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The Financial Crisis

Author

Listed:
  • Stijn Claessens

    (The author is at the International Monetary Fund (IMF), University of Amsterdam and Centre for Economic Policy Research (CEPR) UK)

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 called for revisiting monetary and fiscal policy and has brought to light a number of deficiencies in financial regulation and architecture. 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 financial integrated world. Emerging markets and developing countries face some specific policy issues as they address institutional and development challenges.

Suggested Citation

  • Stijn Claessens, 2010. "The Financial Crisis," Margin: The Journal of Applied Economic Research, National Council of Applied Economic Research, vol. 4(2), pages 177-196, May.
    • Handle: RePEc:sae:mareco:v:4:y:2010:i:2:p:177-196
    DOI: 10.1177/097380101000400203
    as

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    References listed on IDEAS

    as
    1. Carmen M. Reinhart & Kenneth S. Rogoff, 2009. "The Aftermath of Financial Crises," American Economic Review, American Economic Association, vol. 99(2), pages 466-472, May.
    2. 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.
    3. Gary Gorton, 2008. "The panic of 2007," Proceedings - Economic Policy Symposium - Jackson Hole, Federal Reserve Bank of Kansas City, pages 131-262.
    4. repec:aei:rpaper:25935 is not listed on IDEAS
    5. Giovanni Dell’ariccia & Deniz Igan & Luc Laeven, 2012. "Credit Booms and Lending Standards: Evidence from the Subprime Mortgage Market," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 44, pages 367-384, March.
    6. Claessens, Stijn & Underhill, Geoffrey, 2005. "The Need for Institutional Changes in the Global Financial System: An Analytical Framework," CEPR Discussion Papers 4970, C.E.P.R. Discussion Papers.
    7. Gary Gorton, 2008. "The panic of 2007," Proceedings - Economic Policy Symposium - Jackson Hole, Federal Reserve Bank of Kansas City, pages 131-262.
    8. Ashcraft, Adam B. & Schuermann, Til, 2008. "Understanding the Securitization of Subprime Mortgage Credit," Foundations and Trends(R) in Finance, now publishers, vol. 2(3), pages 191-309, June.
    9. Claessens, Stijn & Perotti, Enrico, 2007. "Finance and inequality: Channels and evidence," Journal of Comparative Economics, Elsevier, vol. 35(4), pages 748-773, December.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    Financial Crisis; Financial Architecture; Financial Reform; Emerging Markets; Developing Countries; JEL Classifications: A00; JEL Classifications: A11; JEL Classifications: A22;
    All these keywords.

    JEL classification:

    • A00 - General Economics and Teaching - - General - - - General
    • A11 - General Economics and Teaching - - General Economics - - - Role of Economics; Role of Economists
    • A22 - General Economics and Teaching - - Economic Education and Teaching of Economics - - - Undergraduate

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