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Financial market failures and public policies

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  • José Manuel González-Páramo

    ()
    (European Central Bank)

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    Abstract

    The financial turmoil, which began in the summer of 2007, has developed into one of the most disruptive financial and economic crisis experienced by the world in many decades. At the root of the crisis we find a combination of macroeconomic imbalances and microeconomic factors, including market failures and deficiencies in the design of regulatory and supervisory frameworks. This article analyses the underlying causes which contributed to the crisis and reviews the key measures adopted by public authorities to mitigate its effects as well as some of the lessons learned to make the international financial markets more resilient.

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    File URL: http://www.ief.es/documentos/recursos/publicaciones/revistas/hac_pub/190_ART_5.pdf
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    Bibliographic Info

    Article provided by IEF in its journal Hacienda Pública Española/Revista de Economía Pública.

    Volume (Year): 190 (2009)
    Issue (Month): 3 (September)
    Pages: 127-156

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    Handle: RePEc:hpe:journl:y:2009:v:190:i:3:p:127-156

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    Related research

    Keywords: Market failures; financial crisis; public policies; ECB;

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    1. Ashcraft, Adam B. & Schuermann, Til, 2008. "Understanding the Securitization of Subprime Mortgage Credit," Foundations and Trends(R) in Finance, now publishers, vol. 2(3), pages 191-309, June.
    2. William Poole, 1969. "Optimal choice of monetary policy instruments in a simple stochastic macro model," Special Studies Papers 2, Board of Governors of the Federal Reserve System (U.S.).
    3. Marie Hoerova & Cornelia Holthausen & Florian Heider, 2009. "Liquidity hoarding and interbank market spreads: the role of counterparty risk," 2009 Meeting Papers, Society for Economic Dynamics 929, Society for Economic Dynamics.
    4. Obstfeld, Maurice & Rogoff, Kenneth, 2001. "Global Implications of Self-Oriented National Monetary Rules," Center for International and Development Economics Research, Working Paper Series, Center for International and Development Economics Research, Institute for Business and Economic Research, UC Berkele qt6412m5b7, Center for International and Development Economics Research, Institute for Business and Economic Research, UC Berkeley.
    5. Markus K. Brunnermeier & Lasse Heje Pedersen, 2007. "Market Liquidity and Funding Liquidity," NBER Working Papers 12939, National Bureau of Economic Research, Inc.
    6. Stephen G. Cecchetti, 2009. "Crisis and Responses: The Federal Reserve in the Early Stages of the Financial Crisis," Journal of Economic Perspectives, American Economic Association, vol. 23(1), pages 51-75, Winter.
    7. Alessi, Lucia & Detken, Carsten, 2009. "'Real time'early warning indicators for costly asset price boom/bust cycles: a role for global liquidity," Working Paper Series 1039, European Central Bank.
    8. Atif Mian & Amir Sufi, 2008. "The Consequences of Mortgage Credit Expansion: Evidence from the 2007 Mortgage Default Crisis," NBER Working Papers 13936, National Bureau of Economic Research, Inc.
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