Broos, Menno; Carlier, Krit; Kakes, Jan; Klaaijsen, Eric - de Nederlandsche Bank - 2012
When the financial crisis erupted in 2007, it quickly became clear that many vulnerabilities had built up in the system, unnoticed by the financial authorities. Assets that had been considered safe proved to be risky and illiquid, the level and spread of risks were unclear and many market...