A. B. Ashcraft and T. Schuermann, Understanding the securitization of subprime mortgage credit, Federal Reserve Bank of NY Staff Report, p.318, 2008.

D. Besancenot and R. Vranceanu, Financial distress and banks' communication policy in crisis times, Romanian Journal of Economic Forecasting, vol.13, issue.1, pp.5-20, 2010.

O. Blanchard, The State of Macro, Annual Review of Economics, vol.1, issue.1, pp.209-228, 2010.
DOI : 10.1146/annurev.economics.050708.142952

M. K. Brunnermeier, Deciphering the Liquidity and Credit Crunch 2007???2008, Journal of Economic Perspectives, vol.23, issue.1, pp.77-100, 2007.
DOI : 10.1257/jep.23.1.77

H. Bohn, The economic consequences of rising US government debt: Privileges at risk, CESIFO Working Paper, nr, p.3079, 2010.

J. Coval, J. Jurek, and E. Stafford, The Economics of Structured Finance, Journal of Economic Perspectives, vol.23, issue.1, pp.3-25, 2009.
DOI : 10.1257/jep.23.1.3

R. Clarida, J. Gali, and M. Gertler, The Science of Monetary Policy: A New Keynesian Perspective, Journal of Economic Literature, vol.37, issue.4, pp.1661-1707, 1999.
DOI : 10.1257/jel.37.4.1661

V. Cúrdia and M. Woodford, Credit frictions and optimal monetary policy, BIS Working Papers, p.278, 2009.

A. Demigüç-kunt and E. Detragiache, Financial liberalisation and financial fragility, IMF Working Paper nr, pp.98-83, 1998.

D. Diamond and R. G. Rajan, The Credit Crisis: Conjectures about Causes and Remedies, American Economic Review, vol.99, issue.2, pp.606-610, 2009.
DOI : 10.1257/aer.99.2.606

D. W. Diamond and P. H. Dybvig, Bank Runs, Deposit Insurance, and Liquidity, Journal of Political Economy, vol.91, issue.3, pp.401-419, 1983.
DOI : 10.1086/261155

URL : http://citeseerx.ist.psu.edu/viewdoc/summary?doi=10.1.1.25.9916

P. Englund, The Swedish banking crisis: roots and consequences, Oxford Review of Economic Policy, vol.15, issue.3, pp.80-97, 1999.
DOI : 10.1093/oxrep/15.3.80

J. Galí, L. Gambetti, and L. , On the Sources of the Great Moderation, American Economic Journal: Macroeconomics, vol.1, issue.1, pp.26-57, 2009.
DOI : 10.1257/mac.1.1.26

D. Giannone, M. Lenza, and L. Reichlin, Explaining The Great Moderation: It Is Not The Shocks, Journal of the European Economic Association, vol.6, issue.2-3, pp.2-3, 2008.
DOI : 10.1162/JEEA.2008.6.2-3.621

J. Kiff and P. Mills, Money for nothing and checks for free: recent developments in the US subprime mortgage markets, IMF Working Paper, p.188, 2007.

A. Krishnamurthy, Amplification mechanisms in liquidity crises, NBER Working Papers, w15040, on line: www.nber.org, 2009.

M. Miller and J. E. Stiglitz, Leverage and asset bubbles: averting Armagedon with Chapter 11, Economic Journal, vol.120, pp.500-518, 2010.

D. P. Morgan, Rating Banks: Risk and Uncertainty in an Opaque Industry, American Economic Review, vol.92, issue.4, pp.874-888, 2002.
DOI : 10.1257/00028280260344506

R. Pomfret, The financial sector and the future of capitalism, Economic Systems, vol.34, issue.1, pp.22-37, 2010.
DOI : 10.1016/j.ecosys.2009.11.001

C. M. Reinhart and K. S. Rogoff, Is the 2007 U.S. sub-prime financial crisis so different? An international historical comparison, 2008.
DOI : 10.3386/w13761

J. Rochet and J. Tirole, Interbank Lending and Systemic Risk, Journal of Money, Credit and Banking, vol.28, issue.4, pp.733-762, 1996.
DOI : 10.2307/2077918

J. E. Stiglitz, Freefall. Free Markets and Sinking of the Global Economy, 2010.

R. Vranceanu, Deregulating dishonesty Lessons from the US corporate scandals CENTRE DE RECHERCHE RESEARCH CENTER Les Documents de Recherche de l'ESSEC Business School sont disponibles à l'adresse suivante : http://www.essec.fr/professeurs-et-recherche/larecherche/publications .html ESSEC Working Papers are available at the following address, Ethical Boundaries of Capitalism, Ashgate, UK, pp.219-238, 2005.

©. Groupe-essec-/-ctd-, 1310091110 -*Apprendre et plus encore ESSEC Business School Paris avenue bernard hirsch -BP 50105 CERGY 95021 cergy-pontoise cedex -france tél