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IMF Seminars, Conferences and Workshops

Financial Crises: Causes, Consequences, and Policy Responses

Friday, September 14, 2012

Financial Crises: Causes, Consequences, and Policy Responses

The IMF has over the years analyzed extensively the causes and consequences of financial crises. Many lessons have been extracted from past experiences, including from the most recent episode. Despite significant advances in our knowledge on the causes of crises, their aftermaths, and policy responses, these issues remain topics of great current policy relevance. The quest for knowledge on what the best policy responses to financial crises are is an ongoing task.

The conference on Financial Crises: Causes, Consequences, and Policy Responses reviewed lessons on the antecedents of financial crises, the policy responses—in terms of bank, households, financial institutions and sovereign restructurings, and their aftermath. The review covers banking, balance-of-payments as well as sovereign crises. The conference included leading economists in the field of financial crises who will provide their perspectives on the topic drawing on their work on the subject.

For questions regarding the conference, please send an e-mail HHwang@imf.org.

Event Details

  • Date: Friday, September 14, 2012
  • Time: 2:15 p.m. - 4:00 p.m.
  • Venue: IMF Headquarters 2 (HQ2), Conference Hall 1 (1A-820)
    1900 Pennsylvania Avenue, NW, Washington, D.C.
  • The event is open to IMF and the World Bank Staff and members of academia and policy institutions.
Financial Crises: Causes, Consequences, and Policy Responses
Friday, September 14, 2012
2:15–2:30 p.m. Opening Remarks

David Lipton, Deputy Managing Director (IMF)
2:30-3:00 p.m. Keynote Address

Carmen Reinhart, John F. Kennedy School of Government, Harvard University, "Lessons from Sovereign Crises"
3:00-4:00 pm Panel

Chair:
Olivier Blanchard, Economic Counsellor and Director of the Research Department (IMF)

Alan Taylor – University of Virginia, "External Imbalances and Financial Crises"

Hyun Shin – Princeton University, "Procyclicality and the Search for Early Warning Indicators"

José De Gregorio – Universidad de Chile, "Resilience in Latin America: Lessons from Macroeconomic Management and Financial Policies"
Conference organizers: Stijn Claessens, Luc Laeven, Ayhan Kose, and Fabián Valencia.

The contributions by the above authors, together with a selective set of research pieces done at the IMF on financial crises will be published in a book later on, whose content is listed below.

Financial Crises: Causes, Consequences, and Policy Responses

Editors: Stijn Claessens, M. Ayhan Kose, Luc Laeven and Fabián Valencia

Introduction and Overview of Financial Crises

1. Stijn Claessens and M. Ayhan Kose: Financial Crises: Explanations, Types, and Implications

2. Luc Laeven and Fabián Valencia: Systemic Banking Crises

Lessons on Crisis Management

3. Carmen Reinhart: Lessons from Sovereign Crises

4. Hyun Shin: Leverage Cycles around Financial Crises

5. Jose De Gregorio: Lessons from Financial Crises in Emerging Markets for Advanced Countries

6. Alan Taylor: Perspectives on the Role of Imbalances and External Factors for Financial Crises

Short-Run Effects: Crises, Recessions and Recoveries

7. Stijn Claessens, M. Ayhan Kose and Marco Terrones: The Recent Global Financial Crisis: How Similar? How Different? How Costly?

8. Marco E. Terrones, Alasdair Scott, and Prakash Kannan: From Recession to Recovery

Medium-term Effects: Economic Growth

9. Ravi Balakrishnan, Petya Koeva Brooks, Daniel Leigh, Irina Tytell, and Abdul Abiad: What's the Damage? Medium-term Effects of Crises

10. Abdul Abiad, Giovanni Dell’Ariccia, and Grace Li: Creditless Recoveries

Policy Measures to Prevent Booms, Mitigate Busts, and Avoid Financial Crises

11. Giovanni Dell’Ariccia, Deniz Igan, Luc Laeven and Hui Tong: Policies for Macrofinancial Stability: Options to Deal with Credit Booms

12. Chris Crowe, Giovanni Dell’Ariccia, Deniz Igan, and Pau Rabanal: Policies for Macroeconomic Stability: Managing Real Estate Booms and Busts

13. Luc Laeven and Fabián Valencia: Resolution of Banking Crises: The Good, the Bad, and the Ugly

14. Emanuele Baldacci, Sanjeev Gupta, and Carlos Mulas-Granados: How Effective is Fiscal Policy Response in Financial Crises?

Policy Measures to Mitigate Impact of Financial Crises and How to Restructure Banks, Sovereigns and Households

15. Augustin Landier and Kenichi Ueda: The Economics of Bank Restructuring: Understanding the Options

16. Stijn Claessens, Ceyla Pazarbasioglu, Luc Laeven, Marc Dobler, Fabián Valencia, Oana Nedelescu, and Katharine Seal: Crisis Management and Resolution: Early Lessons during the Global Financial Crisis

17. Luc Laeven and Thomas Laryea: Principles of Household Debt Restructuring

18. Deniz Igan, Daniel Leigh, John Simon, and Petia Topalova: Repairing Household Balance Sheets

19. Udaibir S. Das, Michael G. Papaioannou, and Christoph Trebesch: Sovereign Debt restructurings: A Survey, New Database, and Lessons on Sovereign Restructuring

Financial Crises: Causes, Consequences, and Policy Responses