Did the behaviour of central banks make the credit crisis inevitable?

Abstract

While a myriad of factors and subtleties contributed to the credit crisis and the ensuing economic recession, certain behaviours by policymakers made it more or less inevitable that there would be a problem of sorts at some stage.On a more micro level a piecemeal system of skewed economic incentives and complacency fostered innovation at a pace and to a degree that even practitioners had little comprehension of the full implications of their actions.