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Additional resources for Capitalism Without Capital (Palgrave Macmillan Studies in Banking and Financial Institutions)

Sample text

Bankers and plenty of investors had significantly underestimated both the breadth and the depth of the credit bubble, as well as its consequences. Many decisions made in boardrooms away from the market place rewarded financial manipulation instead of sound business practices. Excesses, greed, and corruption on Wall Street passed on to the European landscape, causing a situation affecting every citizen. Just as pervasively, market sentiment was becoming depressed. A September 2008 poll of global fund managers by Merrill Lynch found risk appetite to be at its lowest level in over a decade.

32 Money Sources of risk can also materialize through turbulence in financial markets, infrastructural reasons, and the aftermaths of failure of one or more major counterparties that propagate through the system. The macro-prudential studies of ECB also include a number of forward-looking indicators, aiming at capturing expected outlook for key institutions over the short to medium term. An example is the distance to default of the major players in the banking sector. Among key factors in assessing possible external macroeconomic sources of risk are market fragility and the prevailing situation of the banking system.

1 The Washington conference’s communiqué (Chapter 9) reflected on this statement. Under the heading “Actions Taken And To Be Taken,” it stated that: “Against this background of deteriorating economic conditions worldwide, we the 21 participating nations agreed that a broader policy response is needed, based on closer macroeconomic cooperation . ” It also brought into the picture the IMF, “given its universal membership and core macrofinancial expertise . ”2 This has been a sensible approach because the deep banking and credit crisis of 2008/2009 has practically hit all countries.

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