First Credit Market Turmoil of the 21st Century: Implications for Public Policy

Hardcover (Print)
Buy New
Buy New from
Used and New from Other Sellers
Used and New from Other Sellers
from $69.24
Usually ships in 1-2 business days
(Save 56%)
Other sellers (Hardcover)
  • All (7) from $69.24   
  • New (5) from $136.44   
  • Used (2) from $69.24   

More About This Textbook


Since the summer of 2007, credit markets in almost all industrial countries have been in substantial turmoil and this has become the focus of intense policy debates. The papers in this volume are contributed by the world's leading financial experts and constitute a thorough examination of the first credit market turmoil of the 21st Century. They provide an overview of the main causes, transmission mechanisms and economic implications of what by now has become a major systemic financial crisis. They assess the most important policy considerations and conclude about how to stabilize financial systems, attenuate repercussions on the real economy and shape future regulatory structures. The analyses, conclusions, and recommendations can be expected to influence both public and private policies to mitigate, if not prevent, such crises in the future.

Read More Show Less

Product Details

  • ISBN-13: 9789814280471
  • Publisher: World Scientific Publishing Company, Incorporated
  • Publication date: 11/4/2009
  • Pages: 404
  • Product dimensions: 6.10 (w) x 8.90 (h) x 1.10 (d)

Table of Contents

Preface ix

Acknowledgements xi

I Special Addresses 1

Central Banks and the Financial Turmoil José Manuel González-Páramo 3

The Implications of the Credit Crisis for Public Policy Charles H. Dallara 11

Where Are Our Leaders? Kenneth W. Dam 23

Trust and Financial Markets Paola Sapienza 29

II What Happened, Where? 39

A View of the U.S. Subprime Crisis Robert DiClemente, Citigroup Kermit Schoenholtz 41

What Has Happened in Europe? Monetary Policy, Lending Cycles, Banking Competition, Risk-Taking, and Regulation Jesus Saurina 67

The Subprime Crisis Effects in the Rest of the World Laura E. Kodres 87

III How Serious is the Damage? 101

Bank Failures: The Limitations of Risk Modeling Patrick Honohan 103

Comments: How Serious is the Damage? Christopher Kent 125

IV Why did It Go Undetected/Underestimated for So Long? 139

Cliff Risk and the Credit Crisis Joseph R. Mason 141

The Credit Crunch of 2007: What Went Wrong? Why? What Lessons Can be Learned? John C. Hull 161

Overdependence on Credit Ratings was a Primary Cause of the Crisis Frank Partnoy 175

V Experience with Crisis Management 193

Liquidity Management Under Market Turmoil: Experience of the European Central Bank in the First Year of the 2007-2008 Financial Market Crisis Nuno Cassola Cornelia Holthausen Flemming Wiirtz 195

Crisis Management and Financial Stability: Some Lessons from the United Kingdom Nigel Jenkinson 229

VI Implications for Basel II and Bank Capital Regulation 239

Risk Management Failures During the Financial Crisis Michel Crouhy 241

A Supervisor's View of the Current Financial Turmoil Cathy Lemieux Steven VanBever 267

The SubprimeCrisis: Lessons About Market Discipline Mark J. Flannery 281

Comments: Implications for Bank Capital Standards/Regulation Robert E. Litan 305

VII Implications for Regulation of Financial Markets and Instruments 309

Implications of the Crisis for Regulation Mark Carey 311

The Seven Deadly Frictions of Subprime Mortgage Credit Securitization Adam B. Ashcraft Til Schuermann 325

VIII Policy Panel: Where to From Here? 345

Where to From Here?: Lessons for Research, Policy and the Industry Philipp Hartmann 347

Tarp Version 1: A Turning Point in Crisis Management Richard J. Herring 353

Financial Crises: Seeing Patterns, Limiting Risks Henry Kaufman 367

Addressing the Credit Market Turmoil of 2007-08 Sam Peltzman 371

Where to From Here? Lawrence R. Uhlick 377

Conference Agenda 383

Index 389

Read More Show Less

Customer Reviews

Be the first to write a review
( 0 )
Rating Distribution

5 Star


4 Star


3 Star


2 Star


1 Star


Your Rating:

Your Name: Create a Pen Name or

Barnes & Review Rules

Our reader reviews allow you to share your comments on titles you liked, or didn't, with others. By submitting an online review, you are representing to Barnes & that all information contained in your review is original and accurate in all respects, and that the submission of such content by you and the posting of such content by Barnes & does not and will not violate the rights of any third party. Please follow the rules below to help ensure that your review can be posted.

Reviews by Our Customers Under the Age of 13

We highly value and respect everyone's opinion concerning the titles we offer. However, we cannot allow persons under the age of 13 to have accounts at or to post customer reviews. Please see our Terms of Use for more details.

What to exclude from your review:

Please do not write about reviews, commentary, or information posted on the product page. If you see any errors in the information on the product page, please send us an email.

Reviews should not contain any of the following:

  • - HTML tags, profanity, obscenities, vulgarities, or comments that defame anyone
  • - Time-sensitive information such as tour dates, signings, lectures, etc.
  • - Single-word reviews. Other people will read your review to discover why you liked or didn't like the title. Be descriptive.
  • - Comments focusing on the author or that may ruin the ending for others
  • - Phone numbers, addresses, URLs
  • - Pricing and availability information or alternative ordering information
  • - Advertisements or commercial solicitation


  • - By submitting a review, you grant to Barnes & and its sublicensees the royalty-free, perpetual, irrevocable right and license to use the review in accordance with the Barnes & Terms of Use.
  • - Barnes & reserves the right not to post any review -- particularly those that do not follow the terms and conditions of these Rules. Barnes & also reserves the right to remove any review at any time without notice.
  • - See Terms of Use for other conditions and disclaimers.
Search for Products You'd Like to Recommend

Recommend other products that relate to your review. Just search for them below and share!

Create a Pen Name

Your Pen Name is your unique identity on It will appear on the reviews you write and other website activities. Your Pen Name cannot be edited, changed or deleted once submitted.

Your Pen Name can be any combination of alphanumeric characters (plus - and _), and must be at least two characters long.

Continue Anonymously

    If you find inappropriate content, please report it to Barnes & Noble
    Why is this product inappropriate?
    Comments (optional)