The credit crisis: what lessons for Visegrad?
Colin Lawson, Emília Zimková
The origins, growth and importance of the 2007-2009 American and European credit crisis are analysed. The causes lie in the speculative bubbles, the changed attitudes to domestic property, the growth of securitisation and derivatives trading, the changing roles of financial institutions, poor policy choices and inadequate regulation. The Visegrad states are being affected by declining export markets that have triggered domestic recessions, and growing credit problems. The recession is especially penalising economies they have followed risky policies. The course of the recession is currently impossible to predict. But it is possible for these states to draw on the regulatory lessons inflicted on others, and to respond to the challenge of co-regulating the international banks that dominate their domestic markets, and which while too large to fail, are also too large to rescue unaided.
Bank of England (2008), Special Liquidity Scheme: Information. www.bankofengland.co.uk/
Bernanke, B. S. (2009), “The Crisis and the Policy Response” Remarks by Ben S. Bernanke,
Chairman, Board of Governors of the Federal Reserve System at the Stamp Lecture, London
School of Economics, January 13, 2009.
Calomiris, C. W. (2008), “Banking Crises”, NBER Reporter, No. 4, pp. 10-14.
Congressional Budget Office (2009), The Troubled Asset Relief Program: Report on Transactions
Through December 31, 2008. January 2009. Washington DC: Congressional Budget Office.
European Bank for Reconstruction and Development (2007), Transition Report 2007. London:
European Central Bank (2008), Financial Stability Review, December 2008. Frankfurt am Main: ECB.
Haldane, A. G. (2009), “Why Banks Failed the Stress Test” Paper delivered at the Marcus-Evans
Conference on Stress-Testing, 9-10 February 2009. http://www.bankofengland.co.uk/publications/
Houben, A. (2006), “Towards an Integrated Supervisor: Experience from the Netherlands“. Power Point
Presentation, World Bank, Washington, 2006. http://info.worldbank.org/etools/docs/library/
International Monetary Fund (2008), Global Financial Stability Report. April 2008, Washington DC:
Lowenstein, R (2008), “Triple-A Failure”. New York Times Magazine, April 27th 2008.
Mian, A., Sufi, A. (2008), “The Consequences of Mortgage Credit Expansion: Evidence from the 2007
Mortgage Default Crisis“. Cambridge MA. National Bureau of Economic Research Working Paper
Reinhart, C. M., Rogoff, K. S. (2008), “Banking Crises: an Equal Opportunity Menace”. Cambridge MA.
National Bureau of Economic Research Working Paper No. 14587.
Taylor, J. B., Williams, J. C. (2009) “A Black Swan in the Money Market”. American Economic Journal:
Macroeconomics. 1 (1), pp. 58-83.
Zimková, E., and Vargová, V. (2006), “Trendy v inštitucionálnom usporiadaní finančnej regulácie a dohľadu v Európskej únii“. Biatec, 5/2006, pp. 18-22.
Dejan Živkov, Jovan Njegić, Mirela Momčilović, Ivan Milenković
Exchange Rate Volatility and Uncovered Interest Rate Parity in the European Emerging Economies
Renata Skýpalová, Renata Kučerová, Veronika Blašková
Development of the Corporate Social Responsibility Concept in Small and Medium-Sized Enterprises
Michal Plaček, Milan Půček, František Ochrana, Milan Křápek, Lenka Matějová
Political Business Cycle in the Czech Republic: Case of Municipalities
Money Market Equilibrium in the Czech Republic
Zuzana Křečková, Dana Zadražilová, Hana Řezanková
The Added Value of Women in Management: The Czech Case
A Modern Labour Economics Textbook