The credit crisis: what lessons for Visegrad?
[full text (PDF)]
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.
Josef Arlt, Martin Mandel
The Reaction Function of Three Central Banks
Jaromír Kukal, Tran Van Quang
A Monetary Policy Rule Based on Fuzzy Control in an Inflation Targeting Framework
Piotr Ciżkowicz, Andrzej Rzońca
Interest Rates Close to Zero, Post-crisis Restructuring and Natural Interest Rate
Jitka Bartošová, Nicholas T. Longford
A Study of Income Stability in the Czech Republic by Finite Mixtures
Rastislav Potocký, Helmut Waldl, Milan Stehlík
On Sums of Claims and their Applications in Analysis of Pension Funds and Insurance Products
Jitka Poměnková, Svatopluk Kapounek, Roman Maršálek
Variability of Dynamic Correlation – The Evidence of Sector-Specific Shocks in V4 Countries
Oksana Melikhova, Jakub Čížek
Kuznets Inverted U-Curve Hypothesis Examined on Up-To Date Observations for 145 Countries