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In this paper we construct financial conditions indices (FCIs) for the euro area, for the period 2003 to 2011, using a wide range of prices, quantities, spreads and survey data, grounded in the theoretical literature. One FCI includes monetary policy variables, whilst two versions without monetary policy are also constructed, enabling us to study the impact of monetary policy on financial conditions...
This paper provides a perspective on the causes of the current financial crisis by comparing it to the international debt crisis of the early 1980s. It argues that competition and innovation can lead to unsustainable debt build-ups as risk is consistently underestimated and underpriced. This has important implications for policies for crisis prevention.
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