Financial crisis
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
Financial market fragility might be down to 'poor policies', says Lacker
Stylised and abstract economic models used to 'justify' Fed intervention during the financial crisis may not have received enough discussion, Richmond Fed president argues
Fed publishes FOMC transcripts from 'crisis year' 2008
Transcripts of FOMC meetings from the year Lehman Brothers went bust reveal thinking behind exceptional monetary policy decisions
Banque de France's Christian Noyer on bank runs, the euro crisis and a Fed-like ECB
Christian Noyer explains how he has restructured the Banque de France to enable it to become the Eurosystem’s ‘New York Fed’, while facing down a bank run and tackling the euro crisis
Capital vulnerability at US banks began four years prior to crisis, NY Fed paper finds
CLASS model projections show capital vulnerability in the US banking sector started as far back as 2004, before it peaked during the financial crisis at the end of 2008
Eurozone crisis countries had to grasp the nettle of reform, says Cœuré
Delaying reforms until countries had emerged from the crisis would have been counterproductive, ECB board member says; effect of zero lower bound has been overstated, too
Dombret questions benefit of breaking up banks
Doubts that separation between investment and commercial banking would ensure that lenders can fail 'without disrupting the system'; says 'pure commercial banks' were at centre of crisis
Kohn says Fed's independence 'at risk'
Former Federal Reserve vice-chairman Donald Kohn argues the institution's autonomy has been undermined by recent policies; lists four explicit threats in paper published by the Brookings Institution
Bank of England launches new liquidity provision framework
First ‘indexed long-term repo operations' under framework unveiled in October scheduled for early February; will provide ‘more liquidity at cheaper rates, longer maturities against wider range of collateral'
Asian decoupling a figment of the great moderation, says BIS paper
Evidence of Asia's economic decoupling from the rest of the world was a symptom of low co-movement during tranquil economic times, which ended with the arrival of the financial crisis
Major international banks join UK's high-value payment system
BNY Mellon, ING Bank, Northern Trust, BNP Paribas and Société Générale have until now participated in Chaps indirectly, in an arrangement criticised by the Bank of England