The financial crisis has triggered a strong resolve on the part of market participants, authorities and rule-makers to prevent a recurrence of the events that brought our financial system, indeed our economies close to the point of collapse two years ago. Josek Ackermann thinks that the collective efforts of all who have been [...]
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Posted on November 14th, 2010
Posted on November 8th, 2010
The authors investigate the role of liquidity shocks in financial crises by examining funding sources and asset sales at commercial banks, investment banks, and hedge funds. Theory predicts that as liquidity dries up in the capital markets, financial institutions that use short-term funding will be forced to sell assets at fire sale prices. [...] Posted on August 29th, 2010
This book presents a novel approach to the reform of the world’s financial system, starting with the basic question, what is a financial system for? It shows that the existing system has become far more complicated than it needs to be to discharge its functions – and dangerously unstable into the bargain. It [...] 1 pages
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