| Description |
1 online resource (40 pages) |
| Series |
IMF working paper ; no. WP/14/46 |
|
IMF working paper ; no. WP/14/46.
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| Contents |
Cover; Abstract; Contents; I. Introduction; II. What caused the global financial crisis? And what is the state of affairs of reform?; A. Common causes; B. New causes; C. Regulatory responses to date: Where are we now?; III. Why haven't we made more progress? An analytical framing; A. Think system-wide and address market failures and externalities.; B. Improve incentives; C. Realize risks, known and unknown, will remain; D. Adapt approaches and avoid fallacies; Box; 1. Overall Approaches to Determine Specific Reforms; IV. Some reforms to achieve global financial stability |
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A. Adopting a system-wide viewB. Improving incentives; C. Better data and information to reduce the unknowns; D. Assume crises will recur, improve crisis management; V. Conclusions: What do we have to do in order to do better?; Figure; 1. Knowns and actionable; References |
| Summary |
We identify current challenges for creating stable, yet efficient financial systems using lessons from recent and past crises. Reforms need to start from three tenets: adopting a system-wide perspective explicitly aimed at addressing market failures; understanding and incorporating into regulations agents' incentives so as to align them better with societies' goals; and acknowledging that risks of crises will always remain, in part due to (unknown) unknowns? be they tipping points, fault lines, or spillovers. Corresponding to these three tenets, specific areas for further reforms are identifi |
| Analysis |
Financial crises |
|
Causes |
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Overseas item |
| Bibliography |
Includes bibliographical references |
| Notes |
Print version record |
| Subject |
Crisis management -- United States
|
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Economic history -- 21st century.
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Global Financial Crisis, 2008-2009.
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Globalization -- Economic aspects
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globalism.
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Crisis management
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Economic history
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Globalization -- Economic aspects
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United States
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| Form |
Electronic book
|
| Author |
Kodres, Laura E., author.
|
| ISBN |
9781475515855 |
|
1475515855 |
|
1306674220 |
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9781306674225 |
|
