The present financial crisis poses two main questions: whether
it is similar to past crises and how central banks should
intervene to preserve the stability of the system. Bagehot,
central banking, and the financial crisis Xavier Vives, 31 March
2008 The Need for an Emergency Bank Debt Insurance Mechanism
Javier Suarez, 27 March 2008 The so-called subprime crisis that
started in the Summer of 2007 has created an unprecedented
situation in global money markets. Essentially all market means
for the short and medium term financing of banks (from
traditional interbank deposits to the most ingenious forms of
securitization) exhibit large spreads and shrunk volumes of
transactions. Lessons from Northern Rock: Banking and shadow
banking Willem Buiter, 4 March 2008 Two highly readable reports
on the lessons learnt from the Northern Rock debacle have been
published recently. The first is the Treasury Committee Report
The Run on the Rock published on January 26. Not (Yet) a `Minsky
Moment' Charles W Calomiris, 23 Novem