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The Credit Crisis

其他書名	Lessons from a Protracted 'Peacetime'
出版	SSRN, 2008
URL	http://books.google.com.hk/books?id=gVHgzwEACAAJ&hl=&source=gbs_api

註釋A key message from Paul Tucker's remarks is that the stresses and risks that currently affect the financial system were built up during a protracted 'peacetime'. The financial community and the authorities should not lose sight of that when 'peacetime' is eventually regained. As part of this the authorities should take an interest in the regimes which govern and drive changes in the structure and behaviour of the financial system. And policies should be developed to contain or head off the risk of systemic problems in the first place. The crisis has exposed issues with elements of the armoury available to the authorities. First, the conjunctural environment has tested what had been a creeping orthodoxy that monetary policy can effectively cushion the economy from the bursting of asset price bubbles. Second, the stigmatisation of central bank premium-rate standing facilities has disturbed part of what Tucker describes as a 'de facto' Social Contract between the banking system and the authorities. Innovation and permanent reforms in the area of liquidity insurance will be needed to redress that. Finally, policymakers need to consider ways in which the international and domestic credit cycle can in future be tamed, whether by macro or micro tools.