Lessons and Policy Implications from the Global Financial Crisis

By Stijn Claessens, Luc Laeven, Deniz O Igan, Giovanni Dell'Ariccia

February 1, 2010

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Format: Chicago

Stijn Claessens, Luc Laeven, Deniz O Igan, and Giovanni Dell'Ariccia. Lessons and Policy Implications from the Global Financial Crisis, (USA: International Monetary Fund, 2010) accessed November 9, 2024

Disclaimer: This Working Paper should not be reported as representing the views of the IMF.The views expressed in this Working Paper are those of the author(s) and do not necessarily represent those of the IMF or IMF policy. Working Papers describe research in progress by the author(s) and are published to elicit comments and to further debate

Summary

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.

Subject: Banking, Financial crises, Housing prices, Liquidity, Systemic risk

Keywords: Asset price, Commercial paper, Fair value, Foreign currency, Market discipline, Monetary policy, Subprime mortgage, WP

Publication Details

Pages:

40
Volume:

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DOI:

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Issue:

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Series:

Working Paper No. 2010/044
Stock No:

WPIEA2010044
ISBN:

9781451963021
ISSN:

1018-5941

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