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Financial Market Crisis: Origin, Short-Term Reaction and Long-Term Adjustment Requirements

  • Thomas Url


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    The current financial crisis cannot be attributed to a single cause, but resulted from the interaction of several simultaneously active forces. The causes can be classified into three categories: macroeconomic causes, regulatory or supervisory shortcomings and causes related to incentives or corporate control. Whereas short-term economic policy measures were geared to minimize the damage, long-term economic policy considerations focus on strengthening stabilising forces in the regulation and supervision of financial intermediaries and on improvements of their incentive systems.

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    Article provided by WIFO in its journal Quarterly.

    Volume (Year): 15 (2010)
    Issue (Month): 1 (April)
    Pages: 54-77

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    Handle: RePEc:wfo:wquart:y:2010:i:1:p:54-77
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    1. Franz R. Hahn, 2003. "The New Basel Capital Accord (Basel II) from a Macroeconomic Point of View," Austrian Economic Quarterly, WIFO, vol. 8(2), pages 51-63, June.
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    5. Zingales Luigi, 2009. "Yes We Can, Secretary Geithner," The Economists' Voice, De Gruyter, vol. 6(2), pages 1-5, February.
    6. Rafael Repullo & Jesús Saurina & Carlos Trucharte, 2010. "Mitigating the pro-cyclicality of Basel II," Banco de Espa�a Working Papers 1028, Banco de Espa�a.
    7. Philip Lowe, 2002. "Credit risk measurement and procyclicality," BIS Working Papers 116, Bank for International Settlements.
    8. Andrew K. Rose & Mark M. Spiegel, 2009. "Cross-country causes and consequences of the 2008 crisis: early warning," Working Paper Series 2009-17, Federal Reserve Bank of San Francisco.
    9. John B. Taylor, 2009. "The Financial Crisis and the Policy Responses: An Empirical Analysis of What Went Wrong," NBER Working Papers 14631, National Bureau of Economic Research, Inc.
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