Giovanni Dell'Ariccia, Luc Laeven, Deniz Igan, 04 February 2008

Recent US mortgage market troubles unsteadied the global economy. This column summarises research analysing millions of loan applications to investigate the roots of the crisis. A credit boom may be to blame.

Guillermo de la Dehesa, 19 October 2007

Uneven supervision gave an edge to risk takers in some nations on the up side, but the pain is being felt all around Europe on the downside. To avoid future crises, all mortgage originators should be regulated, banks should have to retain their “equity” or first loss risk, the rating agencies should be more transparent and independent, and Europe’s coordination failure among national supervisors should be fixed.

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