The most recent global financial crisis, characterized as a liquidity crunch, began in the U.S. in late 2007 and quickly spread to other countries. The rapid propagation of the liquidity shock and the severe effects of the crisis on stock market performance have raised several important questions. Which channels contributed to the transmission of liquidity...

The market volume of credit derivatives increased rapidly from $180 billion in 1996 to over $57 trillion in 2008 (BBA, 2006; BIS, 2010). This growth rate highlights the importance of these new instruments in nancial markets. Consequences of the global nancial crisis (GFC), e.g., the Lehman Brothers' bankruptcy in 2008, underline the challenge to aggregate...

The Global Financial Crisis exposed financial institutions to severe unexpected losses in relation to mortgage securitizations and derivatives. This paper finds that risk models such as ratings are exposed to a large degree of systematic risk and parameter uncertainty.

Five years after the banking crisis of 2008, we review progress in the area of governance reform. At the height of the crisis, broad support emerged for new governance regulations in banking that would focus more on risk management and hence the rights of depositors, debt-holders and the wider community. In 2010 the Basel Committee...

This paper defines different segments of Sydney’s housing markets, and investigates how home prices and rents varied across those markets.