23  See This Time is Different: Eight Centuries of Financial Folly, book by C. Reinhart and K. Rogoff (2009). 6  BIS central bankers’ speeches  Moreover, the record shows that as far back as 2004 both policymakers and academics were alerting on some of the emerging tail risks which have subsequently materialised.
To name a few examples, Borio and White (2004)24 cautioned on the greater prominence of credit and asset price boom-and-bust cycles even in a low inflation environment; Rajan (2005)25 did a careful review of some worrying trends associated with globalised financial markets; and Rogoff (2006)26 noted that the “great moderation” had not been associated with lower asset price volatility.