Financial crisis
Obama’s proposals – the only game in town
President Obama’s radical proposals recognise that the financial lobby can no longer hold society to hostage. They should be welcomed as a result, Robert Pringle, the chairman of Central Banking Publications, writes.
Big fiscal spending hurts post-crisis recovery: IMF
International Monetary Fund looks at whether there is a trade-off between committing large fiscal resources and a quick recovery
Israel’s Hizkiyahu on financial regulation architecture
Bank of Israel’s Rony Hizkiyahu says move from sectorial to functional regulation key
RBA chalks up half century
Australia's central bank turns fifty
Iceland -- Financial Stability Report 2009
Central bank's report shows a lack of international support for rescuing systemically important institutions
How cash flow shocks spread: ECB paper
ECB paper finds local shocks can spread quickly through banks and non-financial firms, even without defaults
Fed appeals to withhold bailout names
Federal Reserve goes to a US appeals court to overturn ruling forcing it to reveal the institutions rescued to the tune of $2 trillion at the height of the financial crisis
Systemic risk ebbing away: ECB's Papademos
ECB vice-president says financial system support measures have worked
Asset fire sales spread shock to emerging markets
A paper from the Centre for Economic Policy Research shows that financial shocks spread from developed to emerging economies through portfolio reallocations in the crisis
A century of financial crises in New Zealand
Recent analysis from the Reserve Bank of New Zealand suggests that improvements in policy will reduce the risk of a currency crisis going forward
Taylor-rule author blasts Bernanke’s argument
Economist John Taylor says Bernanke was wrong to argue that low interest rates were not a factor in the housing bubble that led to the financial crisis
Bernanke: low rates didn’t spur housing bubble
Federal Reserve’s Ben Bernanke says direct linkages between low federal funds rate and rise in house prices weak; fix regulation not monetary policy
BoE’s Miles calls for smaller banking sector
Bank of England’s David Miles says the enormous size of the banking sector is no longer justified
Crisis down to global imbalances: Obstfeld, Rogoff
Maurice Obstfeld and Kenneth Rogoff say global imbalances key source of crisis
Biggest exit barriers political: Buiter
Willem Buiter says main obstacles to exiting unconventional policies
Fed does not respond to oil price shocks: CEPR paper
CEPR paper argues against the standard view that Fed’s policy responses to oil-price-led inflation caused economic instability
CentralBanking.com panel: it’s too soon to exit
Charles Goodhart, Paul Mortimer-Lee, Lucrezia Reichlin and Gabriel Stein concur that dangers are greater from exiting too early than too late but warn that asset prices risk becoming over inflated
BIS on how to make stress tests better
Research examines the reasons for poor performance of stress tests pre-crisis and notes implications for their design and conduct in the future
Unconventional monetary policy reviewed
Claudio Borio and Piti Disyatat set out a framework of definitions to help categorise and clarify the functions of various monetary policy tools, and assess central banks’ actions since the crisis
Influences on crisis fighting in emerging markets
International Monetary Fund examines why some emerging-market economies took special-liquidity-easing measures during the crisis
Debt managers responded to crisis with flexibility
National Bank of Denmark’s Jens Thomsen says debt management offices better accommodate investors’ needs as a result to the crisis
Interview with Donghyun Park
Donghyun Park, a senior economist at the Asian Development Bank, discusses reserve management post-crisis and fostering demand in Asia
Fiscal stimulus crucial for recovery
Centre for Economic Policy Research (CEPR) compares the Great Depression with the global credit crisis
The relationship between money, credit and policy
A new paper finds evidence that the relationship between money and credit changed after the second world war