2008 Financial Crisis: A Ten-Year Review
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“Opening Remarks,” Raghu Sundaram, dean of the NYU Stern School of Business
Sundaram opens the conference by recalling the events of the Great Financial Crisis (GFC). “That whole period,” he says, “every month, every day, was a period of wonder at what is happening in financial markets.” With each new development...
“Introduction to the Annual Review of Financial Economics,” Andrew Lo, MIT
Lo presents a history of Annual Reviews, particularly the "Annual Review of Financial Economics," which he co-edits with Robert Merton, and he discusses his own analysis of scholarship on the financial crisis.
“Deglobalization: The Rise of Disembedded Unilateralism,” Harold James, Princeton University
James leads off his presentation with a Game of Thrones reference: “Winter is coming.” He sees the financial crisis as having initiated the dismantling of the post-World War II Bretton Woods consensus of embedded liberalism, in which peace and ...
"Trust and the Future of Finance," Robert C. Merton, MIT
The financial crisis led to a loss of trust in providers, regulators, and financial innovation among consumers, Merton observes. Some have proposed technology can stand in for trust, but he says fintech cannot create trust or succeed without it..
“Architecture and Stability of the Financial System,” Franklin Allen and Ansgar Walther, Imperial College
Many different aspects of financial architecture have been associated with assorted financial stability issues, Allen says. These include the exchange rate system with currency and sovereign debt crises; financial market structures with stock...
“Financial Crises,” Gary Gorton, Yale
“Financial crises are not rare,” Gorton says, noting that 147 systemic events have occurred since 1970. They generally come about when people no longer believe their banks are safe and thus want their money en masse, creating a run on the banks...
“Accounting Issues That Impact Financial Stability,” Stephen Ryan, NYU
“Bank financial reporting requirements and practices affect financial stability,” Ryan says. “But these effects are often misunderstood, overstated, or otherwise mischaracterized.” Ryan discusses the three main bank financial reporting areas ...
“Deregulating Wall Street,” Kim Schoenholtz, NYU
Discussing topics from the paper he co-authored with Matthew Richardson and Lawrence White, Schoenholtz considers the strengths and weaknesses of Dodd–Frank financial regulations and the efforts to scale back the legislation. He outlines five key ...
“Causes and Consequences of Mortgage Defaults,” Christopher Foote, Federal Reserve Bank of Boston
Foote discusses his joint paper with Paul Willen, which explores the connections among the housing cycle, the recession, and mortgage defaults. A chief area of focus is the relationship among underwater mortgages, adverse life events, and defaults.