Weitere Kapitel dieses Buchs durch Wischen aufrufen
Between summer 2007 and winter 2008, the global financial system came close to complete collapse. The crisis did not develop in an entirely predictable linear fashion, with steady progress towards an inevitable end point, but through fits and starts, with policymakers responding to events as they unfolded, engineering moments of relative calm before stress returned. The rest of this book is about what happened after the crash, but a discussion of the broad contours of policy response in the 18-month period between the music stopping and the trough in financial markets surely merits its place in this book. In this section, we shall tell the story of that crisis response, with an unashamed focus on events and the policy response in the UK. The objective here is to document the detail of what was done just as much as why, since much of this detail was not widely discussed at the time, and what was known will soon fade from public memory. Given the inevitable space constraints, the reader will be directed towards key references which provide a more comprehensive treatment of specific measures.
Bitte loggen Sie sich ein, um Zugang zu diesem Inhalt zu erhalten
Sie möchten Zugang zu diesem Inhalt erhalten? Dann informieren Sie sich jetzt über unsere Produkte:
Ait-Sahalia, Y., Andretzky, J., Jobst, A., Nowak, S., & Tamirisa, N. (2012). Market response to policy initiatives during the global financial crises. Journal of International Economics, 87, 162–177. CrossRef
APA. (2013). Asset protection agency annual report and accounts for the period from 1 April 2012 to 31 October 2012. London: The Stationery Office.
Armantier, O., Ghysels, E., Sarkar, A., & Shrader, J. (2013). Discount window stigma during the 2007–2008 financial crisis. Federal Reserve Bank of New York Staff Report 483.
BoE. (2008, October). Financial stability report.
Cross, M., Fisher, P., & Weeken, O. (2010). The bank’s balance sheet during the crisis. Bank of England Quarterly Bulletin, Q1, 34–42.
Cunliffe, J. (2014, May 13). Ending too big to fail. Speech.
Dewatripont, M., Nguyen, G., Praet, P., & Sapir, A. (2010). The role of state aid control in improving bank resolution in Europe. Bruegel Policy Contribution, 2010/04.
Diamond, D., & Dybvig, P. (1983). Bank runs, deposit insurance, and liquidity. Journal of Political Economy, 91(3), 401–419. CrossRef
Edmonds, T. (2010). Financial services compensation scheme. House of Commons Library Note SN/BT/4466.
Fisher, P. (2009, November 19). The Bank of England’s balance sheet. Speech.
FSA. (2008, October 3). Compensation schemes to cover savers’ claims up to £50,000. Press release.
Goldberg, L., Kennedy, C., & Miu, J. (2011). Central bank dollar swap lines and overseas dollar funding costs. Federal Reserve Bank of New York Economic Policy Review, 17, 3–20.
Honohan, P., & Klingebiel, D. (2003). The fiscal cost implications of an accommodating approach to banking crises. Journal of Banking and Finance, 27, 1539–1560. CrossRef
IMF. (2009a, October). Market interventions during the financial crisis. Global Financial Stability Report.
IMF. (2009b, April). Global financial stability report.
John, S., Roberts, M., & Weeken, O. (2012). The Bank of England’s special liquidity scheme. Bank of England Quarterly Bulletin, Q1, 57–66.
Kellaway, M. (2009). Public sector interventions in the financial crisis. London: Office for National Statistics.
King, M. (2007a). Turmoil in financial markets: What can central banks do? Paper submitted to the Treasury Select Committee.
King, M. (2007b, September 20). Evidence to the Treasury Select Committee.
King, M. (2008, January 24). Evidence to the Treasury Select Committee.
King, M. (2016). The end of alchemy: Money, banking and the future of the global economy. London: Little, Brown.
Laeven, L., & Valencia, F. (2012). Resolution of banking crises. IMF staff paper.
McGuire, P., & von Peter, G. (2009a). The U.S. Dollar shortage in global banking. Bank for International Settlements Quarterly Review, March, 47–63.
McGuire, P., & von Peter, G. (2009b). The U.S. dollar shortage in global banking and the international policy response. Bank for International Settlements Working Paper 291.
Morris, S., & Shin, H.-S. (2000). Rethinking multiple equilibria in macroeconomic modelling. NBER Macroeconomics Annual, 15, 139–161. CrossRef
NAO. (2009a). HM treasury: The nationalisation of Northern Rock. London: The Stationery Office.
NAO. (2009b). Maintaining financial stability across the United Kingdom’s banking system. London: The Stationery Office.
NAO. (2010). HM treasury: The asset protection scheme. London: The Stationery Office.
Plenderleith, I. (2012). Review of the Bank of England’s provision of emergency liquidity assistance in 2008–09, Bank of England.
Summers, L. (2007, September 23). Beware moral hazard fundamentalists. Financial Times.
Taylor, J. (2011). Macroeconomic lessons from the Great Deviation. In D. Acemoglu and M. Woodford (Eds.), NBER Macroeconomics Annual.
TSC. (2008). The run on the rock. London: House of Commons.
TSC. (2009). Banking crisis. London: House of Commons.
Tucker, P. (2009, May 28). The repertoire of official sector interventions in the financial system. Speech.
Veronesi, P., & Zingales, L. (2010). Paulson’s gift. Journal of Financial Economics, 97(3), 339–368. CrossRef
Winters, B. (2012). Review of the Bank of England’s framework for providing liquidity to the banking system, Bank of England.
- The Crisis Response
microm, Neuer Inhalt/© Stellmach, Neuer Inhalt/© BBL, Neuer Inhalt/© Maturus, Pluta Logo/© Pluta, Neuer Inhalt/© hww, Avaloq/© Avaloq Evolution AG, Avaloq/© Avaloq