The subprime crisis and its consequences
AbstractHaving started by describing the background to the crisis, the paper considers priorities for action by the financial industry, being: (1) improved transparency; (2) review valuation issues, notably the distinctions between IFRS and US GAAP on asset reclassification; (3) better risk management, with an appropriate mix of quantitative and qualitative metrics; (4) Improved market infrastructure, perhaps including a central counterparty for OTC derivatives; (5) an external review of ratings agencies' processes; (6) enhanced liquidity risk management. An assessment of the measures taken by central banks to allay the crisis follows, and we conclude with an analysis of the strategic consequences for the financial industry.
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Bibliographic InfoArticle provided by Elsevier in its journal Journal of Financial Stability.
Volume (Year): 4 (2008)
Issue (Month): 4 (December)
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Web page: http://www.elsevier.com/locate/jfstabil
Transparency Risk management Liquidity Valuation of complex financial products Original and distribute model;
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