The First Credit Market Turmoil of the 21st Century:Implications for Public Policy

Edited by Douglas Evanoff, Philipp Hartmann and George G Kaufman

in World Scientific Books from World Scientific Publishing Co. Pte. Ltd.

Abstract: Since the summer of 2007, credit markets in almost all industrial countries have been in substantial turmoil and this has become the focus of intense policy debates. The papers in this volume are contributed by the world's leading financial experts and constitute a thorough examination of the first credit market turmoil of the 21st Century. They provide an overview of the main causes, transmission mechanisms and economic implications of what by now has become a major systemic financial crisis. They assess the most important policy considerations and conclude about how to stabilize financial systems, attenuate repercussions on the real economy and shape future regulatory structures. The analyses, conclusions, and recommendations can be expected to influence both public and private policies to mitigate, if not prevent, such crises in the future.

Keywords: Financial Crises; Systemic Risk; Credit Market Turmoil; International Financial Markets (search for similar items in EconPapers)
Date: 2009
ISBN: 9789814280471
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Citations: View citations in EconPapers (1)

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Chapters in this book:

Ch 1 Central Banks and the Financial Turmoil , pp 3-9

José Manuel González-Páramo

Ch 2 The Implications of the Credit Crisis for Public Policy , pp 11-22

Charles H. Dallara

Ch 3 Where Are Our Leaders? , pp 23-28

Kenneth W. Dam

Ch 4 Trust and Financial Markets , pp 29-38

Paola Sapienza

Ch 5 A View of the U.S. Subprime Crisis , pp 41-66

Robert DiClemente and Kermit Schoenholtz

Ch 6 What Has Happened in Europe? Monetary Policy, Lending Cycles, Banking Competition, Risk-Taking, and Regulation , pp 67-86

Jesús Saurina

Ch 7 The Subprime Crisis Effects in the Rest of the World , pp 87-100

Laura E. Kodres

Ch 8 Bank Failures: The Limitations of Risk Modeling , pp 103-123

Patrick Honohan

Ch 9 Comments: How Serious is the Damage? , pp 125-137

Christopher Kent

Ch 10 Cliff Risk and the Credit Crisis , pp 141-160

Joseph R. Mason

Ch 11 The Credit Crunch of 2007: What Went Wrong? Why? What Lessons Can be Learned? , pp 161-174

John C. Hull

Ch 12 Overdependence on Credit Ratings was a Primary Cause of the Crisis , pp 175-191

Frank Partnoy

Ch 13 Liquidity Management Under Market Turmoil: Experience of the European Central Bank in the First Year of the 2007–2008 Financial Market Crisis , pp 195-228

Nuno Cassola, Cornelia Holthausen and Flemming Würtz

Ch 14 Crisis Management and Financial Stability: Some Lessons from the United Kingdom , pp 229-238

Nigel Jenkinson

Ch 15 Risk Management Failures During the Financial Crisis , pp 241-266

Michel Crouhy

Ch 16 A Supervisor's View of the Current Financial Turmoil , pp 267-280

Cathy Lemieux and Steven VanBever

Ch 17 The Subprime Crisis: Lessons About Market Discipline , pp 281-303

Mark J. Flannery

Ch 18 Comments: Implications for Bank Capital Standards/Regulation , pp 305-308

Robert Litan

Ch 19 Implications of the Crisis for Regulation , pp 311-324

Mark Carey

Ch 20 The Seven Deadly Frictions of Subprime Mortgage Credit Securitization , pp 325-343

Adam B. Ashcraft and Til Schuermann

Ch 21 Where to From Here?: Lessons for Research, Policy and the Industry , pp 347-352

Philipp Hartmann

Ch 22 Tarp Version 1: A Turning Point in Crisis Management , pp 353-366

Richard J. Herring

Ch 23 Financial Crises: Seeing Patterns, Limiting Risks , pp 367-370

Henry Kaufman

Ch 24 Addressing the Credit Market Turmoil of 2007–08 , pp 371-376

Sam Peltzman

Ch 25 Where to From Here? , pp 377-381

Lawrence R. Uhlick

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