A4
Detailed info...


Paperback

• 2014

Pages: 670

ISBN: 9789332701618

INR 1495

Academic Foundation
No 35, Sector 7, IMT Manesar, Gurgaon - 122050. Haryana

Telephone: +0124-4215070, 4215071.

Fax: +011-23245005.

Email:books@academicfoundation.com

Financial Crises

Causes, Consequences, and Policy Responses

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

For Sale in South Asia Only


Description

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