LEADER 05803nam 2200733 a 450 001 9910780896303321 005 20230721024430.0 010 $a1-282-76117-X 010 $a9786612761171 010 $a981-4280-48-8 035 $a(CKB)2490000000001715 035 $a(EBL)1679759 035 $a(OCoLC)729020567 035 $a(SSID)ssj0000417778 035 $a(PQKBManifestationID)12142006 035 $a(PQKBTitleCode)TC0000417778 035 $a(PQKBWorkID)10368922 035 $a(PQKB)10024934 035 $a(MiAaPQ)EBC1679759 035 $a(WSP)00000673 035 $a(Au-PeEL)EBL1679759 035 $a(CaPaEBR)ebr10422177 035 $a(CaONFJC)MIL276117 035 $a(EXLCZ)992490000000001715 100 $a20100504d2009 uy 0 101 0 $aeng 135 $aur|n|---||||| 181 $ctxt 182 $cc 183 $acr 200 14$aThe first credit market turmoil of the 21st century$b[electronic resource] /$fedited by Douglas D. Evanoff, Philipp Hartmann, George G. Kaufman 210 $aSingapore ;$aHackensack, N.J. $cWorld Scientific$dc2009 215 $a1 online resource (404 p.) 225 1 $aWorld Scientific studies in international economics,$x1793-3641 ;$vv. 10 300 $aPapers from Federal Reserve Bank of Chicago's 11th Annual International Banking Conference, 25-26 September 2008. 311 $a981-4280-47-X 320 $aIncludes bibliographical references and index. 327 $aContents; Preface; Acknowledgements; I. Special Addresses; Central Banks and the Financial Turmoil Jose? Manuel Gonza?lez-Pa?ramo, 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 Chicago 327 $aTrust 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?; References 327 $aWhat Has Happened in Europe? Monetary Policy, Lending Cycles, Banking Competition, Risk-Taking, and Regulation Jesu?s Saurina, Banco de Espan?a1. 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? 327 $a3. 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; References 327 $aComments: 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 Flows 327 $a3. How to "Sell" Without Transferring Responsibility 330 $aSince the summer of 2007, credit markets in almost all industrial countries have been in substantial turmoil and this has become the focus of intense policy debates. The papers in this volume are contributed by the world's leading financial experts and constitute a thorough examination of the first credit market turmoil of the 21st Century. They provide an overview of the main causes, transmission mechanisms and economic implications of what by now has become a major systemic financial crisis. They assess the most important policy considerations and conclude about how to stabilize financial s 410 0$aWorld Scientific studies in international economics ;$vv. 10. 606 $aGlobal Financial Crisis, 2008-2009$vCongresses 606 $aCredit control$xHistory$y21st century$vCongresses 606 $aInternational finance$vCongresses 615 0$aGlobal Financial Crisis, 2008-2009 615 0$aCredit control$xHistory 615 0$aInternational finance 676 $a332.042 701 $aEvanoff$b Douglas Darrell$f1951-$01465947 701 $aHartmann$b Philipp$f1969-$01518014 701 $aKaufman$b George G$0148268 712 02$aFederal Reserve Bank of Chicago. 712 12$aAnnual International Banking Conference 801 0$bMiAaPQ 801 1$bMiAaPQ 801 2$bMiAaPQ 906 $aBOOK 912 $a9910780896303321 996 $aThe first credit market turmoil of the 21st century$93787720 997 $aUNINA