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Resolutions of weak institutions: Lessons learned from previous crises

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  • Stephen Lumpkin

    (OECD)

Abstract

The present financial crisis may be added to a growing list of episodes worldwide in which financial sector problems have become systemic in nature. Many OECD countries have been affected, either directly or through the transmission of problems cross-border. Most financial crises share a number of common elements.For instance, financial innovation has often played a role in distress episodes, in many cases, having much to do with their idiosyncratic aspects. For example, structured credit products and the latest incarnation of the originate-and-distribute model of intermediation have been at the epicentre of the current crisis. It differs from other crisis episodes in having a sub-component of the residential mortgage sector as its trigger, while previous crises have more often been prompted by problems in the commercial mortgage market and with corporate clients.

Suggested Citation

  • Stephen Lumpkin, 2009. "Resolutions of weak institutions: Lessons learned from previous crises," OECD Journal: Financial Market Trends, OECD Publishing, vol. 2008(2), pages 1-42.
  • Handle: RePEc:oec:dafkad:5ksqdwrm42nn
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    File URL: http://dx.doi.org/10.1787/fmt-v2008-art13-en
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    Cited by:

    1. Schich, Sebastian T., 2009. "Challenges Associated with the Expansion of Deposit Insurance Coverage during Fall 2008," Economics Discussion Papers 2009-16, Kiel Institute for the World Economy (IfW).
    2. Schich, Sebastian T., 2009. "Challenges Associated with the Expansion of Deposit Insurance Coverage during Fall 2008," Economics - The Open-Access, Open-Assessment E-Journal, Kiel Institute for the World Economy (IfW), vol. 3, pages 1-23.

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