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The Crisis: Policy Lessons and Policy Challenges

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  • Agnès Bénassy-Quéré
  • Benoît Coeuré
  • Pierre Jacquet
  • Jean Pisani-Ferry

Abstract

Bruegel Director Jean Pisani-Ferry, with Agnès Bénassy-Quéré (CEPII, University Paris-Ouest and Ecole Polytechnique, Paris), Benoît Coeuré (Ecole Polytechnique, Paris) and Pierre Jacquet (ENPC, Paris, and Agence Française de Développement) provide an in-depth analysis of the financial crisis. The authors review the main causes of the crisis, pointing to three different, non-mutually exclusive lines of explanation: wrong incentives in the financial sector, unsustainable macroeconomic outcomes, and misunderstood and mismanaged systemic complexity. They also discuss supervisory and regulatory reform going forward, including an examination of the issues of moral hazard, the separation of retail and investment banking, the desirable size of financial institutions, risk management, the role of central banks, and other issues. This working paper was previously published as CEPII (Centre d'études prospectives et d'informations internationales) working document 2009-28.

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Paper provided by Bruegel in its series Working Papers with number 358.

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Date of creation: Dec 2009
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Handle: RePEc:bre:wpaper:358

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Cited by:
  1. Stéphane Colliac & Antoine Bouveret, 2010. "Commentaire : Déséquilibres mondiaux, errances de la régulation et crise de la finance globalisée," Économie et Statistique, Programme National Persée, vol. 438(1), pages 105-110.
  2. World Bank, 2012. "Montenegro After the Crisis : Towards a Smaller and More Efficient Government," World Bank Other Operational Studies 12821, The World Bank.

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