15 Pages Posted: 21 Feb 2009 Last revised: 19 Mar 2010
Date Written: February 2009
What caused the financial crisis that is sweeping across the world? What keeps asset prices and lending depressed? What can be done to remedy matters? While it is too early to arrive at definite answers to these questions, it is certainly time to offer informed conjectures, and these are the focus of this paper.
Suggested Citation: Suggested Citation
Diamond, Douglas W. and Rajan, Raghuram G., The Credit Crisis: Conjectures About Causes and Remedies (February 2009). NBER Working Paper No. w14739. Available at SSRN: https://ssrn.com/abstract=1347262