Since the summer of 2007, credit markets in almost all industrial countries have been in substantial turmoil and this has become the focus of intense policy debates. The papers in this volume are contributed by the world''s leading financial experts and constitute a thorough examination of the first credit market turmoil of the 21st Century. They provide an overview of the main causes, transmission mechanisms and economic implications of what by now has become a major systemic financial crisis. They assess the most important policy considerations and conclude about how to stabilize financial systems, attenuate repercussions on the real economy and shape future regulatory structures. The analyses, conclusions, and recommendations can be expected to influence both public and private policies to mitigate, if not prevent, such crises in the future. Sample Chapter(s). Chapter 1: Central Banks and the Financial Turmoil (60 KB). Contents: What Happened, Where?; How Serious is the Damage?; Why Did It Go Undetected/Underestimated for So Long?; Experience with Crisis Management; Implications for Basel II and Bank Capital Regulation; Implications for Regulation of Financial Markets and Instruments; Policy Panel: Where to From Here?. Readership: Academics, financial regulators, financiers and bankers.