{ "title": "$name", "publication": "IMF Seminars, January 1, 1901", "sourceUrl": "https://www.imf.org/ru/news/seminars/conferences/2016/12/31/financial-crises-causes-consequences-and-policy-responses", "canonical": "https://www.imf.org/ru/news/seminars/conferences/2016/12/31/financial-crises-causes-consequences-and-policy-responses", "overlayPath": "/ru/news/seminars/conferences/2016/12/31/financial-crises-causes-consequences-and-policy-responses/index.md", "summary": "$name Несинхронность и расходящаяся динамика восстановления могут поставить финансовую стабильность под угрозу $name The IMF has over the years analyzed extensively the causes and consequences of financial crises.", "publishDate": "0001-01-01", "sections": [ { "heading": "Overview and purpose", "content": "- The conference reviewed lessons on the antecedents of financial crises, policy responses for banks, households, financial institutions, and sovereign restructurings, and their aftermath.\n- Coverage included banking, balance-of-payments, and sovereign crises.\n- The conference brought together leading economists to provide perspectives drawing on their work on financial crises.\n- The IMF has extensively analyzed causes and consequences of financial crises and continues the task of identifying best policy responses." }, { "heading": "Program and speakers", "content": "- 2:15–2:30 p.m. — Opening Remarks\n - David Lipton, Deputy Managing Director (IMF)\n- 2:30–3:00 p.m. — Keynote Address\n - Carmen Reinhart, John F. Kennedy School of Government, Harvard University, \"Lessons from Sovereign Crises\"\n- Panel (Chair: Olivier Blanchard, Economic Counsellor and Director of the Research Department (IMF))\n - Alan Taylor – University of Virginia, \"External Imbalances and Financial Crises\"\n - Hyun Shin – Princeton University, \"Procyclicality and the Search for Early Warning Indicators\"\n - José De Gregorio – Universidad de Chile, \"Resilience in Latin America: Lessons from Macroeconomic Management and Financial Policies\"\n- Conference organizers: Stijn Claessens, Luc Laeven, Ayhan Kose, and Fabián Valencia." }, { "heading": "Planned publication and contents", "content": "- The contributions by the speakers, together with a selective set of IMF research pieces on financial crises, will be published in a book edited by Stijn Claessens, M. Ayhan Kose, Luc Laeven and Fabián Valencia.\n- Book structure and chapter list:\n - Introduction and Overview of Financial Crises\n - 1. Stijn Claessens and M. Ayhan Kose: Financial Crises: Explanations, Types, and Implications\n - 2. Luc Laeven and Fabián Valencia: Systemic Banking Crises\n - Lessons on Crisis Management\n - 3. Carmen Reinhart: Lessons from Sovereign Crises\n - 4. Hyun Shin: Leverage Cycles around Financial Crises\n - 5. Jose De Gregorio: Lessons from Financial Crises in Emerging Markets for Advanced Countries\n - 6. Alan Taylor: Perspectives on the Role of Imbalances and External Factors for Financial Crises\n - Short-Run Effects: Crises, Recessions and Recoveries\n - 7. Stijn Claessens, M. Ayhan Kose and Marco Terrones: The Recent Global Financial Crisis: How Similar? How Different? How Costly?\n - 8. Marco E. Terrones, Alasdair Scott, and Prakash Kannan: From Recession to Recovery\n - Medium-term Effects: Economic Growth\n - 9. Ravi Balakrishnan, Petya Koeva Brooks, Daniel Leigh, Irina Tytell, and Abdul Abiad: What's the Damage? Medium-term Effects of Crises\n - 10. Abdul Abiad, Giovanni Dell’Ariccia, and Grace Li: Creditless Recoveries\n - Policy Measures to Prevent Booms, Mitigate Busts, and Avoid Financial Crises\n - 11. Giovanni Dell’Ariccia, Deniz Igan, Luc Laeven and Hui Tong: Policies for Macrofinancial Stability: Options to Deal with Credit Booms\n - 12. Chris Crowe, Giovanni Dell’Ariccia, Deniz Igan, and Pau Rabanal: Policies for Macroeconomic Stability: Managing Real Estate Booms and Busts\n - 13. Luc Laeven and Fabián Valencia: Resolution of Banking Crises: The Good, the Bad, and the Ugly\n - 14. Emanuele Baldacci, Sanjeev Gupta, and Carlos Mulas-Granados: How Effective is Fiscal Policy Response in Financial Crises?\n - Policy Measures to Mitigate Impact of Financial Crises and How to Restructure Banks, Sovereigns and Households\n - 15. Augustin Landier and Kenichi Ueda: The Economics of Bank Restructuring: Understanding the Options\n - 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\n - 17. Luc Laeven and Thomas Laryea: Principles of Household Debt Restructuring\n - 18. Deniz Igan, Daniel Leigh, John Simon, and Petia Topalova: Repairing Household Balance Sheets\n - 19. Udaibir S. Das, Michael G. Papaioannou, and Christoph Trebesch: Sovereign Debt restructurings: A Survey, New Database, and Lessons on Sovereign Restructuring" } ], "bullets": [ "The conference reviewed lessons on the antecedents of financial crises, policy responses for banks, households, financial institutions, and sovereign restructurings, and their aftermath.", "Coverage included banking, balance-of-payments, and sovereign crises.", "The conference brought together leading economists to provide perspectives drawing on their work on financial crises.", "The IMF has extensively analyzed causes and consequences of financial crises and continues the task of identifying best policy responses.", "2:15–2:30 p.m. — Opening Remarks", "2:30–3:00 p.m. — Keynote Address", "Panel (Chair: Olivier Blanchard, Economic Counsellor and Director of the Research Department (IMF))", "Conference organizers: Stijn Claessens, Luc Laeven, Ayhan Kose, and Fabián Valencia.", "The contributions by the speakers, together with a selective set of IMF research pieces on financial crises, will be published in a book edited by Stijn Claessens, M. 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