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Credit Crises of Central Banks: Future Risks

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The New School

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Partner:: New School
Location:: The New School
New York, NY
Event Date:: 02.12.08
Speakers:: Bob Kerrey,; Salih Neftci
Tags:: banking; finance; credit bubble; financial services; financial crisis

Summary: Global Finance - Credit Crises of Central Banks: Future Risks with Salih Neftci.

The crisis of summer 2007 involved hugely successful financial instruments and new markets. These were from the credit sector, which has been the center of financial innovation since 2000. How did such liquid markets and successful instruments create so much volatility all of a sudden? Financial engineering explanations of this puzzle have been put forward, but the real answer lies not in finance but in monetary policy.

In this talk, presented by Bob Kerrey, President of The New School, Professor Salih Neftci, director of the Global Finance master's program at The New School for Social Research, discusses these major innovations and the way monetary policy has shaped the dynamics of this crisis - The New School

Bio

Bob Kerrey

Bob Kerrey is president of The New School in New York City.

For twelve years prior to becoming president of The New School, Bob Kerrey represented the State of Nebraska in the United States Senate. Before that, he served as Nebraska's governor for four years.

Bob Kerrey is the author of When I Was A Young Man: A Memoir, published by Harcourt Books (May 2002). He served as a member of the National Commission on Terrorist Attacks upon the United States, currently leads a five year writing challenge sponsored by The National Commission on Writing in America's Schools and Colleges, and is co-chair with Newt Gingrich of The National Commission for Quality Long-Term Care.

Salih Neftci

Salih Neftci teaches courses on financial economics at the Graduate Faculty at The New School, and is involved in several research groups at the Center for Economic Policy. He is currently at the Graduate School of City University of New York and also has teaching assignments at HEC, Lausanne University. Professor Neftci is the Head of FAME Certificate program and is a visiting professor at the ISMA Centre, Reading University. He is a leading faculty in courses directed towards advanced market professionals.

Chapters

: Watch Full Program

01 hr 20 min 10 sec

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01.: Introduction

03 min 22 sec

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02.: Global Finance

04 min 26 sec

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03.: The Credit Crisis

05 min 45 sec

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04.: Credit Index Trading

04 min 29 sec

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05.: Selling Mortgage Risk

04 min 38 sec

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06.: Purpose of the Banking System

04 min 23 sec

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07.: Forming a Company

03 min 29 sec

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08.: Paying Investors

05 min 53 sec

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09.: Repo Markets

06 min 00 sec

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10.: Defaulting on Loans

05 min 05 sec

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11.: Reasons for the Financial Crisis

05 min 27 sec

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12.: Paying for the Financial Crisis

01 min 19 sec

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13.: Getting out of the Financial Crisis

04 min 40 sec

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14.: Q & A

00 min 15 sec

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15.: Q1: Monolines

02 min 24 sec

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16.: Q2: Rating Agencies

01 min 51 sec

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17.: Q3: Banks Profiting

02 min 19 sec

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18.: Q4: Interest Rate History

05 min 26 sec

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19.: Q5: Securitization

01 min 56 sec

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20.: Q6: Regulatory Approach

04 min 52 sec

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21.: Q7: Bad Intentions

01 min 50 sec

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: Watch Full Program

01 hr 20 min 10 sec

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The Complexities of the U.S. Credit Crisis

03 min 38 sec

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Salih Neftci delivers an unsettling insight into the alarmingly complex credit crisis in the United States.
Fixing the Credit Crisis in the U.S.

03 min 11 sec

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Salih Neftci suggests how the United States can get out of its current credit crisis.
Watch Full Program

01 hr 20 min 10 sec

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Encyclopædia Britannica Article

central bank: Institution, such as the U.S. Federal Reserve System, charged with regulating the size of a nation's money supply, the availability and cost of credit, and the foreign exchange value of its currency (see foreign exchange). Central banks act as the fiscal agent of the government, issuing notes to be used as legal tender, supervising the operations of the commercial banking system, and implementing monetary policy. By increasing or decreasing the supply of money and credit, they affect interest rates, thereby influencing the economy. Modern central banks regulate the money supply by buying and selling assets (e.g., through the purchase or sale of government securities). They may also raise or lower the discount rate to discourage or encourage borrowing by commercial banks. By adjusting the reserve requirement (the minimum cash reserves that banks must hold against their deposit liabilities), central banks contract or expand the money supply. Their aim is to maintain conditions that support a high level of employment and production and stable domestic prices. Central banks also take part in cooperative international currency arrangements designed to help stabilize or regulate the foreign exchange rates of participating countries. Central banks have become varied in authority, autonomy, functions, and instruments of action, but there has been consistent increased emphasis on the interdependence of monetary and other national economic policies, especially fiscal policies and debt management policies. See also bank; investment bank; savings bank.; central bank on britannica.com