05803nam 2200733 a 450 991078089630332120230721024430.01-282-76117-X9786612761171981-4280-48-8(CKB)2490000000001715(EBL)1679759(OCoLC)729020567(SSID)ssj0000417778(PQKBManifestationID)12142006(PQKBTitleCode)TC0000417778(PQKBWorkID)10368922(PQKB)10024934(MiAaPQ)EBC1679759(WSP)00000673 (Au-PeEL)EBL1679759(CaPaEBR)ebr10422177(CaONFJC)MIL276117(EXLCZ)99249000000000171520100504d2009 uy 0engur|n|---|||||txtccrThe first credit market turmoil of the 21st century[electronic resource] /edited by Douglas D. Evanoff, Philipp Hartmann, George G. KaufmanSingapore ;Hackensack, N.J. World Scientificc20091 online resource (404 p.)World Scientific studies in international economics,1793-3641 ;v. 10Papers from Federal Reserve Bank of Chicago's 11th Annual International Banking Conference, 25-26 September 2008.981-4280-47-X Includes bibliographical references and index.Contents; Preface; Acknowledgements; I. Special Addresses; Central Banks and the Financial Turmoil José Manuel González-Páramo, European Central Bank; 1. Introduction1; 2. The Separation Between Monetary Policy Formulation and its Implementation; 3. The Impact of the Turmoil on the Monetary Transmission Mechanism; 4. The Role of Uncertainty; 5. Conclusion; The Implications of the Credit Crisis for Public Policy Charles H. Dallara, Institute of International Finance; Where Are Our Leaders? Kenneth W. Dam, University of ChicagoTrust and Financial Markets Paola Sapienza, Northwestern University1. Trust and Finance; 2. Does It Matter Who You Trust?; 3. What Determines Trust?; 4. Trust and Regulation; References; II. What Happened, Where?; A View of the U.S. Subprime Crisis Robert DiClemente, Citigroup, and Kermit Schoenholtz, New York University; 1. Introduction; 2. The Setting; 3. The Policy Response; 4. The Role of Financial Conditions; 5. Where Do We Go from Here?; ReferencesWhat Has Happened in Europe? Monetary Policy, Lending Cycles, Banking Competition, Risk-Taking, and Regulation Jesús Saurina, Banco de España1. Introduction; 2. What Has Happened in Europe?; 3. Why Has It Happened? Some Potential Explanations; 3.1 Competition and risk-taking; 3.2 Monetary policy and risk-taking; 3.3 Lending standards; 4. What Can Be Done? Countercyclical Regulation; 5. Lessons for Bank Regulation/Supervision; 6. Conclusion; References; The Subprime Crisis Effects in the Rest of the World Laura E. Kodres, International Monetary Fund; 1. Before and Now; 2. Why?3. Who? Linkages Known and Unknown4. What's Next?; 5. What Can Anyone Do about It?; III. How Serious is the Damage?; Bank Failures: The Limitations of Risk Modeling Patrick Honohan, Trinity College and Center for Economic Policy Research; 1. Introduction and Summary; 2. Four Failure Categories; 2.1 Case A: "Diversified survivor" - UBS; 2.2 Case B: "Ruined gambler" - Sachsen Landesbank; 2.3 Case C: "Too opaque to survive in the market" - Northern Rock; 2.4 Case D: "Overleveraged mortgage lender" - The GSEs; 3. Conclusion; ReferencesComments: How Serious is the Damage? Christopher Kent, Reserve Bank of Australia1. Overview - Lessons from Australia's History of Financial Turmoil; 2. Patrick Honohan - Bank Failures: The Limitations of Risk Modelling; 3. David Greenlaw - Costs for the Real Economy of Balance Sheet Problems; 4. S. "Vish" Viswanathan - Damage to Financial Markets; 5. Concluding Remarks; References; IV. Why did It Go Undetected/Underestimated for So Long?; Cliff Risk and the Credit Crisis Joseph R. Mason, Louisiana State University; 1. Introduction; 2. How to Post Record Profits with Negative Cash Flows3. How to "Sell" Without Transferring ResponsibilitySince the summer of 2007, credit markets in almost all industrial countries have been in substantial turmoil and this has become the focus of intense policy debates. The papers in this volume are contributed by the world's leading financial experts and constitute a thorough examination of the first credit market turmoil of the 21st Century. They provide an overview of the main causes, transmission mechanisms and economic implications of what by now has become a major systemic financial crisis. They assess the most important policy considerations and conclude about how to stabilize financial sWorld Scientific studies in international economics ;v. 10.Global Financial Crisis, 2008-2009CongressesCredit controlHistory21st centuryCongressesInternational financeCongressesGlobal Financial Crisis, 2008-2009Credit controlHistoryInternational finance332.042Evanoff Douglas Darrell1951-1465947Hartmann Philipp1969-1518014Kaufman George G148268Federal Reserve Bank of Chicago.Annual International Banking ConferenceMiAaPQMiAaPQMiAaPQBOOK9910780896303321The first credit market turmoil of the 21st century3787720UNINA