Financial crisis
Financial crisis could cut long-term productivity by hitting spending on R&D
Bank of England working paper investigates the possibility that the drop in the UK's productivity since the crisis is due to the higher relative cost of investing in innovation
Finland paper: Loans-to-deposits among best indicators of banking crises
Paper examines banking crises in 11 EU countries between 1980-2013; growth rates and trend deviations of loan stock variables also yield 'useful' signals of impending crises
Fed's Lockhart 'comfortable' with rate liftoff next year
Atlanta Fed president also says weak governance was behind large number of bank failures in southeastern US following financial crisis
Mark Carney criticises 'radical belief' in capitalism
BoE governor says 'lost sense of moderation' has eroded social capital, but that central bank's financial reform efforts is a start towards more inclusive capitalism
Greater competition leads to riskier banking, ECB working paper says
Paper finds more competition led banks to resort to more securitisation, greater risk and ultimately a higher probability of being bailed out
Yellen hails Bernanke's courage in university speech
Fed chair Janet Yellen tells New York University graduating class her predecessor was brave to take ‘unprecedented' actions to fight the financial crisis
The international monetary ‘anti-system’
A network of systemic risk boards might improve stability in the absence of a viable international financial system, writes Jacques de Larosière.
Book notes: Reflections on Global Finance: Selected Essays from SSgA’s Official Institutions Group 2002–2013
Articles and essays addressed to official sector clients of State Street Global Advisors’ official institutions group (SSgA OIG).
Book notes: Fragile by Design: The Political Origins of Banking Crises and Scarce Credit
Markets for goods and labour depend vitally on the institutions that underpin them, say Charles Calomiris and Stephen Haber
Book notes: Saving the City: The Great Financial Crisis of 1914
A fascinating, brilliant and superbly researched analysis of these events and the lessons they have for us.
Albania governor says lack of European co-ordination exacerbated crisis spread
Bank of Albania governor says big European banking groups can transmit global and European shocks to small economies in south-eastern Europe
Big eurozone economies dragged each other down during eurozone crisis
Sovereign CDS in Spain and Italy showed ‘notable co-dependence' in 2009–12 and also explained much of the widening in Germany's spreads, IMF paper says
Finland's 'deep structural crisis' must be addressed, Liikanen warns
‘Decisive action’ is required to tackle a ‘deep structural crisis’, now that attention has shifted from problems in the eurozone, Liikanen writes in the Bank of Finland's 2013 annual report
Massive stimulus saved China from ‘great recession'
The rest of the world could have avoided recession too, had other governments dared implement such a ‘bold and powerful' stimulus package, St. Louis Fed paper suggests
DNB's Knot says EMU countries must stick to macroeconomic rules
Blame for the euro crisis should be shared between surplus and deficit countries, says Dutch central bank chief, who urges a strict adherence to rules governing monetary union
Fannie and Freddie served as 'disciplining device' in sub-prime market
US mortgages eligible to be bought by Fannie Mae and Freddie Mac before the financial crisis had 'similar ex ante risk characteristics' to other mortgages, but performed better during crisis
Eurozone policy was ‘backward' in the financial crisis, says Draghi
The policy measures brought in by the ECB and other eurozone authorities in 2010–11 were right in isolation but introduced in the wrong sequence, Mario Draghi has said
Danish paper examines effects of household leverage
Over-leveraged households saw the biggest hit to their consumption when the 2008 financial crisis struck, but the relationship broke down as the crisis continued, working paper finds
Canada's Poloz says demographic shift may be shackling growth
Bank of Canada governor says country's demographic profile means contribution to potential growth by human capital will diminish as 'baby boomers' retire and more people save for retirement
Recovery needed to cement lower credit risk at Slovenian banks
Credit and solvency risk in Slovenia down following restructuring of banking system in December
Credit-strapped Canadians continued to consume in wake of crisis
Lending supply effect ensured households compensated for scarce credit by drawing down liquid assets instead, according to Bank of Canada research paper
BoE must balance ‘paradox' of more eurozone integration, says Cunliffe
Deputy governor for financial stability says cost of dysfunctional single currency favours ‘inconvenient' eurozone integration
Fed transcripts reveal forecasting travails
Crisis year transcripts reveal extent to which the Federal Reserve struggled to predict the depth of recession and deflation, raising questions about the usefulness of underlying models
Asia weathered crisis better thanks to lessons of the '90s
The Asian financial crisis of the late 1990s led the countries affected to implement policies that stood them in good stead for the global crisis of the past few years