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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 extensively analyzed the causes and consequences of financial crises and extracted lessons from past experiences, including from the most recent episode.
The conference reviewed:
- Lessons on the antecedents of financial crises.
- Policy responses in terms of bank, households, financial institutions, and sovereign restructurings.
- Aftermaths of crises, covering banking, balance-of-payments, and sovereign crises.
Leading economists provided perspectives drawing on their work on financial crises.

Event logistics and participation

Date: Friday, September 14, 2012
Time: 2:15 p.m. - 4:00 p.m.
Venue: IMF Headquarters 2 (HQ2), Conference Hall 1 (1 A-820), 1900 Pennsylvania Avenue, NW, Washington, D.C.
Participation: Open to IMF and the World Bank Staff and members of academia and policy institutions.
Questions: For questions regarding the conference, send an e-mail HHwang@imf.org.

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.

Planned publication and editorial leadership

The contributions by the conference authors, together with a selective set of IMF research pieces on financial crises, will be published in a book.
Editors: Stijn Claessens, M. Ayhan Kose, Luc Laeven and Fabián Valencia

Book contents (chapter list)

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