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Lessons and Policy Implications from the Global Financial Crisis

Stijn Claessens (), Luc Laeven (), Deniz Igan and Giovanni Dell'ariccia ()

No 10/44, IMF Working Papers from International Monetary Fund

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 brought to light a number of deficiencies in financial regulation and architecture, particularly in the treatment of systemically important financial institutions, the assessments of systemic risks and vulnerabilities, and the resolution of financial institutions. 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 financially integrated world.

Keywords: Central bank role; Bank regulations; Asset prices; Bank supervision; Financial crisis; Financial crises; Financial sector; Price increases; Stabilization measures; Fiscal policy; Fiscal reforms; Global Financial Crisis 2008-2009; Intervention; International financial system; Liquidity management; International financial architecture, regulation and supervision, subprime lending, contagion, households leverage, financial institutions, credit booms, systemic risk, deposit insurance, Economics Education and Teaching of Economics: Undergraduate, General, (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-ban, nep-cba, nep-reg and nep-rmg
Date: 2010-02-01
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Handle: RePEc:imf:imfwpa:10/44