The First Global Financial Crisis of the 21st Century Part II: June – December, 2008

Carmen Reinhart, Andrew Felton, 23 February 2009

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Edited by Andrew Felton and Carmen Reinhart

Published 23 February 2009

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The First Global Financial Crisis of the 21st Century

Part II: June – December, 2008

Edited by Andrew Felton and Carmen Reinhart

Preface
Introduction

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

Jon Danielsson: The first casualty of the crisis: Iceland
Philip Lane: Iceland: The future is in the EU
Gylfi Zoega: Iceland faces the music
Willem Buiter and Anne Sibert: The collapse of Iceland’s banks: the predictable end of a non-viable business model
Helmut Reisen: The fallout from the global credit crisis: Contagion - emerging markets under stress
Carmen Reinhart and Vincent Reinhart: From capital flow bonanza to financial crash
Guilermo Calvo and Ruby Loo-Kung: Rapid and large liquidity funding for emerging markets
Heiko Hesse: Stock market wealth effects in emerging market countries
Andreas Freytag and Gernot Pehnelt: The political economy of debt relief
Arvind Subramanian: India’s credit crunch conundrum
Arvind Subramanian: Preserving financial sector confidence, not monetary easing, is key
Jonh Muellbauer: The folly of the central banks of Europe
Daniel Gros and Stefano Micossi: Crisis management tools for the euro-area
Carmine Di Noia
: A proposal on financial regulation in Europe for the next European Council
Marco Pagano: The European response to the crisis: Not quite there yet
Salvatore Rossi: Finance, market, globalisation: a plot against mankind?
Daniel Gros: Can Europe take care of its own financial crisis?
Avinash Persaud: The financial crisis may hasten European integration but slow global banking
Daniel Gros and Stefano Micossi: A call for a European Financial Stability Fund
Luc Laeven and Ross Levine: Governance of banks
Giuseppe Bertola and Anna Lo Prete: Finance, redistribution, globalisation
Kristin Forbes: What Next for the Dollar? The Role of Foreigners
Carmen Reinhart and Vincent Reinhart: Is the US too big to fail?
Barry Eichengreen: Can the IMF save the world?

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

Richard Dale: The financial meltdown is an academic crisis too
John Kiff, Paul Mills, and Carolyne Spackman: European securitisation and the possible revival of financial innovation
Marco Pagano: The price of transparency
Daniel Cohen: The Panglossian World of Finance
Hans-Werner Sinn: What can be learned from the banking crisis
Beatriz Mariano: Do reputational concerns lead to reliable ratings?
Charles Goodhart: The Financial Economists Roundtable’s statement on reforming the role of SROs in the securitisation process
Lasse Heje Pedersen: Liquidity risk and the current crisis
Avinash Persaud: How risk sensitivity led to the greatest financial crisis of modern times
Nathaniel Frank, Brenda González-Hermosillo, and Heiko Hesse: Transmission of liquidity shocks: Evidence from the 2007 subprime crisis
Xavier Freixas and Bruno Parigi: The lender of last resort of the 21st century
Avinash Persaud: Reason with the messenger; don’t shoot him: value accounting, risk management and financial system resilience
Frank Heinemann: Escaping from a Combined Liquidity Trap and Credit Crunch
Jon Danielsson: Complexity kills
Nicholas Bloom: Will the credit crunch lead to recession?
Nicholas Bloom: The credit crunch may cause another great depression
Rafael Repullo and Javier Suarez: The procyclical effects of Basel II
Charles Goodhart: Central banks’ function to maintain financial stability: An uncompleted task
Alberto Giovannini: Let banks be banks, let investors be investors
Virginie Coutert and Mathieu Gex: Stormy Weather in the Credit Default Swap Market
Francesco Giavazzi: Why does the spread between LIBOR and expected future policy rates persist, and should central banks do something about it?

Section 3: The proper governmental response

Barry Eichengreen: Anatomy of the financial crisis
Charles Calomiris: The subprime turmoil: What’s old, what’s new, and what’s next
Romain Rancière: An international perspective on the US bailout
Erik Berglöf and Howard Rosenthal: Not the end of capitalism
Giancarlo Corsetti and Gernot Müller: The effectiveness of fiscal policy depends on the financing and monetary policy mix
Daniel Gros: Fiscal policy and the credit crunch: What will work?
Micael Castanheira: Episode V: Expectations strike back
Andrea Boltho and Wendy Carlin: Germany needs high wage settlements and a serious fiscal stimulus
Luigi Zingales: Plan B
Charles Wyplosz: Why Paulson is (maybe) right
Luigi Spaventa: A (mild) defence of TARP
Avinash Persaud: The right alternative to Paulson's plan
Willem Buiter: The Paulson Plan: A useful first step but nowhere near enough
Viral Acharya: From recapitalisation to restructuring and reforms
Luigi Zingales: Why Paulson is wrong
Charles Calomiris: A matched preferred stock plan for government assistance
Jeffrey Frankel: An emerging consensus against the Paulson Plan: Government should force bank capital up, not just socialise the bad loans
Marco Onado: Banks’ losses and capital: The new version of the paradox of Achilles and the tortoise
Ricardo Cesari: TARP2: A totally alternative relief programme
Tito Boeri: Involving European citizens in the benefits of the rescue plan: The political paradoxes of bank socialism
Marco Pagano: What is a reverse auction?
Daniel Gros: ‘No recourse’ and ‘put options’: Estimating the ‘fair value’ of US mortgage assets
Javier Suarez: Bringing money markets back to life
Viral Acharya and Raghu Sundaram: The other part of the bailout: Pricing and evaluating the US and UK loan guarantees
Daniel Gros and Stefano Micossi: The beginning of the end game…
Charles Wyplosz: Financial crisis resolution: It’s all about burden-sharing
Guillermo de la Dehesa: Is the euro area facing a credit crunch or a credit squeeze?
Stijn Claessens, M Ayhan Kose and Marco Terrones: Global financial crisis: How long? How deep?
Luc Laeven: The cost of resolving financial crises
Keiichiro Kobayashi: Financial crisis management: Lessons from Japan’s failure
Barry Eichengreen: And now the Great Depression
Eric Hughson and Marc Weidenmier: Financial markets and a lender of last resort
Esther Duflo: Too many bankers?

Chronology
Glossary

 

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