Discussion Paper Details

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Title: Understanding Financial Crises: Causes, Consequences, and Policy Responses

Author(s): Stijn Claessens, Ayhan Kose, Luc Laeven and Fabian Valencia

Publication Date: January 2013

Keyword(s): asset price busts, banking crises, credit busts, currency crises, debt crises, defaults, global financial crisis, prediction of crises, restructuring, sudden stops and welfare cost

Programme Area(s): Financial Economics

Abstract: The global financial crisis of 2007-09 has led to an intensive research program analyzing a wide range of issues related to financial crises. This paper presents a summary of a forthcoming book, Financial Crises: Causes, Consequences, and Policy Responses, that includes 19 contributions examining these issues and distilling policy lessons. The book covers a wide range of crises, including banking, balance-of-payments, and sovereign debt crises. It reviews the typical patterns prior to crises, considers lessons on their antecedents, and analyzes their evolution and aftermath. It also provides valuable policy lessons on how to prevent, contain and manage financial crises.

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Bibliographic Reference

Claessens, S, Kose, A, Laeven, L and Valencia, F. 2013. 'Understanding Financial Crises: Causes, Consequences, and Policy Responses'. London, Centre for Economic Policy Research.