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IMF Seminars, January 1, 1901

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Bibliographic details

• Published: January 1, 1901

Conference purpose and scope

• The IMF has analyzed extensively the causes and consequences of financial crises and extracted many lessons from past experiences, including from the most recent episode. The quest for knowledge on what the best policy responses to financial crises are is an ongoing task.
• The conference "Financial Crises: Causes, Consequences, and Policy Responses" reviewed lessons on:
  • antecedents of financial crises;
  • policy responses in terms of bank, household, financial institution, and sovereign restructurings;
  • aftermaths of crises, covering banking, balance-of-payments, and sovereign crises.
• Leading economists in the field provided perspectives drawing on their work on the subject.

Program and speakers

• 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"
• 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.

Contributions, themes, and forthcoming publication

• Editors of the forthcoming volume: Stijn Claessens, M. Ayhan Kose, Luc Laeven and Fabián Valencia.
• Structure and selected contributions in the planned book:
  • 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

Content in this bundle

• Ch10pdf (PDF)
• Ch11pdf (PDF)
• Ch12pdf (PDF)
• Ch13pdf (PDF)
• Ch14pdf (PDF)
• Ch15pdf (PDF)
• Ch16pdf (PDF)
• Ch17pdf (PDF)
• Ch18pdf (PDF)
• Ch19pdf (PDF)
• Ch2pdf (PDF)
• Ch6pdf (PDF)
• Ch8pdf (PDF)
• Ch9pdf (PDF)
• Ck2pdf (PDF)
• Ckpdf (PDF)
• Degregpdf (PDF)
• Dl1pdf (PDF)
• Posterpdf (PDF)
• Shinpdf (PDF)