Lessons and Policy Implications from the Global Financial Crisis

By Stijn Claessens, Giovanni Dell'Ariccia, Deniz Igan, Luc Laeven. Social Science Research Network, 2010

257 citations recorded by the source corpus.

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.

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Citations in the corpus

From the Financial Crisis to the Real Economy: Using Firm-Level Data to Identify Transmission Channels (2012, unknown): “For example, Claessens et al (2010), Blanchard et al (2010), and Cetorelli and Goldberg (2009) document some evidence that countries more integrated with global financial markets suffered more during this crisis.2 In contrast, Rose and Spiegel (2010a, 2010b and 2011) fail to find strong evidence…”
Determinants of stock market comovements among US and emerging economies during the US financial crisis (2013, background): “The collapse of the US sub-primemortgagemarket in the summer of 2007 and the ensuing Lehman failure in September of 2008 triggered a financial crisis in the United States that was considered to be the most serious global crisis since the Great Depression (Claessens et al., 2010).”
The Political Economy of Global Finance: A Network Model (2013, background): “See, e.g., Summers 2000; Rogoff 1999; Fischer 1999; Stiglitz 2010b, 2010a; Claessens et al. 2010; Mosley and Singer 2009, 421.”
Spillover Effects of the US Financial Crisis on Financial Markets in Emerging Asian Countries (2015, unknown): “Spillover effects of the U.S. financial crisis on financialmarkets in emerging Asian countries☆ Bong-Han Kima,1, Hyeongwoo Kimb,⁎, Bong-Soo Lee c,2 a Department of International Economics, Kongju National University, Gongju, Chungnam, South Korea b Department of Economics, Auburn University, Auburn,”