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Are All the Sacred Cows Dead? Implications of the Financial Crisis for Macro- and Financial Policies

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  • Asli Demirgüç-Kunt
  • Luis Servén

Abstract

The recent global financial crisis has shaken the confidence of industrial and developing countries alike in the very blueprint of the financial and macropolicies that underlie the Western capitalist systems. In an effort to contain the crisis from spreading, the authorities in the United States and many European governments have taken unprecedented steps of providing extensive liquidity, giving assurances to bank depositors and creditors that include blanket guarantees, structuring bail-out programs that include taking large ownership stakes in financial institutions, and establishing programs for direct provision of credit to nonfinancial institutions. Emphasizing the importance of incentives and tensions between short term and longer term policy responses to crisis management, the authors draw on a large body of research evidence and country experiences to discuss the implications of the current crisis for financial and macroeconomic policies going forward. Copyright 2010, Oxford University Press.

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File URL: http://hdl.handle.net/10.1093/wbro/lkp027
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Bibliographic Info

Article provided by World Bank Group in its journal The World Bank Research Observer.

Volume (Year): 25 (2010)
Issue (Month): 1 (February)
Pages: 91-124

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Handle: RePEc:oup:wbrobs:v:25:y:2010:i:1:p:91-124

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Cited by:
  1. Antoaneta Geala, 2009. "The National Deposit Insurance System - A Market Institution at the Crossroads," The Review of Finance and Banking, Academia de Studii Economice din Bucuresti, Romania / Facultatea de Finante, Asigurari, Banci si Burse de Valori / Catedra de Finante, vol. 1(1), pages 055-068, December.
  2. Piffaretti, Nadia F., 2008. "Reshaping the International Monetary Architecture and Addressing Global Imbalances: Lessons from the Keynes Plan," MPRA Paper 12165, University Library of Munich, Germany.
  3. Ouarda Merrouche & Enrica Detragiache & Asli Demirgüç-Kunt, 2010. "Bank Capital: Lessons from the Financial Crisis," IMF Working Papers 10/286, International Monetary Fund.
  4. Cirmizi, Elena & Klapper, Leora & Uttamchandani, Mahesh, 2010. "The challenges of bankruptcy reform," Policy Research Working Paper Series 5448, The World Bank.
  5. Rogers, F. Halsey, 2010. "The global financial crisis and development thinking," Policy Research Working Paper Series 5353, The World Bank.
  6. Thorvardur Tjörvi Ólafsson & Thórarinn G. Pétursson, 2010. "Weathering the financial storm: The importance of fundamentals and flexibility," Economics Working Papers 2010-17, School of Economics and Management, University of Aarhus.

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