The Evidence and Impact of Financial Globalization

Chapter 47

Assessment of Solutions to US Financial Crisis of 2008–09

C. Ho* and F.M. Signoretti^†

^*Bank for International Settlements, Basel, Switzerland

^†Banca d’Italia, Rome, Italy

Outline

Introduction

Measures Introduced between September 2008 and Mid-2009

Timeline

Phase One (September 2008): Standalone Support Actions for Large Institutions

Phase Two (October 2008): Comprehensive Support Packages

Phase Three (November–December 2008): Fewer New Programs, more Standalone Actions

Phase Four (January–April 2009): New Packages with more Emphasis on the Assets side

Phase Five (May–June 2009): Exiting for some, Just Getting Started for Others

General Characteristics of Measures

Capital Injections

Debt Guarantees

Asset Purchase and Guarantees

Cross-Country ...