In the aftermath of the 2008 financial crisis, the Dodd-Frank Act of 2010 set out to limit the authority of the Federal Reserve to rescue insolvent financial institutions.
Lessons for rescuing a SIFI: The Banque de France’s 1889 ‘lifeboat’
Pierre-Cyrille Hautcoeur, Angelo Riva, Eugene N. White, 2 July 2014
Gambling for resurrection in Iceland
Friðrik Már Baldursson, Richard Portes, 6 January 2014
The demise of the three large Icelandic banks, just after the fall of Lehman Brothers, was a key event in the spread of the financial crisis. A couple of weeks before its collapse in October 2008, Kaupthing bank announced that the Qatari investor Sheikh Mohammed Bin Khalifa Bin Hamad al-Thani had bought a 5.01% stake. This briefly boosted market confidence in Kaupthing (Financial Times 2008).
Joint liability in international lending: A proposal for amending the Treaty of Lisbon
Kaushik Basu, Joseph Stiglitz, 2 January 2014
The sovereign debt crisis exposed weaknesses in the Eurozone’s financial architecture that may not have been fully anticipated when the founding treaties of the Eurozone were drafted. Key among these weak spots are the provisions of the Treaty of Lisbon which regulate intergovernmental debt obligations and preclude direct financing of sovereigns by the ECB.
A game changer: The EU banking recovery and resolution directive
Thomas Huertas, María J Nieto, 19 September 2013
To end moral hazard and “too big to fail”, investors, not taxpayers, should bear the loss associated with bank failures. Recently, ECOFIN took a major step in this direction. It agreed a common position with respect to the Banking Recovery and Resolution Directive. If confirmed in the trialogue with the Commission and the European Parliament, the Directive will:
Coping with financial crises: Latin American answers to European questions
Eduardo Cavallo, Eduardo Fernandez-Arias, 17 October 2012
Many peripheral Eurozone countries are suffering from financial and competitiveness problems reminiscent of previous Latin American challenges. The analogy has been noticed many times.
A failsafe way to end the Eurozone crisis
Charles Wyplosz, 26 September 2011
The annual gathering of finance ministers and central bank governors at the IMF/World Bank meetings in Washington seems to have been an epiphany for Eurozone leaders. Finally, there seems to be agreement that their July 2011 agreement was insufficient (Reuters 2011).
Hans Gersbach, 2 April 2011
There is anything but a dearth of proposals on how banks and bank-related financial institutions could be more stringently regulated and monitored by the government with a view to avoiding the recurrence of a crippling crisis like the one we have been labouring under for the past two years (e.g.
Deposit insurance without commitment: Wall Street vs. Main Street
Russell Cooper, Hubert Kempf, 18 February 2011
The events which followed the subprime crisis, which started in August 2007, were shocking news to many economists. Bank runs were back!
Titian, Veronese, Caravaggio and their rivals: Evidence of competition in the market for altarpieces of the 17th century
Federico Etro, 4 November 2010
Art is often perceived, and sometimes defined, as handmade work that is valuable independently of its objective features and is the fruit of pure talent and inspiration independent from monetary and contractual incentives. This emphasis on the invaluable is even more pronounced for religious paintings by old masters as Titian, Veronese, or Caravaggio.
Financial regulation: Can we avoid another great recession?
John Van Reenen, 4 May 2010
The financial meltdown led to the worst post-war recession experienced by the UK and other advanced economies. The global Great Recession originated in the financial services sector, especially after the collapse of Lehman in September 2008.
- 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
- Panic-driven austerity in the Eurozone and its implicationsDe Grauwe, Ji
- Debt, deleveraging, and the liquidity trap: A new modelKrugman
Cadot, de Melo, 16 June 2014
CEPR Policy Research
- The buyer margins of firms' exportsCarballo, Ottaviano, Volpe
- Commodity and Equity Markets: Some Stylized Facts from a Copula ApproachDelatte, Lopez
- Ethnic Unemployment Rates and Frictional MarketsGobillon, Rupert, Wasmer
- Finance and Poverty: Evidence from IndiaAyyagari, Beck, Hoseini