Northern Rock: The anatomy of a crisis – the prudential lessons
This paper attempts to analyse the main characteristics of the Northern Rock crisis and the responses of the Bank of England as lender of last resort. On the basis of the diagnosis about the causes and the handling of this banking crisis we detect the shortcomings prevailing in the UK prudential device. We therefore try to draw the prudential lessons of this experience. As we cannot claim to present an exhaustive picture of the crisis’s implications from a prudential point of view, we chose to focus instead on the points with practical significance far beyond the UK’s case.
|Date of creation:||2008|
|Contact details of provider:|| Postal: 200 Avenue de la République, Bât. G - 92001 Nanterre Cedex|
Web page: http://economix.fr
More information through EDIRC
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Larry Wall & Maria Nieto, 2006.
"Precondition for a Successful Implementation of Supervisors' Primpt Corrective Action: Is There a Case for a Banking Standard in the EU?,"
FMG Special Papers
sp165, Financial Markets Group.
- María J. Nieto & Larry D. Wall, 2007. "Preconditions for a successful implementation of supervisors' Prompt Corrective Action: Is there a case for a banking standard in the EU?," Working Papers 0702, Banco de España;Working Papers Homepage.
- Robert A. Eisenbeis & George G. Kaufman, 2007. "Cross-border banking: challenges for deposit insurance and financial stability in the European Union," FRB Atlanta Working Paper 2006-15, Federal Reserve Bank of Atlanta.
- Giovanni Dell'Ariccia & Deniz Igan & Luc Laeven, 2008. "The U.S. subprime mortgage crisis: a credit boon gone bad?," Proceedings 1104, Federal Reserve Bank of Chicago.
- Laurence Scialom, 2007. "Pour une politique d'actions correctives précoces dans l'Union européenne : les carences institutionnelles et légales," Revue d'Économie Financière, Programme National Persée, vol. 89(3), pages 111-121.
- Goodhart, C., 2008. "Liquidity risk management," Financial Stability Review, Banque de France, issue 11, pages 39-44, February.
- Mayes, David G., 2004. "Who pays for bank insolvency?," Journal of International Money and Finance, Elsevier, vol. 23(3), pages 515-551, April.
- Tirole, J., 2008. "Liquidity shortages: theoretical underpinnings," Financial Stability Review, Banque de France, issue 11, pages 53-63, February.
- Rochet, J C., 2008. "Liquidity regulation and the lender of last resort," Financial Stability Review, Banque de France, issue 11, pages 45-52, February.
- Laurence Scialom, 2006. "Pour une approche holiste du filet de sécurité financière dans l'Union Européenne : quelques arguments," Revue d'économie politique, Dalloz, vol. 116(4), pages 471-486.
- Philip Strahan, 2008. "Liquidity Production in 21st Century Banking," NBER Working Papers 13798, National Bureau of Economic Research, Inc.
- Laurence Scialom & Michel Aglietta, 2003. "The Challenge of European Integration for Prudential Policy," FMG Special Papers sp152, Financial Markets Group.
When requesting a correction, please mention this item's handle: RePEc:drm:wpaper:2008-23. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Valérie Mignon)
If references are entirely missing, you can add them using this form.