United States
Schumpeter superior to Smith
Schumpeter's creative destruction is better for understanding the nature of the US economy than Smith's invisible hand and perfect competition, according to new research from the Philadelphia Federal Reserve.
Fed to accept commercial paper for funds
The Federal Reserve on Tuesday adopted a new strategy to placate financial market tensions, saying that it would swap funds for unsecured commercial paper direct from the issuer.
Ex-Fed's Volcker demands regulatory overhaul
Paul Volcker, a former chairman of the Federal Reserve, has urged regulators to enhance supervision on both a national and international level in the aftermath of the global turmoil.
Fed to offer further funds, pay interest
The Federal Reserve on Monday announced further measures to shore up ailing money markets, pledging to inject $600 billion in longer-term funds.
Wells Fargo bids for Wachovia
Wells Fargo, a US bank, looks set to snag Wachovia from Citigroup, the world's biggest lender, after offering $15.1 billion for the troubled bank. The move could see the Federal Deposit Insurance Corporation (FDIC), which manages the US's deposit…
House passes bailout plan
The House of Representatives, the lower house of the US Congress, has backed a revised version of the Treasury's $700 billion plan to tackle the financial crisis.
US can learn from Sweden's banking crisis
A new research paper prepared for the US congress draws lessons for the US from Sweden's banking crisis in the early 1990s.
Fed deserves praise for online efforts
As the international financial system totters, the Federal Reserve banks are making full use of their websites to keep the public informed, says David Bowen, a senior consultant at Bowen Craggs, web advisers.
Atlanta's Lockhart: financial sector matters
A working financial sector matters to us all, said Dennis Lockhart, the president of the Atlanta Federal Reserve.
Senate endorses Treasury plan
A large majority of US senators on Wednesday backed the Treasury's $700 billion plan to tackle the financial crisis.
Call for mutual model to protect UK deposits
Senior City of London figures have called for the UK to set up a deposit protection scheme run by the banks, independently of any financial regulator.
Plan must pass to stem panic: ex-Fed's Posen
The Treasury's plan to buy distressed assets was poorly presented to politicians and US taxpayers. But it will likely work and should be passed, says Adam Posen, a Peterson Institute deputy director
FDIC pushes for more deposit insurance
The Federal Deposit Insurance Corporation (FDIC), which manages the US's deposit insurance fund, has added its support to calls for Congress to raise the guarantee on deposits.
US stocks up on signs Congress will pass plan
US stock markets regained some ground on Tuesday on indications that lawmakers would pass the Treasury's plan to buy troubled assets later this week.
Investing in beautification pays off
A beautiful city will attract more highly-educated individuals and experience faster house-price growth, finds a new paper from the Philadelphia Federal Reserve.
Citigroup rescues teetering Wachovia
US regulators managed to avert another bank failure on Monday, persuading Citigroup, the world's biggest bank, to rescue Wachovia, another large US lender, which looked likely to collapse in the coming days.
An offer they couldn't refuse
US Treasury secretary Hank Paulson's plan to buy troubled assets could prove the vital action in averting a financial meltdown. But only if the Treasury can take the right steps to put a floor under the market, says Claire Jones, the editor of Central…
House rejects Paulson plan, stocks plunge
The House of Representatives, the lower house of the US Congress, has rejected US Treasury secretary Hank Paulson's plan to buy up to $700 billion-worth of distressed assets.
Washington Mutual bust, bought by JP Morgan
US regulators on Thursday night presided over the biggest bank failure in the country's history, closing Washington Mutual, which was then sold to JPMorgan Chase.
Paulson plan is critical: Canada's Carney
Mark Carney, the governor of the Bank of Canada, has warned that the plan put forward by the US treasury secretary Hank Paulson to buy up to $700 billion in distressed assets is "critically important".
Fed's Fisher still warning on inflation
Richard Fisher, the president of the Dallas Federal Reserve who is considered the Federal Open Market Committee's (FOMC) most hawkish member, has signalled that he would still not back a rate cut.
US was prone to housing meltdown
The housing meltdown happened in the US, in part, because of its tax, legal and regulatory systems, research published by the Bank for International Settlements finds.
Main Street feeling financial turmoil: Bernanke
Painting a bleak picture of the American economic landscape, Ben Bernanke, the chairman of the Federal Reserve, warned US lawmakers on Wednesday that events on Wall Street were beginning to impact the real economy.
More banks will fail if we don't act: Paulson
Ben Bernanke, the chairman of the Federal Reserve, and Hank Paulson, the US Treasury secretary, have told lawmakers that a failure to rush through proposals for the purchase of up to $700 billion-worth of distressed assets would cripple the US economy.