Financial system and macroeconomic resilience: revisited
BIS Papers No 53
On 25-26 June 2009, the BIS held its Eighth Annual Conference on "Financial system and macroeconomic resilience: revisited" in Basel, Switzerland. The event brought together senior representatives of central banks and academic institutions who exchanged views on this topic. This volume contains the opening address of Stephen Cecchetti (Economic Adviser, BIS) and the contributions of the policy panel on "Lessons learned from the financial crisis". The participants in the policy panel discussion, chaired by Jaime Caruana (General Manager, BIS), were William Dudley (Federal Reserve Bank of New York), Masaaki Shirakawa (Bank of Japan) and Nout Wellink (The Netherlands Bank). The papers presented at the conference and the discussants' comments are released as BIS Working Papers 301 to 306.
The individual research papers and the discussants' comments presented at this conference are published as BIS Working Papers:
Financial intermediation and the post-crisis financial system, BIS Working Papers No 304
by Hyun Song Shin
Comments by José Viñals
Fear of fire sales and the credit freeze, BIS Working Papers No 305
by Douglas W Diamond and Raghuram G Rajan
Accompanied by a note by RG Rajan on how to deal with financial institutions that are "too systemic to fail".
Household decisions, credit markets and the macroeconomy: implications for the design of central bank models, BIS Working Papers No 306
by John Muellbauer
Comments by Dr A E Bollard and Dr Kirdan Lees