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The Crisis
Alan Greenspan
President Greenspan Associates LLC , 2010

超重量級 經濟學班子

I wish to express my gratitude to David Romer, Justin Wolfers, Greg Mankiw, Jeremy
Stein, and Bill Brainard for their most constructive comments and suggestions. The
conclusions of this paper, of course, are my own.

I. Preamble 3
II. Causes of the Crisis
1. The Arbitraged Global Bond Market and the Housing Crisis 3
2. Securitization of Subprimes: the Crisis Story Unfolds 6
3. A Classic Euphoric Bubble Takes Hold 7
4. Why Did the Boom Reach Such Heights? 10
III. Financial Intermediation
1. The Purpose of Finance 13
2. Risky Financial Intermediation 15
3. The Hundred Year Flood 16
IV. Regulatory Reform
1. Principles of Reform 19
2. Upward Revisions of Economic Capital 23
3. What Regulation Can Do 27
4. Regulatory Capital History 28
5. Limits to Regulatory Capital Requirements 29
6. Too Big to Fail 31
7. Regulations Embodying a Forecast Fail with Regularity 35
V. Role of Monetary Policy
1. Monetary Policy and House Price Bubbles 38
2. Could the Breakdown Have Been Prevented? 44
VI. In Summary 47

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