TAILIEUCHUNG - The Credit Crisis and Cycle-Proof Regulation

If you are not currently a citizen of the United States or lawfully within the country, you are still allowed to access civil courts to petition for protective relief. Every abused person, regardless of citizenship, is entitled to apply for a protection order. Non-citizens should consult an attorney knowledgeable in immigration law before seeking a protection order from the courts. Legal issues related to immigration status may arise during issuance or enforcement. Note: While it is not necessary, it may be helpful to file an immigration application before or at the same time as seeking a protection order | The Credit Crisis and Cycle-Proof Regulation Raghuram G. Rajan This article was originally presented as the Homer Jones Memorial Lecture organized by the Federal Reserve Bank of St. Louis St. Louis Missouri April 15 2009. Federal Reserve Bank of St. Louis Review September October 2009 91 5 Part 1 pp. 397-402. First I would like to thank the St. Louis Fed especially Kevin Kliesen and the National Association for Business Economics for inviting me to give this talk. I share with Homer Jones an affiliation with the University of Chicago. He was an important influence on Milton Friedman and if that were all he did he would deserve a place in history. But in addition he was a very inquisitive economist with a reputation for thinking outside the box. He made major contributions to monetary economics. It is an honor to be asked to deliver a lecture in his name especially at this critical time in the nation s regulatory history. WHAT CAUSED THE CRISIS The current financial crisis can be blamed on many factors and even some particular players in financial markets and regulatory institutions. But in pinning the disaster on specific agents we could miss the cause that links them all. I argue that this common cause is cyclical euphoria and unless we recognize this our regulatory efforts are likely to fall far short of preventing the next crisis. Let me start at the beginning. There is some consensus that the proximate causes of the crisis are as follows i The . financial sector misallocated resources to real estate financed through the issuance of exotic new financial instruments. ii A significant portion of these instruments found their way directly or indirectly onto commercial and investment bank balance sheets. iii These investments were financed largely with short-term debt. iv The mix was potent and caused large-scale disruption in 2007. On these matters there is broad agreement. But let us dig a little deeper. This is a crisis born in some ways from previous .

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