Since the summer of 2007, credit markets in almost all industrial
countries have been in substantial turmoil and this has become the
focus of intense policy debates. The papers in this volume are
contributed by the world's leading financial experts and constitute
a thorough examination of the first credit market turmoil of the
21st Century. They provide an overview of the main causes,
transmission mechanisms and economic implications of what by now
has become a major systemic financial crisis. They assess the most
important policy considerations and conclude about how to stabilize
financial systems, attenuate repercussions on the real economy and
shape future regulatory structures. The analyses, conclusions, and
recommendations can be expected to influence both public and
private policies to mitigate, if not prevent, such crises in the
future.
General
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