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dated)
Stephen G. Cecchetti
An extensive but benign crisis? 73
Tommaso Monacelli
Not (yet) a ‘Minsky moment’ 77
Charles W. Calomiris
A B & B future for subprime borrowers? 85
Willem Buiter
Double counting 101: the useful distinction between inside 91
and outside assets
Willem Buiter
Bagehot, central banking and the financial crisis 99
X. Vives
The financial crisis: why it may last 103
Angel Ubide
Fallout from the credit crunch 107
Dennis J. Snower
Four mega-dangers international financial markets face 109
Dennis J. Snower
Federal Reserve policy responses to the crisis of 2007–8: 113
a summary
Stephen G. Cecchetti
While the ECB ponders, the Fed moves – and cleverly at that 117
Charles Wyplosz
vi The First Global Financial Crisis of the 21st Century
Section 3 What Can Be Done? 119
The subprime crisis: Who pays and what needs fixing 121
Marco Onado
Filling the information gap 125
Alberto Giovannini and Luigi Spaventa
Lessons from the North Atlantic financial crisis 129
Willem Buiter
Lessons from Northern Rock: banking and shadow 133
banking
Willem Buiter
Lessons from Northern Rock: how to handle failure 137
Willem Buiter
Ratings agency reform 145
Richard Portes
How to avoid further credit and liquidity confidence crises 151
Guillermo de la Dehesa
The inappropriateness of financial regulation 155
Avinash Persaud
There is more to central banking than inflation targeting 159
Paul De Grauwe
Can monetary policy really be used to stabilize asset prices? 163
Katrin Assenmacher-Wesche and Stefan Gerlach
A missed opportunity for the Fed 167
Willem Buiter and Anne Sibert
The central bank as the market-maker of last resort: 171
from lender of last resort to market-maker of last resort
Willem Buiter and Anne Sibert
Avoiding disorderly deleveraging 179
Luigi Spaventa
Chronology 183
Glossary 191
Contents vii

ix
This book is a selection of VoxEU.org columns that deal with the subprime crisis.
VoxEU.org is a portal for research-based policy analysis and commentary written
by leading economists. It was launched in June 2007 with the aim of enriching the
economic policy debate by making it easier for serious researchers to contributeand to make their contributions more accessible to the public.
The subprime crisis, which boiled over in August 2007, was the perfect showcasefor Vox’s unique approach. Mainstream media’s explanations of it as a liquiditycrisis did not seem to fit the facts. How could a few deadbeat homeowners in theUnited States bring down a German Landesbank,force a restructuring on a majorFrench bank, and compel the Fed and the European Central Bank (ECB) to undertake
emergency injections of cash? The story was surely deeper than a standard-issuecredit problem.
Starting on 13 August 2007, Vox posted a slew of columns by economists whoreally knew what they were talking about and were willing to explain the crisis interms that any trained economist could understand. Mainstream media’s limits (800words written for the average newspaper reader) just did not work for an event ofthis complexity. Vox provided commentators with the space to explain the situationusing standard economic terminology. It raised the level of the public debate andthis attracted researchers who had also been at the cutting edge of policy-making,such as: Willem Buiter (professo本论文由英语论文网提供整理，提供论文代写，英语论文代写，代写论文，代写英语论文，代写留学生论文，代写英文论文，留学生论文代写相关核心关键词搜索。