Introduction to symposium on the global dimensions of the financial crisis

摘要

The recent financial crisis began in 2007 with the collapse of the housing boom and of the so-called shadow banking system, which ultimately led to broad disruptions in global financial markets. These were accompanied by an extensive slowing in real economic activity across countries that now is known as the Great Recession. The Federal Reserve Bank of New York was very much in the eye of the storm, with every area of the organization intensively engaged - spanning market monitoring, banking supervision, legal efforts, research, and a number of operational areas - in initiatives to address these disruptions, implementing some of the special liquidity programs introduced at the height of the crisis, and managing the expanded portfolio of assets from banks and AIG.