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The current financial crisis occurred after a long and remarkable period of growth and innovation in our financial markets. New financial instruments allowed credit risks to be spread widely, enabling investors to diversify their portfolios in new ways and enabling banks to shed exposures that had once stayed on their balance sheets. Through securitization, mortgages and other loans could be aggregated with similar loans and sold in tranches to a large and diverse pool of new investors with different risk preferences. Through credit derivatives, banks could transfer much of their credit exposure to third parties without selling. | EUROPEAN CENTRAL BANK EUROSYSTEM OCCASIONAL PAPER SERIES NO 123 I FEBRUARY 2011 THE INTERNATIONAL MONETARY SYSTEM AFTER THE FINANCIAL CRISIS by Ettore Dorrucci and Julie McKay EUROPEAN CENTRAL BANK EUROSYSTEM OCCASIONAL PAPER SERIES NO 123 I FEBRUARY 2011 THE INTERNATIONAL MONETARY SYSTEM AFTER THE FINANCIAL CRISIS by Ettore Dorrucci and Julie McKay 1 NOTE This Occasional Paper should not be reported as representing the views of the European Central Bank ECB . The views expressed are those of the authors and do not necessarily reflect those of the ECB. In 2011 all ECB publications feature a motif taken from the 100 banknote. This paper can be downloaded without charge from http www.ecb.europa.eu or from the Social Science Research Network electronic library at http ssrn.com abstract_id 1646277 I European Central Bank Ettore.Dorrucci@ecb.europa.eu Julie.McKay@ecb.europa.eu. The views expressed in this paper do not necessarily reflect those of the European Central Bank. The authors would like to thank outside their institution A. Afota C. Borio M. Committeri B. Eichengreen A. Erce A. Gastaud P. LHotelleire-Fallois Armas P. Moreno P. Sedlacek Z. Szalai I. Visco and J-P. Yanitch and within their institution R. Beck T. Bracke A. Chudik A. Mehl E. Mileva F. Moss G. Pineau F. Ramon-Ballester L. Stracca R. Straub and C. Thimann for their very helpful comments and or inputs. European Central Bank 2011 Address Kaiserstrasse 29 60311 Frankfurt am Main Germany Postal address Postfach 16 03 19 60066 Frankfurt am Main Germany Telephone 49 69 1344 0 Internet http www.ecb.europa.eu Fax 49 69 1344 6000 All rights reserved. Any reproduction publication and reprint in the form of a different publication whether printed or produced electronically in whole or in part is permitted only with the explicit written authorisation of the ECB or the authors. Information on all of the papers published in the ECB Occasional Paper Series can be found on the ECB s website http www. ecb. europa. eu
