Cecchetti, Stephen, Schoenholtz, Kim, (2017), “Bank resolution: The importance of a public backstop”, Vox Eu, 28 Μαΐου 2017
The failure of Lehman on 15 September 2008, signalled the most intense phase of the Global Crisis of 2007-2009, fuelling a run on a broad array of intermediaries. Following Congress’ approval of the Troubled Asset Relief Program (TARP) funding that was used mostly to recapitalise US financial firms, the mantra of US regulators became “…we will not pull a Lehman”.1 Thereafter, to ensure that another large institution did not fail, policymakers chose bailouts to contain the crisis. As a result, today we still have intermediaries that are too big to fail.
Σχετικές Αναρτήσεις
- Philippon, Thomas, Salord, Aude, (2017), «New ICMB/CEPR Report: Bail-ins and Bank Resolution in Europe», Vox Eu, 22 Μαρτίου
- Onado, Marco, (2017), «In search of a European solution for banks’ non-performing loans», VoxEu, 21 Φεβρουαρίου