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Understanding Financial Crises: Causes, Consequences, and Policy Responses

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Author Info

  • Stijn Claessens
  • M. Ayhan Kose
  • Luc Laeven
  • Fabián Valencia

Abstract

The 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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File URL: http://cama.crawford.anu.edu.au/pdf/working-papers/2013/052013.pdf
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Bibliographic Info

Paper 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.

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Length: 23 pages
Date of creation: Feb 2013
Date of revision:
Handle: RePEc:een:camaaa:2013-05

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Related research

Keywords: Global financial crisis; sudden stops; debt crises; banking crises; currency crises; defaults; restructuring; welfare cost; asset price busts; credit busts; prediction of crises;

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  1. Abdul Abiad & Petya Koeva Brooks & Irina Tytell & Daniel Leigh & Ravi Balakrishnan, 2009. "What’S the Damage? Medium-Term Output Dynamics After Banking Crises," IMF Working Papers 09/245, International Monetary Fund.
  2. 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.
  3. Bas B. Bakker & Giovanni Dell'Ariccia & Luc Laeven & Jérôme Vandenbussche & Deniz Igan & Hui Tong, 2012. "Policies for Macrofinancial Stability," IMF Staff Discussion Notes 12/06, International Monetary Fund.
  4. Carmen Reinhart & Kenneth Rogoff, 2013. "Financial and Sovereign Debt Crises: Some Lessons Learned and Those Forgotten," IMF Working Papers 13/266, International Monetary Fund.
  5. 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.
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Cited by:
  1. 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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