This paper takes the view that a major contributing factor to the financial crisis of 2008 was a failure to correctly … assess and price the risk of default. In order to analyse default risk in the macroeconomy, a simple general equilibrium … model with banks and financial intermediation is constructed in which default-risk can be priced. It is shown how the credit …

The paper analyses and compares the role that the tightening in liquidity conditions and the collapse in risk appetite … played for the global transmission of the financial crisis. Dealing with identification and the large dimensionality of the … shocks have had a more severe impact on advanced economies, it was mainly the decline in risk appetite that affected emerging …

often argued that first- and second-generation literature have not been able to explain the crisis in East Asia (1997 … the explanatory power of these models in the case of the Asian crisis. …

systemic Asian crisis, as the IMF’s First Deputy Managing Director from September 1994 to August 2001. And then, as governor of … an emerging economy’s central bank starting in May 2005, he decided the monetary responses to the worldwide crisis of … storm of 2008-09? How have economists’ views, and Fischer’s, changed as a result of the global financial crisis? In this …

We document that the global scope and depth of the crisis the began with the collapse of the subprime mortgage market …

In broad perspective, there have been essentially two competing views of the global financial crisis, albeit there are …