Global Crises: Causes, Consequences and Policy Responses

Stijn Claessens interviewed by Viv Davies, 18 Apr 2014

Stijn Claessens talks to Viv Davies about the recent IMF book titled 'Global Crises: Causes, Consequences and Policy Responses', co-edited with M Ayhan Kose, Luc Laeven, and Fabian Valencia. The book provides a comprehensive overview of current research into financial crises and the policy lessons learned. They discuss crisis prevention and management, and the crisis in the Eurozone. The interview was recorded in April 2014.

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Stijn Claessens, M Ayhan Kose, Luc Laeven, Fabian Valencia (eds) Global Crises: Causes, Consequences and Policy Responses (IMF, February, 2014) 

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Topics: Macroeconomic policy
Tags: banking crises, debt, default, financial crises, fiscal deficit, global crisis, recovery

Exploring the transmission channels of contagious bank runs

Martin Brown, Stefan Trautmann, Razvan Vlahu, 10 April 2014

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Financial contagion – the situation in which liquidity or insolvency risk is transmitted from one financial institution to another – is viewed by policymakers and academics as a key source of systemic risk in the banking sector.

Topics: Financial markets
Tags: bank runs, banking, banks, contagion, experimental economics, financial crisis, financial stability, global crisis, systemic risk

Sustainable growth requires a long-term focus

Pascal Lamy, Ian Goldin, 28 March 2014

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Just when we thought high-frequency trading couldn’t get any faster, a US communications company is developing a high-speed laser network between the New Jersey data centres of the New York Stock Exchange and the NASDAQ stock exchange, to shave an additional few nanoseconds off high-frequency trading times.

Topics: Environment, Financial markets, Global crisis, International trade
Tags: climate change, corporate governance, environment, global crisis, growth, high-frequency trading, mark-to-market accounting, short-termism, trade

Uncertainty and the Great Trade Collapse: New evidence

Dennis Novy, Alan Taylor, 19 March 2014

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When the Great Recession hit with full force in 2008, many countries experienced a sharp decline in their economic output. However, the accompanying decline in international trade volumes was even sharper, and almost twice as big.

Topics: Global crisis, International trade
Tags: global crisis, great trade collapse

Foreign investors and crises: There is no safe haven for all seasons

Maurizio Michael Habib, Livio Stracca, 28 February 2014

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The resilience of the international status of the US dollar remains surprising (Frankel 2013). At the peak of the global financial crisis which started in the US, in particular in the last quarter of 2008, US treasury yields fell and the US dollar appreciated. This has created the impression of a stronger demand for US securities in general.

Topics: Financial markets, Global crisis
Tags: asset pricing, financial crisis, global crisis, home bias, portfolio flows, reserve currency, risk aversion, safe haven, US

Foreign bank lending during the Crisis: Evidence on branches vs subsidiaries

John Hooley, Glenn Hoggarth, Yevgeniya Korniyenko, 14 February 2014

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Foreign banks contribute potentially large longer-term benefits to their host economies (see, for example, Claessens and van Horen 2012). But the experience of the recent crisis has revealed that their lending can be more cyclical than that of domestic banks (Cetorelli and Goldberg 2011, Claessens and van Horen 2012, De Haas and Lelyveld 2011).

Topics: Global crisis, International finance
Tags: foreign banks, foreign subsidiaries, global crisis, lending

China's growth, stability, and use of international reserves

Joshua Aizenman, Yothin Jinjarak, Nancy P. Marion, 5 January 2014

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Pre-crisis imbalances

Topics: Global crisis
Tags: China, global crisis, global imbalances, US

Smart governance: solutions for today’s global economy

Nemat Shafik, 14 December 2013

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Making the case for smart governance

Global economic crises tend to reignite discussions of global governance and international cooperation. This is because crises lay bare the shortcomings of existing international rules and institutions. The recent crisis has been no different.

Topics: Global governance
Tags: financial crisis, global crisis, global governance, IMF

Scrapping subsidies during the Global Crisis – Evidence from Europe

Nina Leheyda, Frank Verboven, 5 December 2013

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Many governments around the world have introduced scrapping schemes during the last financial and economic crisis. In Europe, they were especially popular during the year 2009. Governments aimed to counteract the sharply declining demand for cars, while at the same time promoting cleaner cars with lower CO2 emissions.

Topics: Environment
Tags: Cash for clunkers, Europe, global crisis, scrapping subsidies

Monetary policy will never be the same

Olivier Blanchard, 27 November 2013

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Two weeks ago, the IMF organized a major research conference, in honour of Stanley Fischer, on lessons from the crisis. Here is my take. I shall focus on what I see as the lessons for monetary policy, but before I do this, let me mention two other important conclusions.

Topics: Monetary policy
Tags: global crisis, monetary policy

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