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The financial crisis : toward an explanation and policy response. 2008 annual report of the Federal Reserve Bank of Richmond

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  • Aaron Steelman
  • John A. Weinberg

Abstract

This year's article was co-authored by Aaron Steelman, director of publications, and John A. Weinberg, senior vice president and director of research. The authors discuss the key events of the financial crisis, examine which factors contributed to it, and consider how policymakers might most effectively respond. At the core of their discussion is the role that explicit and implicit government guarantees played in encouraging unwise risk-taking by financial institutions.

Suggested Citation

  • Aaron Steelman & John A. Weinberg, 2008. "The financial crisis : toward an explanation and policy response. 2008 annual report of the Federal Reserve Bank of Richmond," Annual Report, Federal Reserve Bank of Richmond, pages 4-19.
    • Handle: RePEc:fip:fedrar:y:2008:p:4-19
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    References listed on IDEAS

    as
    1. Douglas W. Diamond & Philip H. Dybvig, 2000. "Bank runs, deposit insurance, and liquidity," Quarterly Review, Federal Reserve Bank of Minneapolis, vol. 24(Win), pages 14-23.
    2. repec:cto:journl:v:21:y:2002:i:3:p:369-393 is not listed on IDEAS
    3. Marvin Goodfriend & Robert G. King, 1988. "Financial deregulation, monetary policy, and central banking," Economic Review, Federal Reserve Bank of Richmond, vol. 74(May), pages 3-22.
    4. Nadezhda Malysheva & John R. Walter, 2010. "How large has the federal financial safety net become?," Economic Quarterly, Federal Reserve Bank of Richmond, vol. 96(3Q), pages 273-290.
    5. Harold L. Cole & Lee E. Ohanian, 2004. "New Deal Policies and the Persistence of the Great Depression: A General Equilibrium Analysis," Journal of Political Economy, University of Chicago Press, vol. 112(4), pages 779-816, August.
    6. Franklin R. Edward, 1999. "Hedge Funds and the Collapse of Long-Term Capital Management," Journal of Economic Perspectives, American Economic Association, vol. 13(2), pages 189-210, Spring.
    7. Thomas M. Humphrey, 1989. "Lender of last resort: the concept in history," Economic Review, Federal Reserve Bank of Richmond, vol. 75(Mar), pages 8-16.
    Full references (including those not matched with items on IDEAS)

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    Keywords

    Risk; Financial crises;

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