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Understanding Financial Crises: Causes, Consequences, and Policy Responses

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

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: https://cama.crawford.anu.edu.au/pdf/working-papers/2013/052013.pdf
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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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  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. 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.
  3. 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, April.
  4. Marco Terrones & M. Ayhan Kose & Stijn Claessens, 2011. "Financial Cycles; What? How? When?," IMF Working Papers 11/76, International Monetary Fund.
  5. 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.
  6. Carmen Reinhart & Kenneth Rogoff, 2013. "Financial and Sovereign Debt Crises: Some Lessons Learned and Those Forgotten," IMF Working Papers 13/266, International Monetary Fund.
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