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For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: As I walked away from the podium after being roundly criticized by a number of luminaries with a few notable exceptionsI felt some unease.
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More services and features. If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. Incentives were horribly skewed in the financial sector, with workers reaping rich rewards for making money but being only lightly penalized for losses, Mr.
Rather it was because the critics seemed to be ignoring what was going on before their eyes.
By Grant Hildebrand ; foreword by Glenn Murcutt.
General contact details of provider: I did not, however, foresee the reaction from the normally polite conference audience. Rajan also argued that because banks were holding a portion of the credit securities they created on their books, if those securities ran into trouble, the banking system itself would be at risk.
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How Hidden Fractures Still Threaten The World Economy
I exaggerate only a bit when I say I felt like an early Christian who had wandered into a convention of half-starved lions. It was not caused by the criticism itself, for one develops a thick skin after years of lively debate in faculty seminars: If you have authored this item and are not yet registered with RePEc, we encourage you to do it here.
That encouraged financial firms to invest in complex products, with potentially big payoffs, which could on occasion fail spectacularly. It also allows you to accept potential citations to this item that we are uncertain about. Banks would lose confidence in one another, he said.
He said insurers and others were generating big returns selling these swaps with the appearance of taking on little risk, even though the pain could be immense if defaults actually occurred.