Why is this financial crisis occurring? How to respond to it?

Romanian Journal of Economic Forecasting

Volumn 9, Issue 4, 2008, Pages 59-87

  Dǎianu, Daniel ^a   Lungu, Laurian ^b  

^a MEP and The School of Political and Administrative Studies   (Romania)

^b CARDIFF UNIVERSITY   (United Kingdom)

Author keywords

Financial markets; Government Policy

Indexed keywords

EID: 67649619365     PISSN: 15826163     EISSN: None     Source Type: Journal    
DOI: None     Document Type: Article

References (44)

1. Allen Mark, Rosenberg Christoph, Keller Christian, Setser Brad, and Roubini Nouriel, (2002), "A Balance Sheet Approach to Financial Crisis", IMF Working Paper WP/02/210.
2. Autorité des marchés financiers, (2007). "Is Rating an Efficient Response to the Challenges of the Structured Finance Market?", Risk and Trend Mapping, No.2, March.
3. Bank of International Settlements, (2005), "The role of ratings in structured finance: issues and implications", Report submitted by a Working Group established by the Committee on the Global Financial System, January.
4. Becker, Chris and Clifton, Kristina, (2007). "Hedge fund activity and carry trades", BIS Quarterly Review.
5. Bordo Michael, (2007), 'The Crisis of 2007, The Same Old Story, Only the Players Have Changed.' Remarks prepared for the Federal Reserve Bank of Chicago and International Monetary Fund conference; Globalization and Systemic Risk" Chicago, Illinois September 28.
6. Buiter, H. Willem (2007), "Lessons From the 2007 Financial Crisis", CEPR, Policy Insight No. 18, December.
7. Buiter, H. Willem and Sibert, Anne, (2007), "Central Bank as the Market Maker of last Resort: From lender of last resort to market maker of last resort", September. Available at: http://www.voxeu.org/index.php?q=node/459
8. Caballero, Ricardo J. and Krishnamurthy, Arvind, (2001), "Smoothing Sudden Stops", NBER Working Paper No. W8427, August.
9. Chang, R., Velasco, A., (2001), A model of financial crises in emerging markets, The Quarterly Journal of Economics, May.
10. Delargy, J.R. and Charles Goodhart (1999). "Financial Crises: Plus ca Change, plus c'est la meme chose". LSE Financial Market Group Special Paper No. 108.
11. Diamond, Douglas W., and Dybvig, Philip H., (1983), "Bank runs, deposit insurance, and liquidity", Journal of Political Economy 91 (June): 401-19.
12. David Dodge (2007). Remarks by the Governor of the Bank of Canada to the Institute of International Finance Washington, D.C.October.
13. Fender, Igor and Hordahl, Peter (2007). Overview: Credit Retrenchment Triggers Liquidity Squeeze", BIS Quarterly Review, September.
14. Fender, Igor and Mitchell, Janet (2005). 'Structured finance: complexity, risk and the use of ratings'. BIS Quarterly Review, June.
15. Ferguson, Niall and Schularick, Moritz (2007). "'Chimerica' and the Global Asset Market Boom", International Finance, 10(3): 215-239.
16. Financial Stability Forum (FSF) (2007). "Update of the FSF Report on Highly Leveraged Institutions". May.
17. Fischer, Stanley, (1998), "The Asian Crisis: A View from the IMF", Address by First Deputy Managing Director of the International Monetary Fund at the Midwinter Conference of the Bankers' Association for Foreign Trade Washington, D.C., January 22.
18. Flood, Robert, and Peter Garber, (1984), quot;Collapsing Exchange Rate Regimes: Some Linear Examples", Journal of International Economics, 17: 1-13.
19. Gârleanu Nicolae and Pedersen, Lasse Heje, (2007) "Liquidity and Risk Management", American Economic Review, 97(2): 193-198.
20. Gennotte, Gerard and Leland, Hayne (1990). "Market Liquidity, Hedging and Crashes". American Economic Review, 80(5): 999-1021.
21. Greespan, Alan, (2008), "We will never have a perfect model of risk", Financial Times, 17 March, p.13
22. Huberto M. Ennis and Todd Keister, (2007), "Commitment and Equilibrium Bank Runs", Federal Reserve Bank of New York Staff Reports, no. 274, May.
23. IMF (2007). "Financial Market Turbulence Causes, Consequences and Policies", Global Financial Stability Report, October.
24. Institute of International Finance (2007). "Principles of Liquidity Risk Management", March.
25. Kambhu, John, Til Schuermann, and Kevin J. Stiroh (2007). "Hedge Funds, Financial Intermediation, and Systemic Risk", Federal Reserve Bank of New York Staff Reports, no. 291, July.
26. Keely, M., Michael (1990). "Deposit Insurance, Risk, and Market Power in Banking". American Economic Review, December, pp. 1183-1200.
27. Kindleberger P. Charles (2000). Manias, Panics, and Crashes: A History of Financial Crises. ISBN 978-0471389453.
28. King, Mervyn (2007). Opening Statement to the Monetry Policy Committee, December
29. Kornert, Jan (2003). "The Barings crises of 1890 and 1995: Causes, courses, consequences and the danger of domino effects", Journal of International Financial Markets, Institutions and Money, 13:187-209.
30. Krishna Guha (2007). "Credit turmoil 'has hallmarks of bank run' ", Financial Times, September, 2.
31. Krugman, Paul, (1979), "A Model of Balance of Payments Crises," Journal of Money, Credit and Banking, 11: 311-325.
32. Krugman, Paul, (1999), The Return of Depression Economics, New York, Norton.
33. Lamfalussy, Alexandre (2008), "Looking Beyond the Current Credit Crisis", remarks made at the meeting of the Economic and Affairs Committee of the European Parliament with national parliaments, 23 January.
34. Minsky, H.P., (1986), Stabilizing an Unstable Economy, New Haven, Yale University Press.
35. Mishkin, Frederic (1997) "The Causes and Propagation of Financial Instability: Lessons for Policy Makers" in Maintaining Financial Stability in a Global Economy. Federal Reserve Bank of Kansas City. Jackson Hole Symposium. 55-96.
36. Pimco, (2008), "Pyramids Crumbling", Investment Outlook, January. Available at www.pimco.com
37. Reinhart, M. Carmen and Kenneth S. Rogoff, (2008), "Is the 2007 U.S. Sub-Prime Financial Crisis So Different? An International Historical Comparison", presented at New Perspectives on Financial Globalization (AEA), January.
38. Schinasi, Gary, (2005), "Preserving Financial Stability", IMF, Economic Issues, No. 36.
39. Schioppa Tommaso (2007). Europe Needs A Single Financial Rule Book, published in Financial Times, December, 10.
40. Taylor, John (2007) "Housing and Monetary Policy", September.
41. Tett, Gillian and Paul J Davies (2007). "Out of the shadows: How banking's secret system broke down", Financial Times, 16 December.
42. Tobias, Adrian (2007), "Measuring Risk in the Hedge Fund Sector", Current Issues in Economics and Finance, Federal Reserve Bank of New York, Vol. 13 No. 3, March-April.
43. Wolf, Martin (2007), "Why the credit squeeze is a turning point for the world", Financial Times, 11 December.
44. Wyplosz, Charles (2007). "No more easy cash: banks must take their losses", Financial Times, 20 December.