During the banking crisis of 2008-2009, government bailouts of banks in Europe and elsewhere frequently resulted in state ownership of the bank. The rescue of Fortis Bank in 2008, for instance, involved the nationalisation of ABN Amro by the Dutch state.
Is lending by state banks more stable over the business cycle?
Ata Can Bertay, Asli Demirgüç-Kunt, Harry Huizinga, 2 August 2012
Credit demand, supply, and conditions: A tale of three crises
Sarah Holton, Martina Lawless, Fergal McCann, 4 March 2012
The post-2007 Eurozone economic crisis has taken on a number of forms. Real economic activity has declined, in certain cases significantly. Turmoil in sovereign and financial sectors has seen yields on government bonds and spreads on bank credit-default swaps (CDSs) increase dramatically. The vast credit expansion of the previous decade has led to large private sector debt overhang.
Home bias and the credit crunch: Evidence from Italy
Andrea F Presbitero, Gregory F Udell, Alberto Zazzaro, 12 February 2012
The management of the Eurozone sovereign debt crisis will have significant effects on the stability of national banking systems, as argued in some recent Vox columns (Acharya et al 2011, Wyplosz 2011).
European Banking Authority and the capital of European banks: Don’t shoot the messenger
Marco Onado, Andrea Resti, 7 December 2011
The newborn European Banking Authority (EBA) has been fiercely criticised in the first few months of its life. According to many observers:
The credit crunch of 1294: Causes, consequences and the aftermath
Adrian R. Bell, Chris Brooks, Tony Moore, 13 May 2009
The Ricciardi and Edward I
Fiscal policy and the credit crunch: What will work?
Daniel Gros, 21 December 2008
As the real economy sinks quickly into a deep recession, governments are groping for measures to limit the downturn.
India’s credit crunch conundrum
Arvind Subramanian, 10 November 2008
How can India be facing credit crunch if credit continues to grow at a torrid 30%? Yet, it is undeniable that call rates have risen sharply to double-digit levels. What is going on? And how should monetary policy respond?
Escaping from a Combined Liquidity Trap and Credit Crunch
Frank Heinemann, 26 October 2008
Between the collapse of Lehman Brothers on 15 September and the announcements of European and US bank recapitalizations on 13 and 14 October, stock prices fell daily, producing double-digit percentage-point losses in most major markets. The muscular interventions agreed on 13 and 14 October seem to have quelled the worst of the panic, but stock prices have not rebounded.
The First Global Financial Crisis of the 21st Century
The Editors, 18 August 2008
This freely downloadable book collects the best and most important Vox columns on the subprime crisis. Edited by Andrew Felton and Carmen Reinhart, the collection brings together columns that provide invaluable insights into the crisis from the world’s leading experts.
Is the euro area facing a credit crunch or a credit squeeze?
Guillermo de la Dehesa, 16 July 2008
There are two channels through which the present credit crisis can affect economic activity. The first is prices, making credit more costly, and the second is quantities, making it scarcer. Dearer credit is called a “credit squeeze” and while scarcer credit is called “credit crunch”. The euro area seems to be suffering neither of the two, at least for the time being.
- Fiscal consolidation: At what speed?Blanchard, Leigh
- Public debt and economic growth, one more timePanizza, Presbitero
- Escaping liquidity traps: Lessons from the UK’s 1930s escapeCrafts
- The lessons of the North Atlantic crisis for economic theory and policyStiglitz
- Rethinking macroeconomic policyBlanchard
- A tale of two depressions: What do the new data tell us? February 2010 updateEichengreen, O’Rourke
- Educated in America: College graduates and high school dropoutsHeckman, LaFontaine
- Eurozone breakup would trigger the mother of all financial crisesEichengreen
- Debt, deleveraging, and the liquidity trap: A new modelKrugman
- Panic-driven austerity in the Eurozone and its implicationsDe Grauwe, Ji
Reichlin, Baldwin, 14 April 2013
CEPR Policy Research
- Political Credit Cycles: The Case of the Euro ZoneFernández-Villaverde, Garicano, Santos
- Winning by Losing: Incentive Incompatibility in Multiple QualifiersDagaev, Sonin
- Income and schoolingBrückner, Gradstein
- Monetary Policy and Rational Asset Price BubblesGalí
- Does Supporting Passenger Railways Reduce Road Traffic Externalities?Lalive, Luechinger, Schmutzler