The Financial Regulation Forum
financial crisis
IMF Global Financial Stability Report: Grappling with Crisis Legacies
Executive summary. Financial stability risks have increased substantially over the past few months. Weaker growth prospects adversely affect both public and private balance sheets and heighten the challenge of coping with heavy debt burdens. Public balance sheets in many advanced economies are highly vulnerable to rising financing costs, in part owing to the transfer of [...]
Global imbalances and the financial crisis: Link or no link?
31 May. BIS: Global imbalances and the financial crisis. Global current account imbalances have been at the forefront of policy debates over the past few years. Many observers have recently singled them out as a key factor contributing to the global financial crisis. Current account surpluses in several emerging market economies are said to have [...]
Financial crisis was avoidable
25 Jan. The 2008 financial crisis was an “avoidable” disaster caused by widespread failures in government regulation, corporate mismanagement and heedless risk-taking by Wall Street, according to the conclusions of a federal inquiry. The commission that investigated the crisis casts a wide net of blame, faulting two administrations, the Federal Reserve and other regulators for [...]
Book choice: All the Devils Are Here: The Hidden History of the Financial Crisis
All the Devils Are Here: The Hidden History of the Financial Crisis by Bethany McLean and Joe Nocera “Hell is empty, and all the devils are here.” -Shakespeare, The Tempest As soon as the financial crisis erupted, the finger-pointing began. Should the blame fall on Wall Street, Main Street, or Pennsylvania Avenue? On greedy traders, [...]
The collapse of international bank finance during the crisis
13 Sep. BIS Quarterly Review, September 2010. The collapse of international bank finance during the crisis: evidence from syndicated loan markets. This article examines developments in the syndicated loan markets during the financial crisis. The investigation of deal structures and purposes suggests that supply constraints aggravated the sharp decline of syndicated lending. An econometric analysis [...]
What has the financial crisis taught us?
07 Sep. Speech by Lorenzo Bini Member of the Executive Board of the ECB A striking feature of the crisis is the synchronised manner in which shocks have been transmitted across market segments and countries. And a key lesson of the crisis is that keeping an economy in order does not necessarily insulate it from [...]
Foreigners turn to $100 bill in the financial crisis
24 Jul. The economic downturn has shown, again and again, that global investors and foreign governments turn to the safety of US Treasury securities in a crisis. The same apparently goes for other foreigners, who stashed away $100 bills at a rapid pace after the financial crisis struck in late 2008. As much as two-thirds [...]
Proposal for banks to lose derivatives operations because of the role in the financial crisis has few allies
May 16. The chairman of the Fed opposes it. The country’s chief banking regulator dislikes it. The secretary of the Treasury has been unsupportive, at best, and Paul Volcker calls it unnecessary. Their antipathy is directed at a proposal from Sen. Blanche Lincoln, Dem. of Arkansas. She wants banks to get rid of their lucrative [...]
Book choice: This Time Is Different: Eight Centuries of Financial Folly
This Time Is Different: Eight Centuries of Financial Folly By Carmen M. Reinhart and Kenneth Rogoff This is quite simply the best empirical investigation of financial crises ever published. Covering hundreds of years and bringing together a dizzying array of data, Reinhart and Rogoff have made a truly heroic contribution to financial history. This single [...]
Snippet: ECB on financial market infrastructures
22 Apr. The European Central Bank has published a Report on the lessons learned from the financial crisis with regard to the functioning of European financial market infrastructures. During the crisis, financial market infrastructures proved to be vital in terms of support for the liquidity and stability of financial markets. The risk management framework established [...]
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