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The First Global Financial Crisis of the 21st Century
A VoxEU.org Publication
Centre for Economic Policy Research (CEPR)
Centre for Economic Policy Research
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© June 2008 Centre for Economic Policy Research
British Library Cataloguing in Publication Data
A catalogue record for this book is available from the British Library
ISBN: 978-0-9557009-3-4
Edited by Andrew Felton and Carmen Reinhart
The First Global Financial Crisis
of the 21st Century
A VoxEU.org Publication
Centre for Economic Policy Research (CEPR)
The Centre for Economic Policy Research is a network of over 700 Research Fellows and
Affiliates, based primarily in European universities. The Centre coordinates the researchactivities of its Fellows and Affiliates and communicates the results to the public and privatesectors. CEPR is an entrepreneur, developing research initiatives with the producers,
consumers and sponsors of research. Established in 1983, CEPR is a European economicsresearch organization with uniquely wide-ranging scope and activities.The Centre is pluralist and non-partisan, bringing economic research to bear on the analysisof medium- and long-run policy questions. CEPR research may include views on policy, butthe Executive Committee of the Centre does not give prior review to its publications, andthe Centre takes no institutional policy positions. The opinions expressed in this report arethose of the authors and not those of the Centre for Economic Policy Research.CEPR is a registered charity (No. 287287) and a company limited by guarantee and registered
in England (No. 1727026).Chair of the Board Guillermo de la Dehesa
President Richard Portes
Chief Executive Officer Stephen YeoResearch Director Mathias Dewatripont
Policy Director Richard Baldwin
Preface ix
Introduction 1
Section 1 Why Did the Crisis Happen? 5
The relationship between the recent boom and the current 7delinquencies in subprime mortgagesGiovanni Dell’Ariccia, Deniz Igan and Luc Laeven
Why bank risk models failed 11
Avinash Persaud
Blame the models 13
Jon Danielsson
The subprime crisis: observations on the emerging debate 17
Charles WyploszThe subprime series, part 1: Financial crises are not 21
going away
Stephen G. Cecchetti
The subprime series, part 2: Deposit insurance and the 25
lender of last resort
Stephen G. Cecchetti
The subprime series, part 3: Why central banks should be 29financial supervisors
Stephen G. Cecchetti
The subprime series, part 4: Does well-designed monetary 33
policy encourage risk- taking?
Stephen G. Cecchetti
The subprime crisis: Greenspan’s Legacy 37
Tito Boeri and Luigi Guiso
The impact of short-term interest rates on risk-taking: 41
hard evidence
Vasso P. Ioannidou, Steven Ongena and Jose Luis Peydró
Why did bank supervision fail? 45
Guido Tabellini
Contents
The subprime crisis and credit risk transfer: 49
something amiss
Luigi Spaventa
The crisis of 2007: some lessons from history 51
Michael D. Bordo
Reflections on the international dimensions and policy 55
lessons of the US subprime crisis
Carmen Reinhart
Section 2 How Is the Crisis Unfolding? 61
Federal Reserve policy actions in August 2007: 63
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