presents a case that there were four primary failures contributing to the crisis: excessive risk-taking in the financial sector … due to mispriced government guarantees; regulatory focus on individual institution risk rather than systemic risk; opacity …

case that there were four primary failures contributing to the crisis: excessive risk-taking in the financial sector due to … mispriced government guarantees; regulatory focus on individual institution risk rather than systemic risk; opacity of positions …

long exposures to sovereign risk during this period. Lower loan exposure to sovereign risk is associated with greater … protection selling in CDS, the effect being weaker when sovereign risk is high. Bank and country risk variables are mostly not … building a complete picture and understanding fully the economic drivers of the bank-sovereign nexus of risk. …