, a., sufi, a. ( 2014 ) : house of debt, chicago : chicago university press. mian, a., sufi, a., verner, e. ( forthcoming ) : “ household debt and business cycles worldwide ", quarterly journal of economics. mourougane, a. ( 2017 ) : “ crisis, potential output and hysteresis ", international economics, 7 / 8 bis central bankers'speeches 149, pp. 1 - 14. ollivaud, p., turner, d. ( 2014 ) : “ the effect of the global financial crisis on oecd potential output ", oecd economics department working papers, no. 1166, paris. reinhart, c. m., and k. s. rogoff, k. s. ( 2008a ) : “ is the 2007 ussub - prime financial crisis so different? an international historical comparison ", american economic review, 98 ( 2 ), pp. 339 – 344. reinhart, c. m., rogoff, k. s. ( 2008b ) : “ this time is different : a panoramic view of eight centuries of financial crises ", nberworking paper, no. 13882. cambridge ma. sutherland, d., hoeller, p. ( 2012 ) : “ debt and macroeconomic stability : an overview of the literature and some empirics ", oecd economics department working paper, no. 1006. paris. 1 aggregates cover g20 and other major economies and are based on a conversion to us dollars at purchasing power exchange rates. 8 / 8 bis central bankers'speeches

financial markets are inevitably incomplete in economists ’ terminology, and it is professional judgment that fills the gap inherent in the incomplete contracts. in that sense, the deepened mutual trust, the accumulated practical and operational know - how, and the strong network of central banks, which have been established during the process of crisis management, provide a basis for substantive cooperation. a new international financial system, if that in fact comes true, will emerge from the wealth of human network. references bank for international settlements, 79th annual report, 2009. financial services authority, the turner review : a regulatory response to the global banking crisis, 2009. fisher, peter r., “ the market view : incentives matter ” in john d. ciorciari and john b. taylor eds., the road ahead for the fed, hoover institution press, 2009. see g20 ( 2009 ) for the proposal for strengthening financial regulation and supervision. goodhart, c. a. e., “ banks and the public sector authorities, ” paper presented at pbc - bis shanghai conference on august 6 - 8, 2009. gorton, gary, “ slapped in the face by the invisible hand : banking and the panic of 2007, ” mimeo 2009. g20, g20 finance ministers ’ and central bank governors ’ communique – 14 march, 2009. institute for international finance, restoring confidence, creating resilience : an industry perspective on the future of international financial regulation and the search for stability, 2009. nishimura, kiyohiko g., “ financial system stability and market confidence, ” speech at the japan society of monetary economics'spring annual meeting, may 16, 2009. rajan, raghuram g., “ monetary policy and incentives, ” address at the bank of spain conference on central banks, june 2006. shirakawa, masaaki, “ way out of economic and financial crisis : lessons and policy actions, ” speech at japan society in new york, april 23, 2009a. _ _ _ _ _ _, “ preventing the next crisis : the nexus between financial markets, financial institutions and central banks, ” speech at the london stock exchange, may 13, 2009b. _ _ _ _ _ _, “ some thoughts on incentives at micro - and macro - level for crisis prevention, ” remarks at the eighth bank for international settlements annual conference in basel, switzerland, june 26, 2009c.