10 years since Lehman Brothers - theme of the new issue of Sveriges Riksbank Economic Review

News This year, it is 10 years since the US investment bank Lehman Brothers went bankrupt and the global financial crisis became acute. This anniversary has been observed in many different connections, both internationally and in Sweden.

This issue of Sveriges Riksbank Economic Review focuses on the lessons and reflections after the financial crisis.

The articles in the 2018 fourth issue of the journal Sveriges Riksbank Economic Review

Reflections on the financial crisis and its aftermath

Governor Stefan Ingves reflects on the financial crisis and the experiences over the decade that has passed since then. His portrayal describes some of the challenges facing decision-makers in a crisis.

Dramatic years globally and in Sweden: economic developments 2006–2017

Claes Berg, Pernilla Meyersson and Johan Molin describe economic developments globally and in Sweden from the years immediately preceding the outbreak of crisis and up to 2017, and how the crisis has left its mark in various ways during this period. Together with factors such as globalisation and technological advances, the financial crisis prompted a number of comprehensive changes in economic, financial and political areas, both globally and in Sweden.

The Riksbank's communication before, during and after the financial crisis

Pernilla Meyersson and Ann-Leena Mikiver, the Riksbank's previous and current communication directors, describe the difficulties during the financial crisis in communicating unease without causing concern and the major changes to the Riksbank's communication over the last 25 years. The Riksbank has gradually made it easier for outsiders to follow, examine and assess the Riksbank's operations, and is today seen as one of the world's most transparent central banks.

The Riksbank's work on financial stability – before, during and after the global financial crisis

Martin W Johansson, Johan Molin, Jonas Niemeyer and Christina Nordh Berntsson describe how, after the domestic financial crisis of the 1990s, the Riksbank built up its capacity to analyse risks and vulnerabilities in the financial system. They discuss the emergency measures taken during the global financial crisis which culminated in 2008–2009 and a number of lessons from this, and how the work has shifted focus since the abatement of the crisis.

To conclude, they point to a few future challenges for the work on financial stability.

The storm after the calm – lessons for the monetary policy analysis

According to Jesper Hansson, Marianne Nessén and Anders Vredin, the current and two previous heads of the monetary policy department, the financial crisis and experiences since then have revealed a number of weaknesses in the monetary policy analysis tools applied during the inflation-targeting regime. The article describes some of these experiences and highlights some areas where it is particularly important to expand the monetary policy analysis: the role of the financial system in the monetary policy transmission mechanism, the supply side of the economy, and the links between monetary policy and fiscal policy.

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Updated 21/12/2018