The financial turmoil of 2007-?
April 23, 2008 3:31 PM Subscribe
The financial turmoil of 2007-?: a preliminary assessment and some policy considerations
(pdf) "All episodes of financial distress of a systemic nature, with potentially significant implications for the real economy, arguably have at their root an overextension in risk-taking and in balance sheets in good times, masked by the veneer of a vibrant economy. This overextension generates financial vulnerabilities that are clearly revealed only once the economic environment becomes less benign, in turn contributing to its further deterioration."
A scholarly, sane, relatively brief, accessible-to-the-layperson, and mostly apolitical look at the current turmoil.