Some interesting papers have come out on the “Credit Crunch”.

• Leveraged Losses: Lessons from the Mortgage Market Meltdown

  This paper provides a good overview of the financial market turmoil occurring since August 2007, and discusses how the crisis might impact other areas of the economy.

• A Black Swan in the Money Market
  

  This paper examines the sudden jump in spreads between the overnight and term inter-bank interest rates.