Market Failures and Regulatory Failures: Lessons from Past and Present Financial Crises

Financial crises and bank failures: a review of prediction methods

In this article we provide a summary of empirical results obtained in several economics and operations research papers that attempt to explain, predict, or suggest remedies for financial crises or banking defaults, as well as outlines of the methodologies used. We analyze financial and economic circumstances associated with the US subprime mortgage crisis and the global financial turmoil that h...

Private Engineering Education in India: Market Failures and Regulatory Solutions

Lessons from 342 Medical Device Failures

Most complex systems today contain software, and systems failures activated by software faults can provide lessons for software development practices and software quality assurance. This paper presents an analysis of softwarerelated failures of medical devices that caused no death or injury but led to recalls by the manufacturers. The analysis categorizes the failures by their symptoms and faul...

Contagious Expectations and Malfunctions of Markets : Some Lessons from Japanese Financial Institution Failures of 1997 *

This paper discusses contagious effects of expectation in financial markets. We first review developments of Japanese financial markets towards the end of 1997 when a number of financial institutions collapsed. We then consider a simple model and study conditions under which contagious expectation triggers a financial crisis. Finally, based upon these, we derive some policy implications regardi...

Working Paper 09 - 04 June 2009 Financial Crises and Bank Failures : A Review of Prediction Methods

Working papers of the Federal Reserve Bank of Cleveland are preliminary materials circulated to stimulate discussion and critical comment on research in progress. They may not have been subject to the formal editorial review accorded offi cial Federal Reserve Bank of Cleveland publications. The views stated herein are those of the authors and are not necessarily those of the Federal Reserve Ban...