Saturday, June 6, 2009

The First Global Financial Crisis of the 21st Century 2 vol.

CEPR - The First Global Financial Crisis of the 21st Century
Publisher: CEPR | ISBN: 978-0-9557009-3-4 | edition June 2008 | PDF | 204 pages | 1,12 mb

CEPR - The First Global Financial Crisis of the 21st Century. Vol.2 June – December, 2008
Publisher: CEPR | ISBN: 978-0-9557009-9-6 | edition January 2009 | PDF | 390 pages | 2,16 mb

The Centre for Economic Policy Research (CEPR), a registered charity founded in 1983 by Richard Portes, FBA, CBE, is a network of over 700 researchers based mainly in universities throughout Europe, who collaborate through the centre in research and its dissemination. CEPR's office is located in London but CEPR is a Think-Net drawing on academic research across Europe.

The Centre's mission is to promote research excellence and policy relevance in European economics. CEPR network of over 700 Research Fellows and Affiliates are based in over 237 different institutions in 28 countries (90% in the European Union. Because it draws on such a large network of researchers, CEPR is able to produce a wide range of research that reflects a broad spectrum of individual viewpoints and perspectives.

Vol.1 Contents


Section 1 Why Did the Crisis Happen?

The relationship between the recent boom and the current delinquencies in subprime mortgages
Giovanni Dell'Ariccia, Deniz Igan and Luc Laeven

Why bank risk models failed
Avinash Persaud

Blame the models
Jon Danielsson

The subprime crisis: observations on the emerging debate
Charles Wyplosz

The subprime series, part 1: Financial crises are not going away
Stephen G. Cecchetti

The subprime series, part 2: Deposit insurance and the lender of last resort
Stephen G. Cecchetti

The subprime series, part 3: Why central banks should be financial supervisors
Stephen G. Cecchetti

The subprime series, part 4: Does well-designed monetary policy encourage risk- taking?
Stephen G. Cecchetti

The subprime crisis: Greenspan’s Legacy
Tito Boeri and Luigi Guiso

The impact of short-term interest rates on risk-taking: hard evidence
Vasso Ioannidou, Steven Ongena and Jose Luis Peydró

Why did bank supervision fail?
Guido Tabellini

The subprime crisis and credit risk transfer: something amiss
Luigi Spaventa

The crisis of 2007: some lessons from history
Michael D. Bordo

Reflections on the international dimensions and policy lessons of the US subprime crisis
Carmen Reinhart

Section 2 How Is the Crisis Unfolding?

Federal Reserve policy actions in August 2007: frequently asked questions (updated)
Stephen G. Cecchetti

An extensive but benign crisis?
Tommaso Monacelli

Not (yet) a ‘Minsky moment’
Charles W. Calomiris

A B & B future for subprime borrowers?
Willem Buiter

Double counting 101: the useful distinction between inside and outside assets
Willem Buiter

Bagehot, central banking and the financial crisis
Xavier Vives

The financial crisis: why it may last
Angel Ubide

Fallout from the credit crunch
Dennis J. Snower

Four mega-dangers international financial markets face
Dennis J. Snower

Federal Reserve policy responses to the crisis of 2007–8: a summary
Stephen G. Cecchetti

While the ECB ponders, the Fed moves – and cleverly at that
Charles Wyplosz

Section 3 What Can Be Done?

The subprime crisis: Who pays and what needs fixing
Marco Onado

Filling the information gap
Alberto Giovannini and Luigi Spaventa

Lessons from the North Atlantic financial crisis
Willem Buiter

Lessons from Northern Rock: banking and shadow banking
Willem Buiter

Lessons from Northern Rock: how to handle failure
Willem Buiter

Ratings agency reform
Richard Portes

How to avoid further credit and liquidity confidence crises
Guillermo de la Dehesa

The inappropriateness of financial regulation
Avinash Persaud

There is more to central banking than inflation targeting
Paul De Grauwe

Can monetary policy really be used to stabilize asset prices?
Katrin Assenmacher-Wesche and Stefan Gerlach

A missed opportunity for the Fed
Willem Buiter and Anne Sibert

The central bank as the market-maker of last resort: from lender of last resort to market-maker of last resort
Willem Buiter and Anne Sibert

Avoiding disorderly deleveraging
Luigi Spaventa


Vol.2 Contents


Section 1: The spread of the crisis to the rest of the world

The first casualty of the crisis: Iceland
Jon Danielsson

Iceland: The future is in the EU
Philip Lane

Iceland faces the music
Gylfi Zoega

The collapse of Iceland’s banks: the predictable end of a non-viable business model
Willem Buiter and Anne Sibert:

The fallout from the global credit crisis: Contagion - emerging markets under stress
Helmut Reisen

From capital flow bonanza to financial crash
Carmen Reinhart and Vincent Reinhart

Rapid and large liquidity funding for emerging markets
Guilermo Calvo and Ruby Loo-Kung

Stock market wealth effects in emerging market countries
Heiko Hesse

The political economy of debt relief
Andreas Freytag and Gernot Pehnelt

India’s credit crunch conundrum
Arvind Subramanian

Preserving financial sector confidence, not monetary easing, is key
Arvind Subramanian

The folly of the central banks of Europe
Jonh Muellbauer

Crisis management tools for the euro-area
Daniel Gros and Stefano Micossi

A proposal on financial regulation in Europe for the next European Council
Carmine Di Noia

The European response to the crisis: Not quite there yet
Marco Pagano

Finance, market, globalisation: a plot against mankind?
Salvatore Rossi

Can Europe take care of its own financial crisis?
Daniel Gros

The financial crisis may hasten European integration but slow global banking
Avinash Persaud

A call for a European Financial Stability Fund
Daniel Gros and Stefano Micossi

Governance of banks
Luc Laeven and Ross Levine

Finance, redistribution, globalisation
Giuseppe Bertola and Anna Lo Prete

What Next for the Dollar? The Role of Foreigners
Kristin Forbes

Is the US too big to fail?
Carmen Reinhart and Vincent Reinhart

Can the IMF save the world?
Barry Eichengreen

Section 2: What is wrong with the traditional economic/financial viewpoint and models?

The financial meltdown is an academic crisis too
Richard Dale

European securitisation and the possible revival of financial innovation
John Kiff, Paul Mills, and Carolyne Spackman

The price of transparency
Marco Pagano

The Panglossian World of Finance
Daniel Cohen

What can be learned from the banking crisis
Hans-Werner Sinn

Do reputational concerns lead to reliable ratings?
Beatriz Mariano

The Financial Economists Roundtable’s statement on reforming the role of SROs in the securitisation process
Charles Goodhart

Liquidity risk and the current crisis
Lasse Heje Pedersen

How risk sensitivity led to the greatest financial crisis of modern times
Avinash Persaud

Transmission of liquidity shocks: Evidence from the 2007 subprime crisis
Nathaniel Frank, Brenda González-Hermosillo, and Heiko Hesse

The lender of last resort of the 21st century
Xavier Freixas and Bruno Parigi

Reason with the messenger; don’t shoot him: value accounting, risk management and financial system resilience
Avinash Persaud

Escaping from a Combined Liquidity Trap and Credit Crunch
Frank Heinemann

Complexity kills
Jon Danielsson

Will the credit crunch lead to recession?
Nicholas Bloom

The credit crunch may cause another great depression
Nicholas Bloom

The procyclical effects of Basel II
Rafael Repullo and Javier Suarez

Central banks’ function to maintain financial stability: An uncompleted task
Charles Goodhart

Let banks be banks, let investors be investors
Alberto Giovannini

Stormy Weather in the Credit Default Swap Market
Virginie Coutert and Mathieu Gex

Why does the spread between LIBOR and expected future policy rates persist, and should central banks do something about it?
Francesco Giavazzi

Section 3: The proper governmental response

Anatomy of the financial crisis
Barry Eichengreen

The subprime turmoil: What’s old, what’s new, and what’s next
Charles Calomiris

An international perspective on the US bailout
Romain Rancière

Not the end of capitalism
Erik Berglöf and Howard Rosenthal

The effectiveness of fiscal policy depends on the financing and monetary policy mix
Giancarlo Corsetti and Gernot Müller

Fiscal policy and the credit crunch: What will work?
Daniel Gros

Episode V: Expectations strike back
Micael Castanheira

Germany needs high wage settlements and a serious fiscal stimulus
Andrea Boltho and Wendy Carlin

Plan B
Luigi Zingales

Why Paulson is (maybe) right
Charles Wyplosz

A (mild) defence of TARP
Luigi Spaventa

The right alternative to Paulson's plan
Avinash Persaud

The Paulson Plan: A useful first step but nowhere near enough
Willem Buiter

From recapitalisation to restructuring and reforms
Viral Acharya

Why Paulson is wrong
Luigi Zingales

A matched preferred stock plan for government assistance
Charles Calomiris

An emerging consensus against the Paulson Plan: Government should force bank capital up, not just socialise the bad loans
Jeffrey Frankel

Banks’ losses and capital: The new version of the paradox of Achilles and the tortoise
Marco Onado

TARP2: A totally alternative relief programme
Ricardo Cesari

Involving European citizens in the benefits of the rescue plan: The political paradoxes of bank socialism
Tito Boeri

What is a reverse auction?
Marco Pagano

‘No recourse’ and ‘put options’: Estimating the ‘fair value’ of US mortgage assets
Daniel Gros

Bringing money markets back to life
Javier Suarez

The other part of the bailout: Pricing and evaluating the US and UK loan guarantees
Viral Acharya and Raghu Sundaram

The beginning of the end game…
Daniel Gros and Stefano Micossi

Financial crisis resolution: It’s all about burden-sharing
Charles Wyplosz

Is the euro area facing a credit crunch or a credit squeeze?
Guillermo de la Dehesa

Global financial crisis: How long? How deep?
Stijn Claessens, M Ayhan Kose and Marco Terrones

The cost of resolving financial crises
Luc Laeven

Financial crisis management: Lessons from Japan’s failure
Keiichiro Kobayashi

And now the Great Depression
Barry Eichengreen

Financial markets and a lender of last resort
Eric Hughson and Marc Weidenmier

Too many bankers?
Esther Duflo