Financial Crises

Causes, Consequences, and Policy Responses

Stijn Claessens (Ed.)‚ M. Ayhan Kose (Ed.)‚ Luc Laeven (Ed.)‚ Fabián Valencia (Ed.)

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About the Book

The 2007–09 global financial crisis saw colossal disruptions in asset and credit markets, massive erosions of wealth, and unprecedented numbers of bankruptcies. Its lingering effects are still visible in advanced economies and emerging markets alike—this shows a clear need to improve our understanding of financial crises. Financial Crises: Causes, Consequences, and Policy Responses fills a critical gap in the rich literature on the subject. It provides a broad overview of the current research and reviews typical patterns that precede crises, analyzes the evolution of these episodes, examines various policy responses, and studies the aftermath of these crises. The book features contributions from prominent scholars in the field and researchers at the IMF.


 

About the Author(s) / Editor(s)

Stijn Claessens is Assistant Director in the Research Department of the International Monetary Fund.

 

M. Ayhan Kose is Assistant to the Director in the Research Department of the International Monetary Fund.

 

Luc Laeven is Lead Economist in the Research Department of the International Monetary Fund.

 

Fabián Valencia is Senior Economist in the Research Department of the International Monetary Fund.

 

Contents in Detail

   Foreword

  Acknowledgments

  Introduction

  Contributors

  Abbreviations

   

PART I   INTRODUCTION AND DESCRIPTION OF FINANCIAL CRISES

   

1. Financial Crises: Explanations, Types, and Implications

  Stijn Claessens and M. Ayhan Kose

   

2. Systemic Banking Crises

  Luc Laeven and Fabián Valencia

   

PART II   LESSONS IN CRISIS PREVENTION AND MANAGEMENT

   

3. Financial and Sovereign Debt Crises: 

  Some Lessons Learned and Those Forgotten

  Carmen M. Reinhart and Kenneth S. Rogoff

   

4. Procyclicality and the Search for Early Warning Indicators

  Hyun Song Shin

   

5. Resilience in Latin America: Lessons from Macroeconomic 

  Management and Financial Policies

  José De Gregorio

   

6. External Imbalances and Financial Crises

  Alan M. Taylor

   

PART III   SHORT-TERM EFFECTS: CRISES, RECESSIONS,

AND RECOVERIES

   

7. The Global Financial Crisis: 

  How Similar? How Different? How Costly?

  Stijn Claessens, M. Ayhan Kose, and Marco E. Terrones

   

8. From Recession to Recovery: How Soon and How Strong?

  Prakash Kannan, Alasdair Scott, and Marco E. Terrones

   

PART IV   MEDIUM-TERM EFFECTS: ECONOMIC GROWTH

   

9. What’s the Damage? Medium-Term Output 

  Dynamics after Financial Crises

  Abdul Abiad, Ravi Balakrishnan, Petya Koeva Brooks, 

  Daniel Leigh, and Irina Tytell

   

10. What Have We Learned about Creditless Recoveries?

  Abdul Abiad, Giovanni Dell’Ariccia, and Bin Li

   

PART V   POLICY MEASURES TO PREVENT BOOMS, 

MITIGATE BUSTS, AND AVOID FINANCIAL CRISES

   

11. Policies for Macro-Financial Stability: 

  Dealing with Credit Booms and Busts

  Giovanni Dell’Ariccia, Deniz Igan, Luc Laeven, and Hui Tong

   

12. Policies for Macro-Financial Stability: 

  Managing Real Estate Booms and Busts

  Christopher Crowe, Giovanni Dell’Ariccia, Deniz Igan, and Pau Rabanal

   

13. Resolution of Banking Crises: The Good, the Bad, and the Ugly

  Luc Laeven and Fabián Valencia

   

14. How Effective Is Fiscal Policy Response in Financial Crises?

  Emanuele Baldacci, Sanjeev Gupta, and Carlos Mulas-Granados

   

PART VI   POLICY MEASURES TO MITIGATE THE IMPACT OF 

FINANCIAL CRISES; AND THE RESTRUCTURING OF BANKS 

AND OF HOUSEHOLD AND SOVEREIGN DEBT

   

15. Crisis Management and Resolution: 

  Early Lessons from the 2007–09 Financial Crisis

  Stijn Claessens, Ceyla Pazarbasioglu, Luc Laeven, Marc Dobler,

Fabián Valencia, Oana Nedelescu, and Katharine Seal

   

16. The Economics of Bank Restructuring: Understanding the Options

  Augustin Landier and Kenichi Ueda

   

17. Principles of Household Debt Restructuring

  Luc Laeven and Thomas Laryea

   

18. Dealing with Household Debt

  Deniz Igan, Daniel Leigh, John Simon, and Petia Topalova

   

19. Restructuring Sovereign Debt: Lessons from Recent History

  Udaibir S. Das, Michael G. Papaioannou, and Christoph Trebesch

   

  Index


 

Publisher AF Press
Publication Date 2014
Number of Pages 670
ISBN 9789332701618
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Academic Foundation (AF), based in New Delhi, is India’s leading independent publisher of academic/scholarly books in Social Sciences, specialising in Economics—Development Economics and Indian Economy in particular, and allied subjects.

About the Book

The 2007–09 global financial crisis saw colossal disruptions in asset and credit markets, massive erosions of wealth, and unprecedented numbers of bankruptcies. Its lingering effects are still visible in advanced economies and emerging markets alike—this shows a clear need to improve our understanding of financial crises. Financial Crises: Causes, Consequences, and Policy Responses fills a critical gap in the rich literature on the subject. It provides a broad overview of the current research and reviews typical patterns that precede crises, analyzes the evolution of these episodes, examines various policy responses, and studies the aftermath of these crises. The book features contributions from prominent scholars in the field and researchers at the IMF.


 

About the Author(s) / Editor(s)

Stijn Claessens is Assistant Director in the Research Department of the International Monetary Fund.

 

M. Ayhan Kose is Assistant to the Director in the Research Department of the International Monetary Fund.

 

Luc Laeven is Lead Economist in the Research Department of the International Monetary Fund.

 

Fabián Valencia is Senior Economist in the Research Department of the International Monetary Fund.

 

Contents in Detail

   Foreword

  Acknowledgments

  Introduction

  Contributors

  Abbreviations

   

PART I   INTRODUCTION AND DESCRIPTION OF FINANCIAL CRISES

   

1. Financial Crises: Explanations, Types, and Implications

  Stijn Claessens and M. Ayhan Kose

   

2. Systemic Banking Crises

  Luc Laeven and Fabián Valencia

   

PART II   LESSONS IN CRISIS PREVENTION AND MANAGEMENT

   

3. Financial and Sovereign Debt Crises: 

  Some Lessons Learned and Those Forgotten

  Carmen M. Reinhart and Kenneth S. Rogoff

   

4. Procyclicality and the Search for Early Warning Indicators

  Hyun Song Shin

   

5. Resilience in Latin America: Lessons from Macroeconomic 

  Management and Financial Policies

  José De Gregorio

   

6. External Imbalances and Financial Crises

  Alan M. Taylor

   

PART III   SHORT-TERM EFFECTS: CRISES, RECESSIONS,

AND RECOVERIES

   

7. The Global Financial Crisis: 

  How Similar? How Different? How Costly?

  Stijn Claessens, M. Ayhan Kose, and Marco E. Terrones

   

8. From Recession to Recovery: How Soon and How Strong?

  Prakash Kannan, Alasdair Scott, and Marco E. Terrones

   

PART IV   MEDIUM-TERM EFFECTS: ECONOMIC GROWTH

   

9. What’s the Damage? Medium-Term Output 

  Dynamics after Financial Crises

  Abdul Abiad, Ravi Balakrishnan, Petya Koeva Brooks, 

  Daniel Leigh, and Irina Tytell

   

10. What Have We Learned about Creditless Recoveries?

  Abdul Abiad, Giovanni Dell’Ariccia, and Bin Li

   

PART V   POLICY MEASURES TO PREVENT BOOMS, 

MITIGATE BUSTS, AND AVOID FINANCIAL CRISES

   

11. Policies for Macro-Financial Stability: 

  Dealing with Credit Booms and Busts

  Giovanni Dell’Ariccia, Deniz Igan, Luc Laeven, and Hui Tong

   

12. Policies for Macro-Financial Stability: 

  Managing Real Estate Booms and Busts

  Christopher Crowe, Giovanni Dell’Ariccia, Deniz Igan, and Pau Rabanal

   

13. Resolution of Banking Crises: The Good, the Bad, and the Ugly

  Luc Laeven and Fabián Valencia

   

14. How Effective Is Fiscal Policy Response in Financial Crises?

  Emanuele Baldacci, Sanjeev Gupta, and Carlos Mulas-Granados

   

PART VI   POLICY MEASURES TO MITIGATE THE IMPACT OF 

FINANCIAL CRISES; AND THE RESTRUCTURING OF BANKS 

AND OF HOUSEHOLD AND SOVEREIGN DEBT

   

15. Crisis Management and Resolution: 

  Early Lessons from the 2007–09 Financial Crisis

  Stijn Claessens, Ceyla Pazarbasioglu, Luc Laeven, Marc Dobler,

Fabián Valencia, Oana Nedelescu, and Katharine Seal

   

16. The Economics of Bank Restructuring: Understanding the Options

  Augustin Landier and Kenichi Ueda

   

17. Principles of Household Debt Restructuring

  Luc Laeven and Thomas Laryea

   

18. Dealing with Household Debt

  Deniz Igan, Daniel Leigh, John Simon, and Petia Topalova

   

19. Restructuring Sovereign Debt: Lessons from Recent History

  Udaibir S. Das, Michael G. Papaioannou, and Christoph Trebesch

   

  Index


 

Publisher AF Press
Publication Date 2014
Number of Pages 670
ISBN 9789332701618
Expected delivery date:
12 Jun Usually ready in 2-3 days.

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Financial Crises

Financial Crises

₹ 1,495.00
₹ 1,495.00