Cecchetti, Stephen, Schoenholtz, Kim, (2017), “The financial crisis, ten years on”, VoxEU, 29 Αυγούστου
There is still a notable lack of consensus over when exactly the 2007-09 financial crisis started. This column argues that the crisis began on 9 August 2007, when BNP Paribas announced they were suspending redemptions. In 2007, the US and European financial systems lacked two key shock absorbers: adequate capital to meet falls in asset values, and adequate holdings of high-quality liquid assets to meet temporary liquidity shortfalls. Lacking these, the financial system was vulnerable to even relatively small disturbances, like the BNP Paribas announcement.
Σχετικές Αναρτήσεις
- Foglia, Antonio, (2017), «The Post-Crisis Elephant in the Room», Project Syndicate, 24 Αυγούστου
- Blustein, Paul, (2016), «Laid Low: Inside the Crisis That Overwhelmed Europe and the IMF», Centre for International Governance Innovation (CIGI), Οκτώβριος