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首页> 外文期刊>Journal of Financial Regulation and Compliance >The financial crisis in Europe: evolution, policy responses and lessons for the future
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The financial crisis in Europe: evolution, policy responses and lessons for the future

机译：欧洲金融危机：演变，政策对策和未来的教训

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Purpose – The purpose of this paper is to provide an account of the financial crisis in Western Europe, primarily from a country-level and banking sector perspective, from 2007 to the spring of 2009. It aims to detail measures enacted by governments and central banks to deal with impaired bank assets, recapitalize or otherwise resolve troubled banks, and inject liquidity into the banking system. It also aims to examine reform proposals aimed at creating a more secure and stable financial system. Design/methodology/approach – The paper draws on factual material and analysis that is presented in central bank reports, other banking sector surveys and reports, media reports, and analysis by leading academics and practitioners sourced from published articles and books, working papers and blogs. Findings – Recent firefighting measures to purchase impaired assets, recapitalize troubled banks, and inject liquidity have commanded widespread support, despite moral hazard concerns surrounding publicly funded bank bailouts. However, the roadmap to recovery remains uncertain. There is concern that significant volumes of impaired assets have been retained on many Western European bank balance sheets. Under the regulatory framework that is being shaped in response to the crisis, banks are expected to become leaner, more strongly capitalized and less highly leveraged, and to develop improved risk management practices. Originality/value – This paper is written for a broad audience to provide a descriptive summary of the financial crisis in Western Europe, a survey of the debate concerning the implications for bank regulation and an extensive bibliography that will serve as a valuable resource for banking academics and practitioners.
机译：目的–本文的目的主要是从2007年至2009年春季从国家层面和银行业的角度对西欧的金融危机进行说明。其目的是详细说明政府和中央银行所采取的措施处理受损的银行资产，注资或以其他方式解决陷入困境的银行，并向银行系统注入流动性。它还旨在研究旨在建立更安全和稳定的金融体系的改革建议。设计/方法/方法–本文借鉴了中央银行报告，其他银行业调查和报告，媒体报告以及领先学者和从业人员进行分析的事实材料和分析，这些材料和分析来自已发表的文章和书籍，工作论文和博客。调查结果–尽管围绕公共资金的银行纾困存在道德风险担忧，但近期采取的救火措施购买了受损资产，为陷入困境的银行注资并注入流动性，获得了广泛的支持。但是，恢复的路线图仍然不确定。令人担忧的是，在许多西欧银行的资产负债表中都保留了大量的减值资产。在为应对危机而制定的监管框架下，预计银行将变得更加精简，资本化程度更高，杠杆率降低，并发展改进的风险管理实践。原创性/价值–本文旨在为广大读者提供西欧金融危机的描述性摘要，有关银行监管影响的辩论调查以及广泛的书目，这些文献将为银行业学者提供宝贵的资源和从业者。

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