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Understanding Financial Crises: Causes, Consequences, and Policy Responses

  • Claessens, Stijn
  • Kose, Ayhan
  • Laeven, Luc
  • Valencia, Fabian

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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Paper provided by C.E.P.R. Discussion Papers in its series CEPR Discussion Papers with number 9310.

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Date of creation: Jan 2013
Date of revision:
Handle: RePEc:cpr:ceprdp:9310
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  1. 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.
  2. Hyun Song Shin, 2013. "Procyclicality and the Search for Early Warning Indicators," IMF Working Papers 13/258, International Monetary Fund.
  3. Giovanni Dell'Ariccia & Pau Rabanal & Christopher W. Crowe & Deniz Igan, 2011. "Policies for Macrofinancial Stability: Options to Deal with Real Estate Booms," IMF Staff Discussion Notes 11/02, International Monetary Fund.
  4. Reinhart, Carmen & Rogoff, Kenneth, 2009. "This Time It’s Different: Eight Centuries of Financial Folly-Chapter 1," MPRA Paper 17452, University Library of Munich, Germany.
  5. 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.
  6. Claessens, Stijn & Kose, Ayhan & Terrones, Marco E, 2011. "Financial Cycles: What? How? When?," CEPR Discussion Papers 8379, C.E.P.R. Discussion Papers.
  7. 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.
  8. 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.
  9. 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.
  10. Reinhart, Carmen & Rogoff, Kenneth, 2009. "This Time It’s Different: Eight Centuries of Financial Folly-Preface," MPRA Paper 17451, University Library of Munich, Germany.
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