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Financial Crises: Past Lessons and Policy Implications

  • Davide Furceri
  • Annabelle Mourougane

This overview paper examines the financial crisis in light of past country experience and economic theory and sets out some preliminary policy recommendations. A number of facets of the crisis are detailed, including its origins and spreading factors as well as crisis resolution policies and their associated gross and net fiscal costs. The implications of the crisis on key macro-economic variables are subsequently presented. Finally, policy recommendations for both addressing the economic downturn and enhancing the resilience of the economies over the medium to long-term are discussed. Crises financières : leçons du passé et implications de politiques économiques Cet article donne une vue d'ensemble de la crise financière à la lumière des expériences passées et de la théorie économique et tire des recommandations préliminaires de politiques économiques. De nombreuses facettes de la crise sont détaillées, notamment ses origines et ses facteurs de propagation, de même que les politiques de résolution de crises et leur coût budgétaire (brut et net). Les répercussions de la crise sur les variables macro-économiques clefs sont ensuite présentées. Au final, des recommandations de politiques économiques sont discutées pour à la fois répondre au retournement économique et accroître la résilience des économies sur le moyen et le long terme.

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File URL: http://dx.doi.org/10.1787/226777318564
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Paper provided by OECD Publishing in its series OECD Economics Department Working Papers with number 668.

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Date of creation: 17 Feb 2009
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Handle: RePEc:oec:ecoaaa:668-en
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