During the financial crisis, failure or distress of cross-border firms has been met by ad hoc coordinated solutions (eg Fortis and Dexia) or national solutions (eg UK and US banks).
The role of central banks in financial stability: How has it changed?
Willem Buiter, 16 January 2012
Vox readers can download CEPR Discussion Paper 8780 for free here.
Topics: EU institutions, Financial markets, Global crisis, Global economy, Institutions and economics, Macroeconomic policy, Monetary policy, Politics and economics
Tags: accountability, Central Banks, financial stability, global crisis, unorthodox monetary policy
Coordinating bank-failure costs and financial stability
Iman van Lelyveld, Marco Spaltro, 27 October 2011
Rethinking central banking
Barry Eichengreen, Eswar Prasad, Raghuram Rajan, 20 September 2011
In the wake of the global financial crisis, there is an emerging consensus that the framework underpinning modern central banking – known as flexible inflation targeting – needs to be rethought.
Monetary policy and excessive bank risk taking
Itai Agur, Maria Demertzis, 13 January 2011
Disclaimer: The views expressed in this article are those of the authors only, and do not reflect the views of De Nederlandsche Bank or of its Board.
The impact of banking sector stability on the real economy
Pierre Monnin, Terhi Jokipii, 7 October 2010
At the November 2008 meeting of the G20, just two months after the collapse of Lehman Brothers, the need for regulatory reform had already been clearly established.
The “other” imbalance and the financial crisis
Ricardo Caballero, 14 January 2010
One of the main economic villains before this crisis was the presence of large “global imbalances”, which refer to the massive and persistent current account deficits experienced by the US and financed by the periphery. The IMF, then in a desperate search for a new mandate that would justify its existence, had singled out these imbalances as a paramount risk for the global economy.
Securitisation and financial stability
Hyun Song Shin, 18 March 2009
Financial booms and busts are as old as finance itself, but the current global financial crisis has the distinction of being the first post-securitisation crisis. Securitisation refers to banks’ practice of parcelling and selling loans to other investors.
Reforms of the world financial system: Can the G20 deliver?
Luigi Spaventa, 28 January 2009
In these hard times, with banks collapsing by the week and the arteries of credit clogged in spite of government interventions of unprecedented size and nature, drafting blueprints of reform of the financial system may seem an unnecessary distraction from more pressing challenges. It is not so.
Is globalisation risky?
Roland Spahr, 18 November 2008
In recent years, evidence has suggested that globalisation is a key driver in helping emerging economies to apply knowledge, regulations, and standards acquired from their Western counterparts in order to become more mature, reliable, and hence stable.1 Pazarbaşıoğlu et al.
Central banks’ function to maintain financial stability: An uncompleted task
Charles A.E. Goodhart, 24 June 2008
The events of the last year have reminded us all that a central bank does not just have one responsibility, that of achieving price stability. It is indeed its first core purpose (CP1); but as the sole institution that can create cash, and hence bank reserve balances, a central bank has a responsibility for acting as the lender of last resort and maintaining financial stability.
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