The Crisis: Policy Lessons and Policy Challenges

Agnès Benassy-Quere, Benoit Coeuré, Pierre Jacquet and Jean Pisani-Ferry ()

Working Papers from CEPII research center

Abstract: We review the competing explanations of the 2007-2008 global crisis, recall how governments around the world had to depart from established policy stances, and reflect on the legacy of the crisis both in terms of future challenges and changes in policy doctrine. The G-20 has addressed important regulatory and macro-financial dimensions of the crisis, but it has left difficult questions unanswered. We review some of these incoming challenges such as moral hazard in the post-bail-out world, the trade-off between financial stability and the cost of capital, the feasibility for central banks to manage their new financial stability mandate, and the effectiveness of peer review to address global imbalances.

Keywords: GLOBAL FINANCIAL CRISIS; ECONOMIC POLICY; FINANCIAL REGULATION; BLACK SWAN; CRISIS (search for similar items in EconPapers)
JEL-codes: E50 E6 F02 F36 G18 (search for similar items in EconPapers)
Date: 2009-11
New Economics Papers: this item is included in nep-cba, nep-mac and nep-reg
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (6)

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Working Paper: The Crisis- Policy Lessons and Policy Challenges (2009)
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Persistent link: https://EconPapers.repec.org/RePEc:cii:cepidt:2009-28

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