Governments as Investors of Last Resort Credit Crisis Comparative Case Studies
Related Working Paper
Featured Working Papers
The Private Use of Credit Ratings: Evidence from Investment Mandates
Investment mandates determine how more than $7tn of fixed income assets are managed by mutual funds in the US. Using textual analysis, we measure the use of credit ratings in fixed income mutual fund investment mandates. The use of ratings to...Read more
Understanding Bank Payouts during the Crisis of 2007-2009
We provide an extensive analysis of the payout policy of U.S. banks during the crisis to examine potential risk-shifting and signaling motives of banks. We estimate an empirical model of bank payouts to assess the extent to which changes in...Read more
Network-Sensitive Financial Regulation
Shocks that hit part of the financial system, such as the subprime mortgage market in 2007, can propagate through a complex network of interconnections among financial and non-financial institutions. As the financial crisis of 2007-2009 has shown...Read more
Accounting for Financial Stability: Lessons from the Financial Crisis and Future Challenges
This paper investigates what we can learn from the financial crisis about the link between accounting and financial stability. The picture that emerges ten years after the crisis is substantially different from the picture that dominated the...Read more