fed speech, 2006-09-14
In the case of the crises of the late 1990s, despite the broad-based nature of the financial market turmoil, in countries where capital cushions in the financial sector were strong relative to risk, where there was a greater diversity of institutions in the financial system to absorb the losses, and where monetary authorities were in a position to provide liquidity to restore confidence, the financial and macroeconomic impact of the crises was relatively modest.
Sentiment: neutral
Topic: mp_economic_activity