## Initial Lessons of the Crisis

_Policy Papers, February 6, 2009_

## Source details

**Canonical URL:** [Initial Lessons of the Crisis](https://www.imf.org/en/publications/policy-papers/issues/2016/12/31/initial-lessons-of-the-crisis-pp4315)

## Other formats

- [Markdown version](/en/publications/policy-papers/issues/2016/12/31/initial-lessons-of-the-crisis-pp4315/index.md)
- [Structured JSON version](/en/publications/policy-papers/issues/2016/12/31/initial-lessons-of-the-crisis-pp4315/index.json)
- [Bundle manifest](/en/publications/policy-papers/issues/2016/12/31/initial-lessons-of-the-crisis-pp4315/bundle-manifest.json)

## Bibliographic details
- Published: February 6, 2009
- Series: Policy Papers
- Stock No: ISBN

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### Overview
- Publication date: February 6, 2009
- Purpose: Summarizes the initial lessons of the financial crisis along three dimensions—regulation, macroeconomic policy, and the global architecture for stability.
- Focus:
  - Not on the near-term resolution of the crisis or the long-term consequences (those are left to other papers).
  - Emphasis on prevention, bearing in mind that crises will inevitably recur.
- Underlying analysis: Elaborated in three related staff papers to be issued separately.

### Major themes covered
- Regulation
  - The paper addresses initial lessons related to regulation (summary statement only in this overview).
- Macroeconomic policy
  - The paper addresses initial lessons related to macroeconomic policy (summary statement only in this overview).
- Global architecture for stability
  - The paper addresses initial lessons related to the global architecture for stability (summary statement only in this overview).

### Subjects (as listed)
- Bank supervision
- Capital markets
- Crisis prevention
- Economic policy
- Financial crisis
- Financial systems
- Liquidity management
- Monetary policy

### Companion papers
- Initial Lessons of the Crisis for the Global Architecture and the IMF
- Lessons of the Global Crisis for Macroeconomic Policy
- Lessons of the Financial Crisis for Future Regulation of Financial Institutions and Markets and for Liquidity Management

*Source: Initial Lessons of the Crisis (February 6, 2009), International Monetary Fund.*

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## Content in this bundle

- **_020409**
  - [_020409 (Markdown version)](/-/media/websites/imf/imported-publications/external/np/pp/eng/2009/_020409.pdf.md){rel="alternate" type="text/markdown"}
  - [_020409 (PDF)](/-/media/websites/imf/imported-publications/external/np/pp/eng/2009/_020409.pdf){rel="external" type="application/pdf"}
- **Initial Lessons of the Crisis for the Global Architecture and the IMF; February 18, 2009**
  - [Initial Lessons of the Crisis for the Global Architecture and the IMF; February 18, 2009 (Markdown version)](/-/media/websites/imf/imported-publications/external/np/pp/eng/2009/_021809.pdf.md){rel="alternate" type="text/markdown"}
  - [Initial Lessons of the Crisis for the Global Architecture and the IMF; February 18, 2009 (PDF)](/-/media/websites/imf/imported-publications/external/np/pp/eng/2009/_021809.pdf){rel="external" type="application/pdf"}
- **Lessons of the Global Crisis for Macroeconomic Policy; February 19, 2009**
  - [Lessons of the Global Crisis for Macroeconomic Policy; February 19, 2009 (Markdown version)](/-/media/websites/imf/imported-publications/external/np/pp/eng/2009/_021909.pdf.md){rel="alternate" type="text/markdown"}
  - [Lessons of the Global Crisis for Macroeconomic Policy; February 19, 2009 (PDF)](/-/media/websites/imf/imported-publications/external/np/pp/eng/2009/_021909.pdf){rel="external" type="application/pdf"}

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_Source: https://www.imf.org/en/publications/policy-papers/issues/2016/12/31/initial-lessons-of-the-crisis-pp4315_