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Anatomy of the Credit Crisis: The role of Faulty Risk Management Systems

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  • Frank Milne

    (Queen's University)

Abstract

The current credit market crisis reflects system-wide problems in the trading and hedging of credit risks. It started in the US mortgage market, but it has spread more generally into other credit markets, where perceived counter-party risks between financial institutions have risen, impairing their operation. This is an international, systemic problem, which has become more serious as time has passed.

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Bibliographic Info

Article provided by C.D. Howe Institute in its journal C.D. Howe Institute Commentary.

Volume (Year): (2008)
Issue (Month): 269 (July)
Pages:

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Handle: RePEc:cdh:commen:269

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Keywords: economic growth and innovation; financial services;

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References

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  1. Christian Upper, 2007. "Using counterfactual simulations to assess the danger of contagion in interbank markets," BIS Working Papers 234, Bank for International Settlements.
  2. Charles Calomiris & Joseph Mason, 2004. "Credit Card Securitization and Regulatory Arbitrage," Journal of Financial Services Research, Springer, Springer, vol. 26(1), pages 5-27, August.
  3. Helmut Elsinger & Alfred Lehar & Martin Summer, 2002. "Risk Assessment for Banking Systems," Working Papers, Oesterreichische Nationalbank (Austrian Central Bank) 79, Oesterreichische Nationalbank (Austrian Central Bank).
  4. David Laidler, 2004. "Central Banks as Lenders of Last Resort - Trendy or Passe?," University of Western Ontario, Economic Policy Research Institute Working Papers, University of Western Ontario, Economic Policy Research Institute 20048, University of Western Ontario, Economic Policy Research Institute.
  5. Colin Busby & William Robson, 2013. "Canada's 2012 Fiscal Accountability Rankings," C.D. Howe Institute Commentary, C.D. Howe Institute, C.D. Howe Institute, issue 373, February.
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Cited by:
  1. Mark Kamstra & Rpbert J. Shiller, 2008. "The Case for Trills: Giving Canadians and their Pension Funds a Stake in the Wealth of the Nation," C.D. Howe Institute Commentary, C.D. Howe Institute, C.D. Howe Institute, issue 271, August.
  2. Costa Cabral, Nazare, 2010. "Breve guia temático e bibliográfico sobre o estudo da actual crise financeira e económica
    [Short thematic guide to the study of current financial and economic crisis]
    ," MPRA Paper 20743, University Library of Munich, Germany.
  3. Frank Milne, 2012. "Economic Crises: The Impact on Australia and Canada," Working Papers, Queen's University, Department of Economics 1296, Queen's University, Department of Economics.
  4. Peter Dungan & Jack Mintz & Finn Poschmann & Thomas Wilson, 2008. "Growth Oriented Sales Tax Reform for Ontario: Replacing the Retail Sales Tax with a 7.5 Percent Value-Added Tax," C.D. Howe Institute Commentary, C.D. Howe Institute, C.D. Howe Institute, issue 273, September.
  5. Arthur J. Cockfield, 2008. "Finding Silver Linings in the Storm: An Evaluation of Recent Canada-US Crossborder Developments," C.D. Howe Institute Commentary, C.D. Howe Institute, C.D. Howe Institute, issue 272, September.
  6. Peter W. Hogg, 2008. "A Question of Parliamentary power: Criminal Law and the Control of Greenhouse Gas Emissions," C.D. Howe Institute Backgrounder, C.D. Howe Institute, C.D. Howe Institute, issue 114, August.

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