A Historical Perspective on the Crisis of 2007–08

Michael Bordo

Working Papers Central Bank of Chile from Central Bank of Chile

Abstract: This paper provides a historical perspective on the current crisis, contrasting the old with the modern. We identify the growth of the nonbank financial sector (a shadow banking system) that was not regulated by the central bank or covered by the financial safety net as a key modern twist, compared to other crises. We also offer some lessons for monetary policy on key issues of liquidity, solvency, and the stability of the real economy.

Date: 2009-12
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Chapter: A Historical Perspective on the Crisis of 2007–08 (2011)
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Persistent link: https://EconPapers.repec.org/RePEc:chb:bcchwp:548

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