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Lessons and Policy Implications from the Global Financial Crisis

Author/Editor: Claessens, Stijn | Dell'Ariccia, Giovanni | Igan, Deniz | Laeven, Luc
Authorized for Distribution: February 1, 2010
Electronic Access: Free Full Text (PDF file size is 1,029KB)
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Disclaimer: This Working Paper should not be reported as representing the views of the IMF. The views expressed in this Working Paper are those of the author(s) and do not necessarily represent those of the IMF or IMF policy. Working Papers describe research in progress by the author(s) and are published to elicit comments and to further debate.

Summary: The ongoing global financial crisis is rooted in a combination of factors common to previous financial crises and some new factors. The crisis has brought to light a number of deficiencies in financial regulation and architecture, particularly in the treatment of systemically important financial institutions, the assessments of systemic risks and vulnerabilities, and the resolution of financial institutions. The global nature of the financial crisis has made clear that financially integrated markets, while offering many benefits, can also pose significant risks, with large real economic consequences. Deep reforms are therefore needed to the international financial architecture to safeguard the stability of an increasingly financially integrated world.
 
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Series: Working Paper No. 10/44
Subject(s): Asset prices | Bank regulations | Bank supervision | Central bank role | Financial crisis | Financial sector | Fiscal policy | Fiscal reforms | Global Financial Crisis 2008-2009 | International financial system | Intervention | Liquidity management | Price increases | Stabilization measures
Author's keyword(s): International financial architecture | regulation and supervision | financial crises | subprime lending | contagion | households leverage
 
English  
    Published:   February 1, 2010        
            Format:   Paper
    Stock No:   WPIEA2010044   Pages:   40
    Price:   US$18.00 (Academic Rate: US$18.00 )
       
     
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