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Lessons and Policy Implications From the Global Financial Crisis

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Author Info

  • Stijn Claessens
  • Luc Laeven
  • Deniz Igan
  • Giovanni Dell'Ariccia

Abstract

The ongoing global financial crisis is rooted in a combination of factors common to previous financial crises and some new factors. The crisis has brought to light a number of deficiencies in financial regulation and architecture, particularly in the treatment of systemically important financial institutions, the assessments of systemic risks and vulnerabilities, and the resolution of financial institutions. The global nature of the financial crisis has made clear that financially integrated markets, while offering many benefits, can also pose significant risks, with large real economic consequences. Deep reforms are therefore needed to the international financial architecture to safeguard the stability of an increasingly financially integrated world.

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Bibliographic Info

Paper provided by International Monetary Fund in its series IMF Working Papers with number 10/44.

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Length: 40
Date of creation: 01 Feb 2010
Date of revision:
Handle: RePEc:imf:imfwpa:10/44

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Keywords: Bank supervision; Central bank role; Financial sector; Fiscal reforms; Global Financial Crisis 2008-2009; Intervention; Liquidity management; Price increases; Stabilization measures; financial institutions; financial crisis; credit booms; systemic risk; deposit insurance; global financial crisis; financial stability; financial system; financial systems; financial crises; international financial architecture; financial markets; financial regulation; prudential regulation; financial integration; financial innovation; financial services; crisis management; financial reforms; banking crises; recapitalization; liquidity support; hedge funds; hedge; financial intermediation; contagion; moral hazard; international financial statistics; recessions; asset markets; financial assets; money market; financial market; derivative; crisis resolution; international capital; financial globalization; financial liberalization; bank run; debt restructuring; systemic banking crises; asian crisis; stock price; credit boom; prudential regulation and supervision; rating agencies; pre-crisis; banking supervision; asset bubbles; money market funds; derivative markets; corporate sector; financial contagion; international financial system; financial instruments; deposit insurance coverage; money market fund; economic crisis; asset valuations; financial intermediaries; resource allocation; debt crisis; government bonds; crisis episodes; financial reform; domestic financial intermediation; banking crisis; financial information; liquid markets; financial stocks; macroeconomic policies; financial distress; bank liquidity; bank runs; bonds; recession; major banking crises; crisis countries; financial crisis management; financial corporations; central bank liquidity; severe financial crisis; prudential supervision; domestic financial systems; financial resources; financial indicators; early warning systems; debt servicing; competitiveness; derivative products;

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References

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  1. L. Zanforlin & Ian Tower & Erlend Nier & Michael Moore & Ana Carvajal & Randall Dodd, 2009. "The Perimeter of Financial Regulation," IMF Staff Position Notes 2009/07, International Monetary Fund.
  2. Carmen M. Reinhart & Kenneth S. Rogoff, 2009. "Is the 2007 U.S. Sub-Prime Financial Crisis So Different? An International Historical Comparison," Panoeconomicus, Savez ekonomista Vojvodine, Novi Sad, Serbia, vol. 56(3), pages 291-299, September.
  3. Dell''Ariccia, Giovanni & Igan, Deniz & Laeven, Luc, 2008. "Credit Booms and Lending Standards: Evidence From The Subprime Mortgage Market," CEPR Discussion Papers 6683, C.E.P.R. Discussion Papers.
  4. Reinhart, Carmen & Rogoff, Kenneth, 2009. "The Aftermath of Financial Crises," CEPR Discussion Papers 7209, C.E.P.R. Discussion Papers.
  5. Claessens, Stijn & Kose, Ayhan & Terrones, Marco E., 2008. "What Happens During Recessions, Crunches and Busts?," CEPR Discussion Papers 7085, C.E.P.R. Discussion Papers.
  6. Reinhart, Carmen M. & Rogoff, Kenneth S., 2009. "The Aftermath of Financial Crises," Scholarly Articles 11129155, Harvard University Department of Economics.
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  8. Jiménez, Gabriel & Ongena, Steven & Peydró-Alcalde, José Luis & Saurina, Jesús, 2007. "Hazardous Times for Monetary Policy: What Do Twenty-Three Million Bank Loans Say About the Effects of Monetary Policy on Credit Risk?," CEPR Discussion Papers 6514, C.E.P.R. Discussion Papers.
  9. Marco Terrones & Enrique G. Mendoza, 2008. "An Anatomy of Credit Booms," IMF Working Papers 08/226, International Monetary Fund.
  10. Zsófia Arvai & Karl Driessen & Ínci Ötker-Robe, 2009. "Regional Financial Interlinkages and Financial Contagion within Europe," Czech Journal of Economics and Finance (Finance a uver), Charles University Prague, Faculty of Social Sciences, vol. 59(6), pages 522-540, December.
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  12. Adam B. Ashcraft & Til Schuermann, 2008. "Understanding the securitization of subprime mortgage credit," Staff Reports 318, Federal Reserve Bank of New York.
  13. Enrique G. Mendoza & Marco E. Terrones, 2008. "An Anatomy Of Credit Booms: Evidence From Macro Aggregates And Micro Data," NBER Working Papers 14049, National Bureau of Economic Research, Inc.
  14. Isabelle Mateos y Lago & Rupa Duttagupta & Rishi Goyal, 2009. "The Debate on the International Monetary System," IMF Staff Position Notes 2009/26, International Monetary Fund.
  15. Laeven, Luc & Valencia, Fabián, 2012. "The use of blanket guarantees in banking crises," Journal of International Money and Finance, Elsevier, vol. 31(5), pages 1220-1248.
  16. Giovanni Dell'Ariccia & Luc Laeven & Deniz Igan, 2008. "Credit Booms and Lending Standards," IMF Working Papers 08/106, International Monetary Fund.
  17. Deniz Igan & Thierry Tressel & Prachi Mishra, 2009. "A Fistful of Dollars," IMF Working Papers 09/287, International Monetary Fund.
  18. Christian B. Mulder & Phil De Imus & L. Effie Psalida & Jeanne Gobat & R. B. Johnston & Mangal Goswami & Francisco F. Vázquez, 2009. "Addressing Information Gaps," IMF Staff Position Notes 2009/06, International Monetary Fund.
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