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1、TheCreditCrunchof2007-2008:ADiscussionoftheBackground,MarketReactions,andPolicyResponsesPaulMizenThispaperdiscussestheeventssurroundingthe2007-08creditcrunch.Ithighlightstheperiodofexceptionalmacrostability,theglobalsavingsglut,andfinancialinnovationinmortgage-backedsecuritiesastheprecursorst
2、othecrisis.Thecreditcrunchitselfoccurredwhenhousepricesfellandsubprimemortgagedefaultsincreased.Theseeventscausedinvestorstoreappraisetherisksofhigh-yieldingsecurities,bankfailures,andsharpincreasesinthespreadsonfundsininterbankmarkets.Thepaperevaluatestheactionsoftheauthoritiesthatprovidedli
3、quiditytothemarketsandfailingbanksandindicatesareaswhereimprovementscouldbemade.Similarly,itexaminestheregulationandsupervisionduringthistimeandarguestheneedforchangestoavoidfuturecrises.(JELE44,G21,G24,G28)FederalReserveBankofSt.LouisReview,September/October2008,90(5),pp.531-67.heconceptofa“
4、creditcrunch”hasathatthephrase“creditcrunch”hasbeenusedlonghistoryreachingasfarbackastheinthepasttoexplaincurtailmentofthecreditTGreatDepressionofthe1930s.1Bensupplyinresponsetoboth(i)adeclineintheBernankeandCaraLown’s(1991)classicvalueofbankcapitaland(ii)conditionsimposedarticleonthecreditcr
5、unchintheBrookingsbyregulators,banksupervisors,orbanksthem-Papersdocumentsthedeclineinthesupplyofselvesthatrequirebankstoholdmorecapitalcreditforthe1990-91recession,controllingforthantheypreviouslywouldhaveheld.thestageofthebusinesscycle,butalsoconsidersAmilderversionofafull-blowncreditcrunch
6、fivepreviousrecessionsgoingbacktothe1960s.issometimesreferredtoasa“creditsqueeze,”Thecombinedeffectoftheshortageoffinancialandarguablythisiswhatweobservedin2007capitalanddecliningqualityofborrowers’finan-andearly2008;thetermcreditcrunchwasalreadycialhealthcausedbankstocuttheloansupplyinusewel
7、lbeforeanyseriousdeclineincreditinthe1990s.ClairandTucker(1993)documentsupplywasrecorded,however.Atthattimetheeffectswererestrictedtoshortageofliquidityin1Thetermisnowofficiallypartofthelanguageasoneofseveralmoneymarketsandeffectiveclosureofc
