TAILIEUCHUNG - The Global Economic & Financial Crisis: A Timeline

The paper is organized as follows. Section 2 provides a literature review related to central banks’ financial issues and their impact on policy performance. Section 3 defines the data to be used in the empirical analysis, describes the recent evolution of central banks’ financial strength ratios, and provides a simple correlation analysis of these ratios with inflation. It is followed in Section 4 by regression estimation outcomes using several econometric techniques and in Section 5 by some (further) robustness checks focusing mainly on the (non-)linearity of the relationship analysed. Finally, Section 6 summarizes and concludes | 1 The Lauder Institute Wharton - Arts Sciences University of Pennsylvania The Global Economic Financial Crisis A Timeline Mauro F. Guillén Director of the Lauder Institute guillen@ Wednesday February 7 2007 HSBC announces losses linked to US subprime mortgages. Tuesday April 3 2007 New Century Financial which specializes in sub-prime mortgages files for Chapter 11 bankruptcy protection and cuts half of its workforce. Thursday May 17 2007 Federal Reserve Chairman Ben Bernanke says growing number of mortgage defaults will not seriously harm the US economy. Wednesday June 2007 Two Bear Stearns-run hedge funds with large holdings of subprime mortgages run into large losses and are forced to dump assets. The trouble spreads to major Wall Street firms such as Merrill Lynch JPMorgan Chase Citigroup and Goldman Sachs which had loaned the firms money. July 2007 Investment bank Bear Stearns tells investors they will get little if any of the money invested in two of its hedge funds after rival banks refuse to help it bail them out. Thursday August 9 2007 Investment bank BNP Paribas tells investors they will not be able to take money out of two of its funds because it cannot value the assets in them owing to a complete evaporation of liquidity in the market. The European Central Bank pumps 95bn 63bn into the banking market to try to improve liquidity. It adds a further over the next few days. The US Federal Reserve the Bank of Canada and the Bank of Japan also begin to intervene. Friday August 17 2007 The Fed cuts the rate at which it lends to banks by half of a percentage point to warning the credit crunch could be a risk to economic growth. Tuesday August 28 2007 German Sachsen Landesbank faces collapse after investing in the sub-prime market. The bank is rescued by its competitor Baden-Wuerttemberg Landesbank. Monday September 3 2007 German corporate lender IKB announces a 1bn loss on investments linked to the US sub-prime market. 2 Tuesday .

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