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The financial crisis : toward an explanation and policy response. 2008 annual report of the Federal Reserve Bank of Richmond


  • Aaron Steelman
  • John A. Weinberg


This year's article was co-authored by Aaron Steelman, director of publications, and John A. Weinberg, senior vice president and director of research. The authors discuss the key events of the financial crisis, examine which factors contributed to it, and consider how policymakers might most effectively respond. At the core of their discussion is the role that explicit and implicit government guarantees played in encouraging unwise risk-taking by financial institutions.

Suggested Citation

  • Aaron Steelman & John A. Weinberg, 2008. "The financial crisis : toward an explanation and policy response. 2008 annual report of the Federal Reserve Bank of Richmond," Annual Report, Federal Reserve Bank of Richmond, pages 4-19.
  • Handle: RePEc:fip:fedrar:y:2008:p:4-19

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    References listed on IDEAS

    1. Marvin Goodfriend & Robert G. King, 1988. "Financial deregulation, monetary policy, and central banking," Economic Review, Federal Reserve Bank of Richmond, issue May, pages 3-22.
    2. Douglas W. Diamond & Philip H. Dybvig, 2000. "Bank runs, deposit insurance, and liquidity," Quarterly Review, Federal Reserve Bank of Minneapolis, issue Win, pages 14-23.
    3. Thomas M. Humphrey, 1989. "Lender of last resort: the concept in history," Economic Review, Federal Reserve Bank of Richmond, issue Mar, pages 8-16.
    4. Franklin R. Edward, 1999. "Hedge Funds and the Collapse of Long-Term Capital Management," Journal of Economic Perspectives, American Economic Association, vol. 13(2), pages 189-210, Spring.
    5. repec:cto:journl:v:21:y:2002:i:3:p:369-393 is not listed on IDEAS
    6. Nadezhda Malysheva & John R. Walter, 2010. "How large has the federal financial safety net become?," Working Paper 10-03, Federal Reserve Bank of Richmond.
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    Financial crises ; Risk;


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