IMF F&D magazine on Financial Crisis

08 December 2008

The magazine concentrates on priorities for regulatory reform in the aftermath of the financial crises. Articles concentrate on ways to assess systemic risk and crisis prevention.

The magazine concentrates on priorities for regulatory reform in the aftermath of the financial crises. Articles concentrate on ways to assess systemic risk and crisis prevention.

 

Articles:

Preventing Future Crises: Priorities for regulatory reform after the meltdown

The Article identifies crucial weaknesses that the reforms need to address, and the second outlines key areas for policy action.

Cracks in the System: Repairing the Damaged Global Economy

The global economy is facing its worst crisis in 60 years, triggering fears of a long, deep recession. The task ahead is to design new rules and institutions to reduce systemic risks without stifling innovation.

A Crisis to Remember

The financial system will not reset to what it looked like just a year ago, and the longer-term impact will change the fundamentals of the world economy. All this accentuates the need for urgent and bold modernization of the multilateral framework.

The Crisis through the Lens of History

The most important lesson from every financial crisis since the Great Depression is to act early, to act aggressively, and to act comprehensively to deal with financial strains. The priority must be to quench the fire, even if unorthodox measures are needed.

Stockholm Solutions

Sweden and other Nordic countries went through systemic financial crises in the early 1990s. A crucial lesson from the Nordic experience is the need for prominent state involvement in crisis resolution through restructuring and asset value protection.

The Road to Recovery: A View from Japan

Japan's financial crisis a decade and a half ago evokes an unmistakable sense of déjà vu amid the current turmoil. Japan's story shows that here is nothing like a crisis to bring to light—and build popular support for—much-needed reforms.

When Crises Collide

Earlier episodes of recessions, crunches, and busts are sobering, suggesting that recessions following the current financial crisis may be more costly because they are likely to take place alongside simultaneous credit crunches and asset price busts.

Global Financial Turmoil Tests Asia

Any hope that Asia would escape the global financial crisis has by now evaporated. How Asia withstands the shock of both slower world growth and a spreading financial crisis is critical not only for the region, but for the world as a whole.

 

Full issue Finance and Development – December 2008

 

© International Monetary Fund