Subprime
FSB outlines crypto and defi risks to financial stability
Future work will map “oracles”, “bridges” and other links with traditional finance
US household debt rising across the board
Delinquencies for subprime loans are approaching their pre-pandemic proportion
The PBoC, real estate debt and financial stability in China
Officials have restricted policy space due to efforts to contain property risks amid slowing growth
Regulating big tech and non-bank financial services in the digital era
Experiences from China highlight potential benefits of digital-bank and holding-company approaches
Powell plays down fears about record levels of corporate debt
Fed chair’s remarks strike similar chord to those of Ben Bernanke in 2007, but Powell says this time is different
Mortgage innovations fuelled pre-crisis housing boom – paper
Researchers look at 60 million US mortgages to examine non-traditional mortgage products
Book notes: Unfinished business, by Tamim Bayoumi
Anand Sinha praises Bayoumi’s analysis of how euro crisis and US housing crash were, in fact, intertwined
Fintech in the ‘new era’ – Sustainable and sound development
Li Dongrong, president of the National Internet Finance Association of China and former deputy governor of the People’s Bank of China, discusses the growing importance of fintech and how innovation must be married to self-discipline for China to make a…
Lifetime achievement award: Perng Fai-nan
Pre-emptive financial reforms combined with flexible monetary and forex policies ensured Taiwanese stability
US enforcement actions stopped worse borrowing terms during subprime crisis, paper argues
Researchers present novel database matching US enforcement actions to bank and loan level data
Dutch paper praises financial innovation
Though it has been exploited by some, innovation in finance has contributed a lot to business and the wider world
Fed paper asks if affordable housing law led to subprime lending
Federal Reserve Bank of St Louis working paper asks whether affordable housing legislation in the US contributed to the subprime securities boom
Housing bubble fuelled by light-touch regulation: IMF paper
Fund study shows light-touch regulation of independent mortgage originators fuelled the US housing bubble
Market discipline averted subprime chaos: Central Bank of Brazil paper
Central Bank of Brazil says subprime mortgage crisis did not cause serious problems in Brazil due to good regulation and transparency
Philly Fed paper on ratings agency failures in subprime market
Philadelphia Federal Reserve study says ratings agencies' AAA-rating of mortgage-backed securities helped spur the subprime mortgage crisis
Risk & Return Brasil: Supervisors need to be more curious, says Donizeti
Authorities should put less faith in numbers and what they are told by banks, says top Brazilian supervisor
Were the ‘bloody bankers’ to blame?
Were the ‘bloody bankers’ to blame?
Subprime market victim of housing bubble: Philly Fed paper
Philadelphia Federal Reserve study says bubble conditions in the housing market spurred subprime lending
Luxembourg’s Mersch condemns Basel III bias
Central Bank of Luxembourg governor Yves Mersch says Basel III will be more detrimental to European banks than US lenders; echoes bankers’ concerns on lending to small and medium enterprises
BoJ's Nishimura says subprime crisis mirrored Japan’s 80’s housing bust
Bank of Japan deputy governor Kiyohiko Nishimura discusses commonalities between Japan’s recession in 1980 and United States subprime mortgage crisis
Fed toughens rules on consumer protection
Federal Reserve announces measures to protect mortgage borrowers from deceptive practices
Philly Fed investigates impact of shocks on credit lines
Philadelphia Federal Reserve examines the effect of the subprime crisis on credit lines
France's Noyer says OTC markets need revamp
Banque de France governor Christian Noyer says new reforms on over-the-counter derivatives will make market more resilient
Fed’s Warsh: market panic a signpost, not source of global economic woes
Market volatility merely a signal of how far we are away from the new normal; warns against expecting monetary and fiscal policy to do too much