Understanding Financial Crises: Causes, Consequences, and Policy Responses
AbstractThe global financial crisis of 2007-09 has led to an intensive research program analyzing a wide range of issues related to financial crises. This paper presents a summary of a forthcoming book, Financial Crises: Causes, Consequences, and Policy Responses, that includes 19 contributions examining these issues and distilling policy lessons. The book covers a wide range of crises, including banking, balance-of-payments, and sovereign debt crises. It reviews the typical patterns prior to crises, considers lessons on their antecedents, and analyzes their evolution and aftermath. It also provides valuable policy lessons on how to prevent, contain and manage financial crises.
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Bibliographic InfoPaper provided by Centre for Applied Macroeconomic Analysis, Crawford School of Public Policy, The Australian National University in its series CAMA Working Papers with number 2013-05.
Length: 23 pages
Date of creation: Feb 2013
Date of revision:
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Global financial crisis; sudden stops; debt crises; banking crises; currency crises; defaults; restructuring; welfare cost; asset price busts; credit busts; prediction of crises;
Other versions of this item:
- Stijn Claessens & M. Ayhan Kose & Luc Laeven & Fabián Valencia, 2013. "Understanding Financial Crises: Causes, Consequences, and Policy Responses," KoÃ§ University-TUSIAD Economic Research Forum Working Papers 1301, Koc University-TUSIAD Economic Research Forum.
- Claessens, Stijn & Kose, Ayhan & Laeven, Luc & Valencia, Fabian, 2013. "Understanding Financial Crises: Causes, Consequences, and Policy Responses," CEPR Discussion Papers 9310, C.E.P.R. Discussion Papers.
- E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
- F44 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - International Business Cycles
- G01 - Financial Economics - - General - - - Financial Crises
- E5 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit
- E6 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook
- H12 - Public Economics - - Structure and Scope of Government - - - Crisis Management
This paper has been announced in the following NEP Reports:
- NEP-ALL-2013-03-09 (All new papers)
- NEP-BAN-2013-03-09 (Banking)
- NEP-CBA-2013-03-09 (Central Banking)
- NEP-FMK-2013-03-09 (Financial Markets)
- NEP-HPE-2013-03-09 (History & Philosophy of Economics)
- NEP-IFN-2013-03-09 (International Finance)
- NEP-MAC-2013-03-09 (Macroeconomics)
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Bas B. Bakker & Giovanni Dell'Ariccia & Luc Laeven & JÃ©rÃ´me Vandenbussche & Deniz Igan & Hui Tong, 2012.
"Policies for Macrofinancial Stability,"
IMF Staff Discussion Notes
12/06, International Monetary Fund.
- Sanjeev Gupta & Carlos Mulas-Granados & Emanuele Baldacci, 2009. "How Effective is Fiscal Policy Response in Systemic Banking Crises?," IMF Working Papers 09/160, International Monetary Fund.
- Reinhart, Carmen M. & Rogoff, Kenneth, 2013.
"Financial and Sovereign Debt Crises: Some Lessons Learned and Those Forgotten,"
CEPR Discussion Papers
9750, C.E.P.R. Discussion Papers.
- Carmen Reinhart & Kenneth Rogoff, 2013. "Financial and Sovereign Debt Crises: Some Lessons Learned and Those Forgotten," IMF Working Papers 13/266, International Monetary Fund.
- Carmen M. Reinhart & Kenneth S. Rogoff, 2009. "This Time Is Different: Eight Centuries of Financial Folly," Economics Books, Princeton University Press, edition 1, volume 1, number 8973.
- Abdul Abiad & Petya Koeva Brooks & Irina Tytell & Daniel Leigh & Ravi Balakrishnan, 2009. "Whatâ€™S the Damage? Medium-Term Output Dynamics After Banking Crises," IMF Working Papers 09/245, International Monetary Fund.
- Stijn Claessens & M. Ayhan Kose, 2013. "Financial Crises: Review and Evidence," Central Bank Review, Research and Monetary Policy Department, Central Bank of the Republic of Turkey, vol. 13(3), pages 1-23.
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