Anatomy of the 2008 financial crisis: an economic analysis postmortem
AbstractThis paper summarizes my ideas about the causes of and solutions to the 2008 financial crisis and is intended to be written so that a non-specialist can grasp the content and contribute to the discussion. The first section focuses on the immediate causes of the crisis and the appropriate short-term policy response. The latter section discusses the broader systemic causes of the crisis related to the mechanisms used in the supply of money and credit. The policy recommendations focus on addressing well-known market failures - like the lack of credible public information about the quality of debt instruments - that were exposed as a result of the crisis. Additionally, institutional reforms in the supply of money and credit designed to streamline monetary policy and limit contagion during a banking crisis are suggested.
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Bibliographic InfoArticle provided by Capco Institute in its journal Journal of Financial Transformation.
Volume (Year): 27 (2009)
Issue (Month): ()
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Financial crisis; financial institutions;
Find related papers by JEL classification:
- G01 - Financial Economics - - General - - - Financial Crises
- G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
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- Demyanyk , Yuliya & Hasan, Iftekhar, 2009.
"Financial crises and bank failures: a review of prediction methods,"
Research Discussion Papers
35/2009, Bank of Finland.
- Demyanyk, Yuliya & Hasan, Iftekhar, 2010. "Financial crises and bank failures: A review of prediction methods," Omega, Elsevier, vol. 38(5), pages 315-324, October.
- Yuliya Demyanyk & Iftekhar Hasan, 2009. "Financial crises and bank failures: a review of prediction methods," Working Paper 0904, Federal Reserve Bank of Cleveland.
- Shojai, Shahin & Feiger, George, 2010. "Economists’ hubris – the case of risk management," Journal of Financial Transformation, Capco Institute, vol. 28, pages 27-35.
- Shojai, Shahin & Feiger, George & Kumar, Rajesh, 2010. "Economists’ hubris — the case of equity asset management," Journal of Financial Transformation, Capco Institute, vol. 29, pages 9-16.
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