Financial crisis

Financial markets in Japan

This new report from the Bank of Japan looks at how financial markets in the country coped with the market turmoil triggered by the subprime woes in the second half of 2007.

Credit crunch – phase two

The credit crisis that started in August last year has moved into a destabilising second phase, with equity markets and the real economy looking increasingly shaky. This section analyses central banks’ response to the long-running crisis

BoE's Lomax notes dramatic shift in outlook

The persisting financial turmoil and the build up in global inflationary pressures have led to a dramatic change in the outlook for 2008 and beyond, Rachel Lomax, a deputy governor at the Bank of England, said.

Philippines looks to end special vehicles

The central bank in the Philippines is seeking to draw a line under special purpose investment vehicles that are a legacy of the Asian financial crisis that erupted more than a decade ago.

Fed's Poole says risk of recession unclear

William Poole, the president of the St Louis Federal Reserve, said on Wednesday that it was still too early to tell whether the housing sector's problems would push the US economy into recession.

Central banks partly to blame for crunch

The creation of excessive global liquidity by key central banks was one of a number of phenomena that led to the current financial crisis, says Willem Buiter, a former member of the Bank of England's monetary policy committee, now an economics professor…

ECB could hike rates, says Orphanides

The European Central Bank's rate-setting governing council will not rule out raising interest rates, Athanasios Orphanides, a member of the council and governor of the Central Bank of Cyprus, said on Thursday.

Time has proved us right, says Trichet

The European Central Bank's (ECB) decision to inject hundreds of billions of extra euros into the money markets to alleviate tensions looks to be the correct one, says Jean-Claude Trichet, the president of the central bank.

IMF's Kato adds voice to calls for transparency

Investors need greater transparency of the on- and off- balance sheet exposures of financial institutions, as well as of the interrelationships between asset managers, and special purpose vehicles, said Takatoshi Kato, a deputy managing director of the…

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