental failure by every responsible agent in the market, starting from macroeconomic policy makers, to regulators, to rating agencies, to international standard setting bodies to even the smartest of all investment bankers. This paper aims at identifying the key unpleasant policy challenges that have surfaced in the aftermath of the crisis, while also trying to decipher the sub-prime black box. In the process of documenting the wide ranging and thought provoking post-crisis suggestions from the scattered literature, the paper highlights the gaping fault lines in the existing global financial stability architecture.
Abstract
The US sub-prime crisis has been a prime revelation of monumental failure by every responsible agent in the market, starting from macroeconomic policy makers, to regulators, to rating agencies, to international standard setting bodies to even the smartest of all investment bankers. This paper aims at identifying the key unpleasant policy challenges that have surfaced in the aftermath of the crisis, while also trying to decipher the sub-prime black box. In the process of documenting the wide ranging and thought provoking post-crisis suggestions from the scattered literature, the paper highlights the gaping fault lines in the existing global financial stability architecture.
참고문헌 (34)
- Altman, Roger, "Financial Times", ~ (2008)
- BIS, "Central Bank Operations in Response to the Financial Turmoil", ~ (2008)
- BIS, "Ratings in Structured Finance: What Went Wrong and What can be Done to Address Shortcomings", ~ (2008)
- Benink, Herald, "Turmoil reveals the inadequacy of Basel-II", ~ (2008)
- Bernanke, Ben S., "Remarks on the Legacy of Milton and Rose Friedman’s Free to Choose", Federal Reserve Bank of Dallas Conference, October 24 (2003)
- Buffet, Warren, "Annual Report of Berkshire Hathaway", ~ (2002)
- Buiter, Willem, "The Central Bank as the Market Maker of Last Resort", ~ (2007)
- Cecchetti, Stephen, "Bernanke’s Fed shows that it can be nimble", ~ (2008)
- Das, Satyajit, "How supposed risk hedgers could become risk creators", ~ (2008)
- De Grauwe, Paul, "The Eurozone is Missing the Point in its Quest for Stability", Financial Times,July 11, ~ (2007)
- De Grauwe, Paul, "Central Banks Should Prick Asset Bubbles", Financial Times,November 1, ~ (2007)
- Dodd, Randall, "Sub-prime: Tentacles of a Crisis", Finance and Development, 44(4) (2007)
- Economist, "Central banks in the rich world no longer determine global monetary conditions", ~ (2007)
- Economist, "A monoline meltdown", ~ (2007)
- Goodhart, Charles, "How to avoid the next crash", ~ (2008)
- Goodhart, Charles, "A party Pooper’s Guide to Financial Stability", ~ (2008)
- Greenspan, Alan, "Transfer and Financial Stability", 41st Annual Conference of FRB of Chicago on Bank Structure (2005)
- Hetzel, Robert L., "How do Central Banks Control Inflation?", Federal Reserve Bank of Richmond Economic Quarterly, 90 (2004)
- IMF, "Containing Systemic Risks and Restoring Financial Soundness" (2008), Global Financial Stability Report
- Jackson, Tony, "Derivatives is an industry tainted by its side-effects" (2008), Financial Times
- Kay, John, "In times of complexity, common sense must prevail" (2008), Financial Times
- Magnus, George, "More is needed to unblock the arteries of credit" (2008), Financial Times
- Meltzer, Alan H., "The Fed Should Hold Firm" (2007), The Wall Street Journal
- Posen, Adam, "How to cushion the cost of the right decision" (2008), Financial Times
- Rajan, Raghuram, "Central banks face liquidity trap" (2007), Financial Times
- Rajan, Raghuram, "Bankers’ pay is deeply flawed" (2008), Financial Times
- Roach, Stephen, "America’s inflated asset prices must fall" (2008), Financial Time
- Reinhart, Carmen M., "Is the 2007 US sub-prime financial crisis so different? An international Historical perspective", ~ (2008)
- Singh, Manmohan, "Credit market turmoil makes valuation key" (2008), IMF Survey
- Soros, George, "The worst market crisis in 60 years" (2008), Financial Times
- Stiglitz, Joseph, "Scarcity Amid Plenty" (2008), Khaleej Times
- Summers, Lawrence, "Six Principles for a New Regulatory Order" (2008), Financial Times
- Wolf, Martin, "The Fed must weigh inflation against the risk of recession" (2007), Financial Times
- Wolf, Martin, "Why it is so hard to keep the financial sector caged", ~ (2008)