Skip to main content Accessibility help
Hostname: page-component-684899dbb8-x64cq Total loading time: 0.845 Render date: 2022-05-25T17:41:22.549Z Has data issue: true Feature Flags: { "shouldUseShareProductTool": true, "shouldUseHypothesis": true, "isUnsiloEnabled": true, "useRatesEcommerce": false, "useNewApi": true }

Part IV - Case Studies of Financial Crises

Published online by Cambridge University Press:  24 October 2017

Edward J. Balleisen
Duke University, North Carolina
Lori S. Bennear
Duke University, North Carolina
Kimberly D. Krawiec
Duke University, North Carolina
Jonathan B. Wiener
Duke University, North Carolina
Get access


Image of the first page of this content. For PDF version, please use the ‘Save PDF’ preceeding this image.'
Policy Shock
Recalibrating Risk and Regulation after Oil Spills, Nuclear Accidents and Financial Crises
, pp. 305 - 346
Publisher: Cambridge University Press
Print publication year: 2017

Access options

Get access to the full version of this content by using one of the access options below. (Log in options will check for institutional or personal access. Content may require purchase if you do not have access.)


Accominotti, O. 2012. “London Merchant Banks, the Central European Panic and the Sterling Crisis of 1931,” Journal of Economic History. 72(1): 143.CrossRefGoogle Scholar
Andrieu, C. 1990. Les banques sous l’occupation. Paradoxes de l’histoire d’une profession. (Paris: Les Presses de Sciences).Google Scholar
Bairoch, P. 1997. Victoires et déboires. Histoire économique et sociale du mode du XVIe siècle à nos jours, vol. III. (Paris: Gallimard).Google Scholar
Balderston, T. 1994. “The Banks and the Gold Standard in the German Financial Crisis of 1931,” Financial History Review. 1(1): 4368.CrossRefGoogle Scholar
Bentson, G. 1990. The Separation of Commercial and Investment Banking: The Glass-Steagall Act Revisited and Reconsidered. (Oxford: Oxford University Press).Google Scholar
Bernanke, B. 2000. Essays on the Great Depression. (Princeton: Princeton University Press).Google Scholar
Bonin, H. 2002a. La Banque nationale de crédit. Histoire de la quatrième banque de dépôts française en 1913–1932. (Paris: PLAGE).Google Scholar
Bonin, H. 2002b. La Banque de l’union parisienne (1874/1904–1974). Histoire de la deuxième banque d’affairs française. (Paris: PLAGE).Google Scholar
Bordo, M. D. and James, H. (2009). The Great Depression Analogy. NBER Working Paper 15584.
Born, K. E. 1967. Die Deutsche Bankenkrise 1931. (Munich: R. Piper and Co.).Google Scholar
Cairncross, A. and Eichengreen, B.. 1983. Sterling in Decline: The Devaluations of 1931, 1949, and 1967. (Oxford: Oxford University Press).Google Scholar
Calomiris, W. and White, E. N.. 2000. “The Origins of Federal Deposit Insurance,” in Calomiris, C. W. ed., U.S. Bank Deregulation in Historical Perspective. (Cambridge: Cambridge University Press): 193200.CrossRefGoogle Scholar
Carosso, V. 1970. Investment Banking in America: A History. (Cambridge, MA: Harvard University Press).Google Scholar
Cassis, Y. 2011. Crises and Opportunities. The Shaping of Modern Finance. (Oxford: Oxford University Press).CrossRefGoogle Scholar
Chernow, R, 1990. The House of Morgan: An American Banking Dynasty and the Rise of Modern Finance. (London: Grove Press).Google Scholar
Eichengreen, B. 1992. Golden Fetters. The Gold Standard and the Great Depression 1919–1939. (Oxford: Oxford University Press).Google Scholar
Feinstein, C., Temin, P., and Toniolo, G.. 1997. The European Economy between the Wars. (Oxford: Oxford University Press).Google Scholar
Feiertag, O. 2005. “The International Opening Up of the Paris Bourse: Overdraft-Economy Curbs and Market Dynamics,” in Cassis, Y. and Bussière, E. (eds.), London and Paris as International Financial Centres in the Twentieth Century. (Oxford: Oxford University Press): 229–46.Google Scholar
Fraser, S. 2005. Wall Street: A Cultural History. (London: Faber and Faber).Google Scholar
Friedman, M. and Schwartz, A. J.. 1963. The Great Contraction, 1929–1933. (Princeton, NJ: Princeton University Press).Google Scholar
Galbraith, J. K. 1954. The Great Crash. 1929. (Boston: Mariner).Google Scholar
James, H. 1984. “The Causes of the German Banking Crisis of 1931.” Economic History Review, 37(1): 6887.CrossRefGoogle Scholar
Kennedy, S. E. 1973. The Banking Crisis of 1933. (Lexington: University Press of Kentucky).Google Scholar
Kroszner, R. S. and Rajan, R. G.. 1994. “Is the Glass-Steagall Act Justified? A Study of the U.S. Experience with Universal Banking before 1933,” American Economic Review, 84(4): 810–32.Google Scholar
Kunz, D. B. 1987. The Battle for Britain’s Gold Standard in 1931. (London: Routledge).Google Scholar
Laufenburger, H. 1940. Les banques françaises. (Paris: Librairie du Recueil Sirey).Google Scholar
Michie, R. 1999. The London Stock Exchange. A History. (Oxford: Oxford University Press).Google Scholar
Perkins, E. J. 1971. “The Divorce of Commercial and Investment Banking: A History,” The Banking Law Journal. 88(6): 501–26.Google Scholar
Rappoport, P. and White, E.. 1994. “Was the Crash of 1929 Expected?American Economic Review. 84(1): 271–81.Google Scholar
Roberts, R. 1992. Schroders: Merchants and Bankers. (London: Palgrave Macmillan).CrossRefGoogle Scholar
Sauvy, A. 1984. Histoire économique de la France entre les deux guerres, vol 3. (Paris: Economica).Google Scholar
Sayers, R. S. 1976. The Bank of England, 1891–1944. (Cambridge: Cambridge University Press).Google Scholar
Schnabel, I. 2004. “The German Twin Crisis of 1931,” Journal of Economic History. 64(3): 822–71.CrossRefGoogle Scholar
Schubert, A. 1991. The Credit-Anstalt Crisis of 1931. (Cambridge: Cambridge University Press).Google Scholar
Straus, A. (1992). “Structures financiéres et performances des entreprises industrielles en France dans la seconde moitié du XXe siècle,” Entreprises et Historie, 2: 1933.CrossRefGoogle Scholar
Van B. Cleveland, H. and Huertas, T. F.. 1985. Citibank 1812–1970. (Cambridge, MA: Harvard University Press).Google Scholar
White, E. 1984. “A Reinterpretation of the Banking Crisis of 1930,” Journal of Economic History. 44(1): 119–38.CrossRefGoogle Scholar
White, E. 1986. “Before the Glass-Steagall Act: An Analysis of the Investment Banking Activities of the National Banks,” Expolorations in Economic History. 23: 3354.CrossRefGoogle Scholar
White, E. 1990. “The Stock Market Boom and Crash of 1929 RevisitedJournal of Economic Perspectives. 4(2): 6783.CrossRefGoogle Scholar
Wicker, E. 1996. The Banking Panics of the Great Depression. (Cambridge: Cambridge University Press).CrossRefGoogle Scholar
Williamson, P. 1992. National Crisis and national Government: British Politics, the Economy and Empire, 1926–1932. (Cambridge: Cambridge University Press).Google Scholar
American Bankers Association (ABA). 2008a. Letter to Mr. Robert Herz, Chairman, Financial Accounting Standards Board. August 7, 2008. Washington, DC: ABA.
American Bankers Association (ABA). 2008b. Letter to Mr. Russell G. Golden, FASB Technical Director, Financial Accounting Standards Board. October 9, 2008. Washington, DC: ABA.
American Bankers Association (ABA). 2008c. Letter to Mr. Jim Kroeker, Deputy Chief Accountant, US Securities and Exchange Commission. November 13, 2008. Washington, DC: ABA.
American Bankers Association (ABA). 2008d. Letter to The Honorable Henry M. Paulson, Jr., Secretary of the Treasury. November 25, 2008. Washington, DC: ABA.
Atkins, Paul. 1938. “The Official Supervision of Bank Security Portfolios,” Bankers’ Magazine July: 1319.Google Scholar
Bach, G. L. 1949. “Bank Supervision, Monetary Policy, and Governmental Reorganization,” Journal of Finance 4(4): 269–85.Google Scholar
Badertscher, Brad A., Burks, Jeffrey J., and Easton, Peter D.. 2012. “A Convenient Scapegoat: Fair Value Accounting by Commercial Banks during the Financial Crisis,” Accounting Review 87(1): 5990.CrossRefGoogle Scholar
Bhat, Gauri, Frankel, Richard, and Martin, Xiumin. 2011. “Panacea, Pandora’s Box, or Placebo: Feedback in Bank Mortgage-Backed Security Holdings and Fair Value Accounting,” Journal of Accounting and Economics 52: 153–73.CrossRefGoogle Scholar
Board of Governors of the Federal Reserve System. 1938a. Federal Reserve Bulletin. Washington, DC: Federal Reserve.
Board of Governors of the Federal Reserve System. 1938b. Twenty-Fifth Annual Report of the Federal Reserve System. Washington, DC: Federal Reserve.
Bolzendahl, Catherine. 2010. “Directions of Decommodification: Gender and Generosity in 12 OECD Nations, 1980–2000,” European Sociological Review 26(2): 125–41.CrossRefGoogle Scholar
Bougen, Philip D., and Young, Joni J.. 2012. “Fair Value Accounting: Simulacra and Simulation,” Critical Perspectives on Accounting 23: 390402.CrossRefGoogle Scholar
Brady, David, Seeleib-Kaiser, Martin, and Beckfield, Jason. 2005. “Economic Globalization and the Welfare State in Affluent Democracies 1975–2001,” American Sociological Review 95(4): 921–48.Google Scholar
Cheng, Kang. 2009. “Mark to Market or Mark to Expectation?Commercial Lending Review January-February: 37.Google ScholarPubMed
Clayton, Lawrence. 1949. Memorandum to Board of Governors, from The Marriner S. Eccles document collection, from FRASER,
Comptroller of the Currency 1937. The Seventy-Fifth Annual Report of the Comptroller of the Currency. Washington, DC: Government Printing Office.
Cunningham, Daniel, and Werlen, Thomas. 1996. “Derivatives and the Reduction of Credit Risk,” International Financial Law Review 15: 3536.Google Scholar
Esping-Anderson, Gøsta. 1990. The Three Worlds of Welfare Capitalism. Princeton: Princeton University Press.Google Scholar
Federal Reserve Bank of New York. 1915. “Eligible Paper,” Circular No. 25, June 19, 1915. New York: Federal Reserve Bank of New York.
Federal Reserve Board. 1936. Federal Reserve Bulletin June 1936. Washington, DC: US Government Printing Office.
Federal Reserve Board. 1949. Federal Reserve Bulletin July 1949. Washington, DC: US Government Printing Office.
Financial Accounting Standards Board (FASB). 2006. “FAS 157: Fair Value Measurements,” Norwalk CN: FASB.
Financial Crisis Inquiry Commission (FCIC). 2011. The Financial Crisis Inquiry Report. New York: PublicAffairs.
Fishback, Price, Rose, Jonathan, and Snowden, Kenneth. 2013. How the New Deal Safeguarded Home Ownership. Chicago: University of Chicago Press and NBER.CrossRefGoogle Scholar
Flandreau, Marc, Gaillard, Norbert, and Packer, Frank. 2011. “To Err Is Human: US Rating Agencies and the Interwar Foreign Government Debt Crisis,” European Review of Economic History 15: 495538.CrossRefGoogle Scholar
Flandreau, Marc, and Sławatyniec, Joanna Kinga. 2013. “Understanding Rating Addition: US Courts and the Origins of Rating Agencies’ Regulatory Licence (1900–1940),” Working Paper No.11/2013. Geneva: Graduate Institute of International and Development Studies.
Fons, Jerome S. 2004. “Tracing the Origins of ‘Investment Grade’,” Special Comment, New York: Moody’s Investors Services.Google Scholar
Gaddis, P. L. 1935. “Appraisal Methods of Federal Land Banks,” Journal of Farm Economics 17(3): 469–80.CrossRefGoogle Scholar
Georgiou, Omiros, and Jack, Lisa. 2011. “In Pursuit of Legitimacy: A History Behind Fair Value Accounting,” British Accounting Review 42: 311–23.Google Scholar
Gregory, Jon. 2010. Counterparty Credit Risk: The New Challenge for Global Financial Markets. New York: Wiley.Google Scholar
Haldane, Andrew G. 2009. “Fair Value in Foul Weather,” Speech to the Royal Institute of Chartered Surveyors, London, November 10 2009, London: Bank of England.
Harold, Gilbert. 1938. Bond Ratings as an Investment Guide: An Appraisal of Their Effectiveness. New York: Ronald Press.Google Scholar
Heaton, John C., Lucas, Deborah, and McDonald, Robert L.. 2010. “Is Mark-to-Market Accounting Destabilizing? Analysis and Implications for Policy,” Journal of Monetary Economics 57: 6475.CrossRefGoogle Scholar
Home Owners’ Loan Corporation (HOLC). 1933. Federal Relief for Home Owners. Washington, DC: Government Printing Office.
Hutchins, Edwin. 1995. Cognition in the Wild. Cambridge: MIT Press.Google Scholar
International Monetary Fund (IMF). 2008. Global Financial Stability Report. Washington, DC: IMF.
International Swaps and Derivatives Association, Inc. (ISDA) 1996. Guidelines for Collateral Practitioners. New York: ISDA.
Jackson, Kenneth T. 1980. “Federal Subsidy and the Suburban Dream: The First Quarter- Century of Government Intervention in the Housing Market,” Records of the Columbia Historical Society 50: 421–51.Google Scholar
Jones, Homer. 1940. “An Appraisal of the Rules and Procedures of Bank Supervision, 1929–39,” Journal of Political Economy 48(2): 183–98.CrossRefGoogle Scholar
Kemp, M. H. D. 2005. “Risk Management in a Fair Valuation World,” British Actuarial Journal 11(4): 595712.CrossRefGoogle Scholar
Langohr, Herwig M. and Langohr, Patricia T.. 2008. The Rating Agencies and Their Credit Ratings. New York: Wiley.Google Scholar
Laux, Christian and Leuz, Christian. 2010. “Did Fair-Value Accounting Contribute to the Financial Crisis?Journal of Economic Perspectives 24(1): 93118.CrossRefGoogle Scholar
MacKenzie, Donald. 2011. “The Credit Crisis as a Problem in the Sociology of Knowledge,” American Journal of Sociology 116(6): 17781841.CrossRefGoogle Scholar
Martin, Cathie Jo. 2004. “Reinventing Welfare Regimes: Employers and the Implementation of Active Social Policy,” World Politics 57(1): 3969.CrossRefGoogle Scholar
Merrill, Craig B., Nadault, Taylor D., Stulz, Rene M., and Sherlund, Shane. 2012. “Did Capital Requirements and Fair Value Accounting Spark Fire Sales in Distressed Mortgage-Backed Securities?” National Bureau of Economic Research Working Paper 18270, Cambridge MA: NBER.
Morton, Walter A. 1939. “Liquidity and Solvency,” American Economic Review 29(2): 272–85.Google Scholar
Osterhus, Gustav. 1931. “Flaw-Tester for Bond Lists,” American Bankers Association Journal August: 67110.Google Scholar
Palyi, Melchior. 1938. “Bank Portfolios and the Control of the Capital Market,” Journal of Business 11(1): 70111.Google Scholar
Partnoy, Frank. 2009. “Historical Perspectives on the Financial Crisis: Ivar Kreuger, the Credit- Rating Agencies, and Two Theories about the Function, and Dysfunction, of Markets,” Yale Journal on Regulation 26(2): 431–43.Google Scholar
Plantin, Guillaume, Sapra, Haresh, and Shin, Hyun Song. 2008. “Fair Value Accounting and Financial Stability,” Financial Stability Review 12: 8594.Google Scholar
Polanyi, Karl. 1944. The Great Transformation. Boston: Beacon Press.Google Scholar
Power, Michael. 2010. “Fair Value Accounting, Financial Economics and the Transformation of Reliability,” Accounting and Business Journal 40(3): 197210.CrossRefGoogle Scholar
Pozen, Robert C. 2009. “Is It Fair to Blame Fair Value Accounting for the Financial Crisis?Harvard Business Review November: 8492.Google Scholar
Ryan, Stephen G. 2008. “Accounting in and for the Subprime Crisis,” Accounting Review 83(6): 1605–38.CrossRefGoogle Scholar
Scott, James C. 1976. The Moral Economy of the Peasant: Rebellion and Subsistence in Southeast Asia. New Haven: Yale University Press.Google Scholar
Securities and Exchange Commission (SEC). 2008a. Report and Recommendations Pursuant to Section 133 of the Emergency Economic Stabilization Act of 2008: Study on Mark-to-Market Accounting. Washington, DC: SEC.
Securities and Exchange Commission (SEC). 2008b. Summary Report of Issues Identified in the Commission Staff’s Examinations of Select Credit Rating Agencies. Washington, DC: SEC.
Simonson, Donald G. and Hempel, George H.. 1993. “Banking Lessons from the Past: The 1938 Regulatory Agreement Interpreted,” Journal of Financial Services Research 1993: 249–67.Google Scholar
Stuart, Guy. 2003. Discriminating Risk: The US Mortgage Lending Industry in the Twentieth Century. Ithaca: Cornell University Press.Google Scholar
Thompson, E. P. 1971. “The Moral Economy of the English Crowd in the Eighteenth Century,” Past and Present 50: 76136.CrossRefGoogle Scholar
Tweedie, D. P. and Whittington, G.. 1984. The Debate on Inflation Accounting. Cambridge, UK: Cambridge University Press.Google Scholar
Walker, R. G. 1992. “The SEC’s Ban on Upward Asset Revaluations and the Disclosure of Current Values,” Abacus 28(1): 335.CrossRefGoogle Scholar
Wallison, Peter J. 2008. “Fair Value Accounting: A Critique,” Financial Services Outlook July: 18.Google Scholar
Wehmer, Edward J. and Dykstra, David A.. 2008. Letter to Mr. Russell G. Golden, FASB Technical Director, Financial Accounting Standards Board. October 9, 2008. Lake Forest IL: Wintrust Financial Corporation.
Weimer, Arthur M. 1937. “The Work of the Federal Housing Authority,” Journal of Political Economy 45(4): 466–83.CrossRefGoogle Scholar
Wickens, David L. 1937. “Developments in Home Financing,” Annals of the American Academy of Political and Social Science 190: 7582.CrossRefGoogle Scholar
Ahnert, Toni, and Bertsch, Christoph (2012), “A Wake-Up Call: Information Contagion and Speculative Currency Attacks,” unpublished manuscript, London School of Economics and University College, London (November).
Alesina, Alberto, and Ardagna, Silvio (1998), “Tales of Fiscal Adjustment,” Economic Policy 13(27): 488545.CrossRefGoogle Scholar
Alessandrini, Pietro, Fratianni, Michele, Hallett, Andrew Hughes and Fresbitero, Andrea Filippo (2012) “External Imbalances and Financial Fragility in the Euro Area,” unpublished manuscript, Indiana University and George Mason University (May).
Barkbu, Bergljot, Eichengreen, Barry, and Mody, Ashoka (2013), “The Euro’s Twin Challenges: Experience and Lessons,” unpublished manuscript, International Monetary Fund, University of California at Berkeley, and Princeton University (January).
Barrell, Ray, Holland, Dawn, Liadze, Iana, and Pomerantz, Olga (2010), “The Impact of EMU on Growth and Stability in Europe,” in Buti, Marco, Deroose, Servaas, Gaspar, Vitor, and Martins, Joao Nogueira (eds.), The Euro: The First Decade, Cambridge: Cambridge University Press: pp. 607–37.Google Scholar
Basel Committee on Banking Supervision (2012), “Progress Report on Basel III Implementation,” Basel: Basel Committee (October),
Berglof, Erik, Eichengreen, Barry, Tabellini, Guido, and Wyplosz, Charles (2003), Built to Last: A Political Architecture for Europe, London: Centre for Economic Policy Research.Google Scholar
Blanchard, Olivier, and Leigh, Daniel (2013), “Growth Forecast Errors and Fiscal Multipliers,” IMF Working Paper 13/1 (January).
Buiter, Willem, Corsetti, Giancarlo, and Roubini, Nouriel (1993), “Excessive Deficits: Sense and Nonsense in the Treaty of Maastricht,” Economic Policy 8: 57100.CrossRefGoogle Scholar
Buti, Marco, Deroose, Servaas, Gaspar, Vitor, and Martins, Joao Nogueira (eds.) (2010), The Euro: The First Decade, Cambridge: Cambridge University Press.Google Scholar
Casselmann, Farina (2013), “Financial Services Regulation in the Wake of the Crisis: The Capital Requirements Directive IV and the Capital Requirements Regulation,” Working Paper no.18, Institute for International Political Economy, Berlin.
De Haan, Jakob, and Amtenbrink, Fabian (2011), “Credit Rating Agencies,” DNB Working Paper no. 278, Amsterdam: De Nederlandsche Bank (January).
Diamond, Douglas W. (1984), “Financial Intermediation and Delegated Monitoring,” Review of Economic Studies 51: 393414.CrossRefGoogle Scholar
Dungey, Mardi, Fry, R., González-Hermosillo, B., and Martin, V. (2005), “Empirical Modeling of Contagion: A Review of Methodologies,” Quantitative Finance 5: 924.CrossRefGoogle Scholar
Eichengreen, Barry (1992), Golden Fetters: The Gold Standard and the Great Depression 1919–1939, New York: Oxford University Press.Google Scholar
Eichengreen, Barry (1998), “Comment on Alesina, Perrotti and Tavares,” Brookings Papers on Economic Activity 1: 255–60.Google Scholar
Fama, Eugene (1970), “Efficient Capital Markets: A Review of Theory and Empirical Work,” Journal of Finance 25: 383417.CrossRefGoogle Scholar
Ferri, G., Liu, L., and Stiglitz, J. (1999), “The Procyclical Role of Rating Agencies: Evidence from the East Asian Crisis,” Economic Notes 28: 335–55.CrossRefGoogle Scholar
Frankel, Jeffrey (2012), “Chile’s Countercyclical Triumph,” Foreign Policy Online (June 27), Scholar
Frankel, Jeffrey, and Rose, Andrew (1996), “The Endogeneity of the Optimum Currency Area Criteria,” NBER Working Paper no.5700 (August).
Georgoutsus, Dimitris, and Migiakis, Petros (2010), “European Sovereign Bond Spreads: Monetary Unification, Market Conditions and Financial Integration,” Bank of Greece Working Paper no. 115 (June).
Gerlach, Stefan, and Hoffmann, Matthias (2010), “The Impact of the Euro on International Stability and Volatility,” in Buti, Marco, Deroose, Servaas, Gaspar, Vitor, and Martins, Joao Nogueira (eds.), The Euro: The First Decade, Cambridge: Cambridge University Press: 648–69.Google Scholar
Goldstein, Morris (2011), “The Role of the IMF in a Reformed International Monetary System,” Paper prepared for the Bank of Korea Research Conference, Seoul (June).
Haas, Peter (1992), “Introduction: Epistemic Communities and International Policy Coordination,” International Organization 46: 135.CrossRefGoogle Scholar
Lo, Andrew, and MacKinlay, Craig (2001), A Non-Random Walk Down Wall Street, Princeton: Princeton University Press.Google Scholar
Mangnelli, Simone, and Wolswijk, Guido (2007), “Market Discipline, Financial Integration and Fiscal Rules: What Drives Spreads in the Euro Area Government Bond Market?” Working Paper no.745, Frankfurt: European Central Bank (April).
Mishkin, Frederic. (2003), “Financial Policies and the Prevention of Financial Crises in Emerging Market Countries,” in Feldstein, Martin (ed.), Economic and Financial Crises in Emerging Market Countries, Chicago, University of Chicago Press: 93154.CrossRefGoogle Scholar
Mundell, Robert (1961), “The Theory of Optimum Currency Areas: An Eclectic View,” American Economic Review 53: 717–25.Google Scholar
OECD (2012), “The Short-Term Effects of Structural Reforms,” OECD Economics Department Working Paper no. 949 (March).
Partnoy, Frank (1999), “The Siskel and Ebert of Financial Markets: Two Thumbs Down for the Credit Rating Agencies,” Washington University Law Quarterly 77: 619712.Google Scholar
Shin, Hyun (2012), “Global Banking Glut and Loan Risk Premium,” revision of the Mundell-Fleming Lecture presented at the 2011 IMF Annual Research Conference, Princeton University (January).
Shleifer, Andrei (1999), Inefficient Markets: An Introduction to Behavioral Finance, New York: Oxford University Press.Google Scholar
Sy, Amadou (2001), “Emerging Market Bond Spreads and Sovereign Credit Ratings: Reconciling Market Views with Economic Fundamentals,” IMF Working Paper no.01/165 October.
Veracierto, Marcelo (2007), “On the Short-Run Effects of Labor Market Reforms,” Journal of Monetary Economics 54: 1213–29.CrossRefGoogle Scholar
Von Hagen, Juergen, and Harden, Ian (1994), “National Budget Processes and Fiscal Performance,” European Economy Reports and Studies 3: 311408.Google Scholar
Wyplosz, Charles (2005), “Fiscal Policy: Institutions versus Rules,” National Institute Economic Review 191: 7084.CrossRefGoogle Scholar
Zelikow, Philip (1999), “Thinking About Policy History,” Miller Center Report 14, pp. 57.Google Scholar
Zettelmeyer, Jeromin, Trebesch, Christoph, and Gulati, Mitu (2012), “The Greek Debt Exchange An Autopsy,” unpublished manuscript, European Bank for Reconstruction and Development, University of Munich and Duke University (September).
Zuckerman, Gregory (2009), The Greatest Trade Ever The Behind-the-Scenes Story of How John Paulson Defied Wall Street and Made Financial History, New York: Broadway Books.Google Scholar
Acharya, Viral, Brownlees, Christian, Engle, Robert, Farazmand, Farhang, and Richardson, Mathew, 2010. “Measuring Systemic Risk” in Acharya, Viral, Cooley, Thomas, and Richardson, Mathew (eds.), Regulating Wall Street: The Dodd-Frank Act and the New Architecture of Global Finance. Hoboken, NJ: John Wiley and Sons: 87120.CrossRefGoogle Scholar
Adrian, Tobias, and Brunnermeier, Markus K., 2011, “CoVaR,” NBER Working Paper 17454.
Adrian, Tobias, and Shin, Hyun S., 2010, “Liquidity and Leverage,” Journal of Financial Intermediation 19(3), pp. 418–37.CrossRefGoogle Scholar
Agur, Itai, and Sharma, Sunil, 2013, “Rules, Discretion, and Macroprudential Policy,” IMF Working Paper, 13/65. Washington, DC: International Monetary Fund.
Allen, F., and Gale, D., 2007, Understanding Financial Crises, Clarendon Lectures in Finance. Oxford, UK: Oxford University Press.Google Scholar
Almunia, Miguel, Bénétrix, Agustín, Eichengreen, Barry, O’Rourke, Kevin H., and Rua, Gisela, 2010, “From Great Depression to Great Credit Crisis: similarities, differences and lessons.” Economic Policy 25 (62): 219–65.CrossRefGoogle Scholar
Arsov, Ivailo, Canetti, Elie, Kodres, Laura, and Mitra, Srobona, 2013, “‘Near Coincident’ Indicators of Systemic Stress,” IMF Working Paper, 13/115. Washington, DC: International Monetary Fund.
Atlantic Council, Thompson Reuters, and The City UK, 2013.“The Danger of Divergence: Transatlantic Financial Reform and the G-20 Agenda,” The Atlantic Council of the United States. Washington, DC.
Ayres, Ian, and Braithwaite, John, 1995, Responsive Regulation: Transcending the Deregulation Debate. Oxford, UK: Oxford Socio-Legal Studies.Google Scholar
Barth, James, Caprio, Gerard, and Levine, Ross, 2012, Guardians of Finance. Cambridge, MA: MIT Press.Google Scholar
BCBS (Basel Committee on Banking Supervision), 2010. An Assessment of the Long-Term Economic Impact of Stronger Capital and Liquidity Requirements at
BCBS (Basel Committee on Banking Supervision), 2011. Basel III: A Global Regulatory Framework for more Resilient Banking Systems (Dec 2010, revised June 2011) at
BCBS (Basel Committee on Banking Supervision), 2013. Regulatory Consistency Assessment Programme (RCAP) – Analysis of Risk-Weighted Assets for Market Risk at
Blancher, Nicolas, and others, 2013, “SysMo – A Practical Approach to Systemic Risk Monitoring,” IMF Working Paper 13/168. Washington, DC: International Monetary Fund.
Brunnermeier, Marcus, Crockett, Andrew, Goodhart, Charles, Persaud, Avinash D., and Shin, Hyun, 2009, The Fundamental Principles of Financial Regulation. Geneva, Switzerland: The International Center for Money and Banking Studies.Google Scholar
Brunnermeier, Marcus, Krishnamurthy, Arvind, and Gorton, Gary, 2013, “Liquidity Mismatch Measurement,” in Risk Topography: Systemic Risk and Macro Modeling, eds. by Brunnermeier, M.K. and Krishnamurthy, A.. Chicago, IL: NBER/University of Chicago Press: 99112.Google Scholar
Calomiris, Charles W., 2009, “The Subprime Turmoil: What’s Old, What’s New, and What’s Next,” Journal of Structured Finance, 15( 1): 652.CrossRefGoogle Scholar
Cerutti, Eugenio, Claessens, Stijn, and McGuire, Patrick, 2011, “Systemic Risks in Global Banking: What Available Data Can Tell Us and What More Data Are Needed?” in Risk Topography: Systemic Risk and Macro Modeling, ed. by Brunnermeier, M.K. and Krishnamurthy, A.. Chicago, IL: NBER/University of Chicago Press: 235–60.Google Scholar
Čihák, Martin, Demirgüç-Kunt, Aslı, and Johnston, R. Barry, 2013, “Incentive Audits: A New Approach to Financial Regulation,” World Bank Policy Research Working Paper 6308. Washington, DC: World Bank).
Čihák, Martin, Muñoz, Sònia, Sharifuddin, Shakira Teh, and Tintchev, Kalin, 2012, “Financial Stability Reports: What Are They Good For?” IMF Working Paper 12/1. Washington, DC: International Monetary Fund.
Claessens, Stijn, Evanoff, Douglas D., Kaufman, George G., and Kodres, Laura (eds.), 2011, Macro-Prudential Regulatory Policies: The New Road to Financial Stability. New Jersey: World Scientific Studies in International Economics, Pte. Ltd.CrossRefGoogle Scholar
Claessens, Stijn, Evanoff, Douglas D., Kaufman, George G., and Laeven, Luc (eds.), 2014, Shadow Banking Within and Across National Borders. New Jersey: World Scientific Studies in International Economics, Pte. Ltd.Google Scholar
Claessens, Stijn, Ghosh, Swati and Mihet, Roxana, 2013, “Macro-Prudential Policies to Mitigate Financial System Vulnerabilities,” Journal of International Money and Finance, 39: 153–85.CrossRefGoogle Scholar
Claessens, Stijn, and Kose, M. Ayhan 2014, “Financial Crises: Explanations, Types, and Implications,” in Claessens, Stijn, Kose, M. Ayhan, Laeven, Luc, and Valencia, Fabián (eds.), Financial Crises: Causes, Consequences, and Policy Responses, Washington, DC: IMF: 360.Google Scholar
Claessens Stijn, M. Kose, Ayhan, and Terrones, Marco 2010, “The Global Financial Crisis: How Similar? How Different? How Costly?,” Journal of Asian Economics 21: 247–64.Google Scholar
Claessens, Stijn and Ratnovski, Lev, 2013, “What Is Shadow Banking?”
Committee of Payments and Settlement Systems and the Technical Committee of the International Organization of Securities Commissions (CPSS-IOSCO), 2012, “Principles for Financial Market Infrastructures,” April. Basel: Bank of International Settlements.
Crowe, Chris W., Dell’Ariccia, Giovanni, Igan, Deniz, and Rabanal, Pau, 2011, “How to Deal with Real Estate Booms: Lessons from Country Experiences” IMF Working Paper, No. 11/91. Washington, DC: International Monetary Fund.
De Nicolò, Gianni, Favara, Giovanni, and Ratnovski, Lev, 2012, “Externalities and Macroprudential Policy,” IMF Staff Discussion Note 12/05. Washington, DC: International Monetary Fund.
Dell’Ariccia, Giovanni, Igan, Deniz, Laeven, Luc, Tong, Hui (with Bakker, Bas and Vandenbussche, Jerome), 2012, Policies for Macrofinancial Stability: How to Deal with Credit Booms, IMF Staff Discussion Note 12/05. Washington, DC: International Monetary Fund.Google Scholar
Dyck, Alexander, Morse, Adair, and Zingales, Luigi, 2010, “Who Blows the Whistle on Corporate Fraud,” Journal of Finance, 65: 2213–53.CrossRefGoogle Scholar
Eichengreen, Barry, 2002, Financial Crises: And What to Do about Them. Oxford, UK: Oxford University Press.CrossRefGoogle Scholar
Fielding, Eric, Lo, Andrew W., and Yang, Jian Helen, 2011, The National Transportation Safety Board: A Model For Systemic Risk Management, Journal of Investment Management, 9( 1): 1749.Google Scholar
Fostel, Ana and Geanakoplos, John, 2012, “Tranching, CDS and Asset Prices: How Financial Innovation Can Cause Bubbles and Crashes,” American Economic Journal: Macroeconomics, 4(1): 190225.Google Scholar
Fostel, Ana and Geanakoplos, John, 2013, “Reviewing the Leverage Cycle,” Working paper, George Washington University, September,
FSB (Financial Stability Board), 2011, “Key Attributes of Effective Resolution Regimes for Financial Institutions,” October,
FSB (Financial Stability Board), 2012, “Strengthening Oversight and Regulation of Shadow Banking.” Consultative Document.
FSB (Financial Stability Board), 2013a, Progress and Steps Toward Ending “Too-Big-To-Fail” (TBTF), Report to the G20, September 2, 2013,
FSB (Financial Stability Board), 2013b, Sixth Progress report on OTC Derivatives Reform Implementation, September 2,
FSB-IMF, September 2013, Fourth Progress report on Data Gap Initiative, Washington, DC.
FSF (Financial Stability Forum), 2009, Principles for Sound Compensation Practices, April 2, 2009,
Fullenkamp, Connel and Sharma, Sunil, 2012, “Good Financial Regulation: Changing the Process is Crucial,” International Centre for Financial Regulation/Financial Times Essay, February 7.
Geanakoplos, John, 2010, “The Leverage Cycle,” in Acemoglu, D., Rogoff, K. and Woodford, M. (eds.), NBER Macroeconomic Annual 2009, vol. 24, Chicago, IL: University of Chicago Press: 165.Google Scholar
Genotte, Gerard, and Pyle, David H., 1991, Capital Controls and Bank Risk, Journal of Banking and Finance, 15: 805–24.Google Scholar
Haldane, Andrew G. and Madouros, Vasileios. 2012. “The Dog and the Frisbee.” Speech at the Federal Reserve Bank of Kansas City’s 36th economic policy symposium, “The Changing Policy Landscape,” Jackson Hole, Wyoming, August 31.
Heath, R., 2013, “Why Are the G-20 Data Gaps Initiative and the SDDS Plus Relevant for Financial Stability Analysis?” IMF Working Paper 13/6. Washington, DC: International Monetary Fund.
International Monetary Fund, 2008, “Fair Value Accounting and Procyclicality,” Chapter 3 in the Global Financial Stability Report. Washington, DC: International Monetary Fund.
International Monetary Fund, 2009, “Restarting Securitization Markets: Policy Proposals and Pitfalls,” Chapter 2 in the Global Financial Stability Report. Washington, DC: International Monetary Fund.
International Monetary Fund, 2010, “The Uses and Abuses of Sovereign Credit Ratings,” Chapter 2 in the Global Financial Stability Report. Washington, DC: International Monetary Fund.
International Monetary Fund, 2011, “Towards Operationalizing Macroprudential Policies: When to Act?” Chapter 3 in Global Financial Stability Report. Washington, DC: International Monetary Fund.
International Monetary Fund, 2012a, “Macrofinancial Stress Testing—Principles and Practices.” Washington, DC: International Monetary Fund.
International Monetary Fund, 2012b, “The Key Attributes of Effective Resolution Regimes for Financial Institutions— Progress to Date and Next Steps.” Washington, DC: International Monetary Fund.
International Monetary Fund, 2013a, “Key Aspects of Macroprudential Policy,” Board paper. Washington, DC: International Monetary Fund.
International Monetary Fund, 2013b, “Key Aspects of Macroprudential Policy – Background paper.” Washington, DC: International Monetary Fund.
International Monetary Fund, 2014, “Global Financial Stability Report, Chapter 3 – How big is the implicit subsidy given to too-important-to-fail banks?,” forthcoming April. Washington, DC: International Monetary Fund.
Jiménez, Gabriel, Ongena, Steven, Peydró, José Luis, and Saurina, Jesús, 2012, “Macroprudential Policy, Countercyclical Bank Capital Buffers and Credit Supply: Evidence from the Spanish Dynamic Provisioning Experiments,” Barcelona GSE Working Paper No. 628.
Kiff, John, and Kisser, Michael, 2010, “Asset Securitization and Optimal Retention,” IMF Working Paper 10/74. Washington, DC: International Monetary Fund.
Kiff, John, Kisser, Michael, and Schumacher, Liliana, 2013, “The Effects of Through-the-cycle Rating Methodology,” IMF Working Paper 13/64. Washington, DC: International Monetary Fund.
Kindleberger, Charles, 1978, Manias, Panics, and Crashes: A History of Financial Crises, New York: Basic Books, revised and enlarged, 1989, 3rd ed. 1996.CrossRefGoogle Scholar
Kiyotaki, Nobuhiro and Moore, John, 1997, “Credit Cycles,” Journal of Political Economy, 105: 211–48.CrossRefGoogle Scholar
Kodres, Laura, 2013, “Data Needed for Macroprudential Policymaking,” in Brose, Margarita S., Flood, Mark D., Krishna, Dilip, and Nicholls, Bill (eds.), The Handbook of Financial Data and Risk Information (Cambridge: Cambridge University Press): 566–92.Google Scholar
Lim, Cheng-Hoon, Columba, F., Costa, A., Kongsamut, P., Otani, A., Saiyid, M., Wezel, T., and Wu, X., 2011, “Macroprudential Policy: What Instruments and How to Use Them, Lessons from Country Experiences,” IMF Working Paper 11/238. Washington, DC: International Monetary Fund.
Macroeconomic Assessment Group (MAG, formed by Basel Committee on Banking Supervision and the Financial Stability Board), 2010. “Assessing the macroeconomic impact of the transition to stronger capital and liquidity requirements – Interim Report,” at
MAG on Derivatives, 2013 “Macroeconomic Impact Assessment of OTC Derivatives Regulatory Reforms,” August. Basel: Bank of International Settlements.
Nier, Erlend W., Osiński, Jacek, Jácome, Luis I., and Madrid, Pamela, 2011, “Institutional Models for Macroprudential Policy,” IMF Staff Discussion Note 11/18 and Working Paper 11/250. Washington, DC: International Monetary Fund.
Omarova, Saule T., 2010, “Rethinking the Future of Self-Regulation in the Financial Industry,” Brooklyn Journal of International Law, 35(3): 665706,Google Scholar
Osiński, Jacek, Seal, Katharine, and Hoogduin, Lex, 2013, “Macroprudential and Microprudential Policies: Towards Cohabitation,” IMF Staff Discussion Note 13/05. Washington, DC: International Monetary Fund.
Partnoy, Frank, 2010, “Overdependence on Credit Ratings Was a Primary Cause of the Crisis,” in Mitchell, Lawrence and Wilmarth, Arthur (eds.), The Panic Of 2008: Causes, Consequences, and Implications for Reform. Northhampton, MA: Edward Elgar Press: 116–31.Google Scholar
Reinhart, Carmen, and Rogoff, Kenneth, 2009, This Time is Different: Eight Centuries of Financial Folly. Princeton, NJ: Princeton University Press.Google Scholar
Reinhart, Carmen, and Rogoff, Kenneth, 2013, “Banking Crises: An Equal Opportunity Menace,” Journal of Banking and Finance, 37(11): 4557–73.CrossRefGoogle Scholar
Santos, André Oliveira, and Elliott, Douglas, 2012, “Estimating the Costs of Financial Regulation,” Staff Discussion Note12/11, IMF. September. Washington, DC.
Saurina, Jesús, 2009, Loan Loss Provisions in Spain. A Working Macro-Prudential Tool. Revista de Estabilidad Financiera, 17: 1126.Google Scholar
Severo, Tiago, 2012, “Measuring Systemic Liquidity Risk and the Cost of Liquidity Insurance,” IMF Working Paper 12/194. Washington, DC: International Monetary Fund.
Ueda, Kenichi, and di Mauro, Beatrice Weder, 2012, “Quantifying Structural Subsidy Values for Systemically Important Financial Institutions,” IMF Working Paper 12/128. Washington, DC.
Viñals, José, Fiechter, Jonathan, Pazarbasioglu, Ceyla, Kodres, Laura, Narain, Aditya, and Moretti, Marina, 2010, “Shaping the New Financial System,” Staff Position Note, 10/15. Washington, DC: International Monetary Fund.
Weil, David, Fung, Archon, Graham, Mary, and Fagotta, Elena, 2006, “The Effectiveness of Regulatory Disclosure Policies,” Journal of Policy Analysis and Management, 25( 1): 155–81.CrossRefGoogle Scholar
Wellink, A.H.E.M, 2009, “The Future of Supervision,” Speech given at a FSI High Level Seminar, Cape Town, South Africa, January 29,
World Bank, 2013, Global Financial Development Report, Rethinking the Role of the State in Finance, Washington, DC: World Bank.

Save book to Kindle

To save this book to your Kindle, first ensure is added to your Approved Personal Document E-mail List under your Personal Document Settings on the Manage Your Content and Devices page of your Amazon account. Then enter the ‘name’ part of your Kindle email address below. Find out more about saving to your Kindle.

Note you can select to save to either the or variations. ‘’ emails are free but can only be saved to your device when it is connected to wi-fi. ‘’ emails can be delivered even when you are not connected to wi-fi, but note that service fees apply.

Find out more about the Kindle Personal Document Service.

Available formats

Save book to Dropbox

To save content items to your account, please confirm that you agree to abide by our usage policies. If this is the first time you use this feature, you will be asked to authorise Cambridge Core to connect with your account. Find out more about saving content to Dropbox.

Available formats

Save book to Google Drive

To save content items to your account, please confirm that you agree to abide by our usage policies. If this is the first time you use this feature, you will be asked to authorise Cambridge Core to connect with your account. Find out more about saving content to Google Drive.

Available formats