Lessons from World Bank Research on Financial Crises
The benefits of financial development and globalization have come with continuing fragility in financial sectors. Periodic crises have had real but heterogeneous welfare impacts and not just for poor people; indeed, some of the conditions that fost...
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| Format: | Policy Research Working Paper |
| Language: | English |
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Washington, DC: World Bank
2012
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| Online Access: | http://documents.worldbank.org/curated/en/2008/12/10107901/lessons-world-bank-research-financial-crises http://hdl.handle.net/10986/6342 |
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okr-10986-6342 |
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oai_dc |
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Digital Repository |
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Foreign Institution |
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Digital Repositories |
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World Bank Open Knowledge Repository |
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World Bank |
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English |
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ACCESS TO CREDIT ASSET PORTFOLIO ASSET VALUES ASYMMETRIC INFORMATION BAILOUTS BALANCE OF PAYMENTS BALANCE SHEETS BANK CREDIT BANK CREDITORS BANK POLICY BANK REGULATION BANKING CRISES BANKING CRISIS BANKING REGULATION BANKING SYSTEM BANKING SYSTEMS BANKRUPTCY BANKS BORROWING CAPITAL FLOWS CAPITAL INFLOWS CAPITAL MARKETS CASH FLOWS CASH TRANSFER CASH TRANSFERS CENTRAL BANK COLLATERAL COMMODITIES CONTINGENCY COST RECOVERY COUNTRY RISK CREDIBILITY CREDIT GROWTH CREDIT INCREASES CREDIT MARKET CREDIT PROVISION CREDIT RISK CRISIS MANAGEMENT CURRENCY BOARD CURRENCY DEVALUATION CURRENT ACCOUNT CURRENT ACCOUNT DEFICITS CURRENT INCOMES DEBT DEBT BURDEN DEBT BURDENS DEBT LEVELS DEBT SERVICING DEFAULT RISKS DEPOSIT DEPOSIT INSURANCE DEPOSITORS DEPOSITS DEVELOPING COUNTRIES DEVELOPING COUNTRY DEVELOPMENT BANK DIVERSIFICATION DOMESTIC CURRENCY DOMESTIC MARKETS DROUGHT EARNINGS ECONOMIC COST ECONOMIC DEVELOPMENT ECONOMIC SHOCKS EDUCATION PROGRAM EMERGING ECONOMIES EMERGING MARKET EMERGING MARKETS EQUITY MARKETS EXCHANGE RATES EXPENDITURES EXTERNAL DEBT EXTERNAL FINANCE EXTERNAL SHOCK EXTERNAL SHOCKS EXTRA CASH FEDERAL RESERVE FEDERAL RESERVE BANK FILING FOR BANKRUPTCY FINANCIAL CRISES FINANCIAL CRISIS FINANCIAL DEVELOPMENT FINANCIAL DISTRESS FINANCIAL FRAGILITY FINANCIAL INSTITUTIONS FINANCIAL INTERMEDIARIES FINANCIAL INTERMEDIATION FINANCIAL LIBERALIZATION FINANCIAL POLICIES FINANCIAL POSITION FINANCIAL PROBLEMS FINANCIAL PRODUCTS FINANCIAL REGULATION FINANCIAL RISK FINANCIAL RUIN FINANCIAL SECTOR FINANCIAL SECTORS FINANCIAL SHOCK FINANCIAL STABILITY FINANCIAL SYSTEM FINANCIAL SYSTEMS FISCAL POLICY FOREIGN CAPITAL FOREIGN DIRECT INVESTMENT FOREIGN INVESTORS FUTURE INCOMES GLOBAL MARKETS GLOBAL TRADE GLOBALIZATION GOVERNMENT INTERVENTION HEALTH INSURANCE HEALTH SPENDING HOUSEHOLD INCOME HOUSEHOLD INCOMES HUMAN CAPITAL HUMAN DEVELOPMENT HUMAN RESOURCES INCOME GROUPS INCOME SHOCKS INFLATION INFORMED INVESTORS INFRASTRUCTURE DEVELOPMENT INFRASTRUCTURE INVESTMENT INSURANCE INTEREST BURDEN INTEREST RATE INTEREST RATES INTERNATIONAL BANK INTERNATIONAL CAPITAL INTERNATIONAL ECONOMICS INTERNATIONAL FINANCE INTERNATIONAL FINANCIAL INTEGRATION INTERNATIONAL INVESTORS INTERNATIONAL TRADE INVESTOR CONFIDENCE LABOR FORCE LABOR HOURS LABOR MARKET LABOR MARKETS LANDHOLDERS LEGAL FRAMEWORK LENDER LENDER-OF-LAST-RESORT LEVY LIFETIME LIFETIME EARNINGS LIQUIDITY LONG-TERM GOALS MACROECONOMIC CRISES MACROECONOMIC POLICIES MACROECONOMIC POLICY MACROECONOMIC STABILIZATION MACROECONOMIC VOLATILITY MARKET DISCIPLINE MARKET ECONOMY MARKET FAILURES MARKET INTEREST RATES MARKET LIQUIDITY MARKET PARTICIPANTS MARKET REFORM MINIMUM WAGE MONETARY POLICIES MONETARY POLICY MORAL HAZARD MORTGAGES MUTUAL FUND MUTUAL FUND STRATEGIES NATURAL DISASTERS NET WORTH OPEN ECONOMIES OPPORTUNITY COST OUTPUT LOSS POLICY RESPONSE POLICY RESPONSES POLITICAL ECONOMY PORTFOLIO PORTFOLIOS POVERTY RATE PRIVATE CAPITAL PROBABILITY PRODUCTIVITY PRUDENTIAL REGULATION PUBLIC DEBT PUBLIC EXPENDITURES PUBLIC FINANCES PUBLIC SPENDING RAPID POPULATION GROWTH REAL COSTS RECESSION RECESSIONS RELIANCE ON SHORT-TERM DEBT REMITTANCES RESERVES RESPONSIBILITIES RETURN RETURNS RISK SHARING RURAL CREDIT SAFETY NET SAFETY NETS SAVINGS SELF-EMPLOYMENT SHAREHOLDERS SKILLED WORKERS SOCIAL PROTECTION SOVEREIGN RATINGS STOCK MARKET STOCK RETURNS STOCKS SUBORDINATED DEBT TAX TRADE CREDIT TRADE LIBERALIZATION TRADING TRADING SYSTEM TRANSITION ECONOMIES TRANSPARENCY UNEMPLOYED UNEMPLOYMENT URBAN POPULATIONS WAGE WAGES WEB SITE WORLD MARKET WORLD MARKET INTEGRATION WORLD TRADE YOUNG CHILDREN |
| spellingShingle |
ACCESS TO CREDIT ASSET PORTFOLIO ASSET VALUES ASYMMETRIC INFORMATION BAILOUTS BALANCE OF PAYMENTS BALANCE SHEETS BANK CREDIT BANK CREDITORS BANK POLICY BANK REGULATION BANKING CRISES BANKING CRISIS BANKING REGULATION BANKING SYSTEM BANKING SYSTEMS BANKRUPTCY BANKS BORROWING CAPITAL FLOWS CAPITAL INFLOWS CAPITAL MARKETS CASH FLOWS CASH TRANSFER CASH TRANSFERS CENTRAL BANK COLLATERAL COMMODITIES CONTINGENCY COST RECOVERY COUNTRY RISK CREDIBILITY CREDIT GROWTH CREDIT INCREASES CREDIT MARKET CREDIT PROVISION CREDIT RISK CRISIS MANAGEMENT CURRENCY BOARD CURRENCY DEVALUATION CURRENT ACCOUNT CURRENT ACCOUNT DEFICITS CURRENT INCOMES DEBT DEBT BURDEN DEBT BURDENS DEBT LEVELS DEBT SERVICING DEFAULT RISKS DEPOSIT DEPOSIT INSURANCE DEPOSITORS DEPOSITS DEVELOPING COUNTRIES DEVELOPING COUNTRY DEVELOPMENT BANK DIVERSIFICATION DOMESTIC CURRENCY DOMESTIC MARKETS DROUGHT EARNINGS ECONOMIC COST ECONOMIC DEVELOPMENT ECONOMIC SHOCKS EDUCATION PROGRAM EMERGING ECONOMIES EMERGING MARKET EMERGING MARKETS EQUITY MARKETS EXCHANGE RATES EXPENDITURES EXTERNAL DEBT EXTERNAL FINANCE EXTERNAL SHOCK EXTERNAL SHOCKS EXTRA CASH FEDERAL RESERVE FEDERAL RESERVE BANK FILING FOR BANKRUPTCY FINANCIAL CRISES FINANCIAL CRISIS FINANCIAL DEVELOPMENT FINANCIAL DISTRESS FINANCIAL FRAGILITY FINANCIAL INSTITUTIONS FINANCIAL INTERMEDIARIES FINANCIAL INTERMEDIATION FINANCIAL LIBERALIZATION FINANCIAL POLICIES FINANCIAL POSITION FINANCIAL PROBLEMS FINANCIAL PRODUCTS FINANCIAL REGULATION FINANCIAL RISK FINANCIAL RUIN FINANCIAL SECTOR FINANCIAL SECTORS FINANCIAL SHOCK FINANCIAL STABILITY FINANCIAL SYSTEM FINANCIAL SYSTEMS FISCAL POLICY FOREIGN CAPITAL FOREIGN DIRECT INVESTMENT FOREIGN INVESTORS FUTURE INCOMES GLOBAL MARKETS GLOBAL TRADE GLOBALIZATION GOVERNMENT INTERVENTION HEALTH INSURANCE HEALTH SPENDING HOUSEHOLD INCOME HOUSEHOLD INCOMES HUMAN CAPITAL HUMAN DEVELOPMENT HUMAN RESOURCES INCOME GROUPS INCOME SHOCKS INFLATION INFORMED INVESTORS INFRASTRUCTURE DEVELOPMENT INFRASTRUCTURE INVESTMENT INSURANCE INTEREST BURDEN INTEREST RATE INTEREST RATES INTERNATIONAL BANK INTERNATIONAL CAPITAL INTERNATIONAL ECONOMICS INTERNATIONAL FINANCE INTERNATIONAL FINANCIAL INTEGRATION INTERNATIONAL INVESTORS INTERNATIONAL TRADE INVESTOR CONFIDENCE LABOR FORCE LABOR HOURS LABOR MARKET LABOR MARKETS LANDHOLDERS LEGAL FRAMEWORK LENDER LENDER-OF-LAST-RESORT LEVY LIFETIME LIFETIME EARNINGS LIQUIDITY LONG-TERM GOALS MACROECONOMIC CRISES MACROECONOMIC POLICIES MACROECONOMIC POLICY MACROECONOMIC STABILIZATION MACROECONOMIC VOLATILITY MARKET DISCIPLINE MARKET ECONOMY MARKET FAILURES MARKET INTEREST RATES MARKET LIQUIDITY MARKET PARTICIPANTS MARKET REFORM MINIMUM WAGE MONETARY POLICIES MONETARY POLICY MORAL HAZARD MORTGAGES MUTUAL FUND MUTUAL FUND STRATEGIES NATURAL DISASTERS NET WORTH OPEN ECONOMIES OPPORTUNITY COST OUTPUT LOSS POLICY RESPONSE POLICY RESPONSES POLITICAL ECONOMY PORTFOLIO PORTFOLIOS POVERTY RATE PRIVATE CAPITAL PROBABILITY PRODUCTIVITY PRUDENTIAL REGULATION PUBLIC DEBT PUBLIC EXPENDITURES PUBLIC FINANCES PUBLIC SPENDING RAPID POPULATION GROWTH REAL COSTS RECESSION RECESSIONS RELIANCE ON SHORT-TERM DEBT REMITTANCES RESERVES RESPONSIBILITIES RETURN RETURNS RISK SHARING RURAL CREDIT SAFETY NET SAFETY NETS SAVINGS SELF-EMPLOYMENT SHAREHOLDERS SKILLED WORKERS SOCIAL PROTECTION SOVEREIGN RATINGS STOCK MARKET STOCK RETURNS STOCKS SUBORDINATED DEBT TAX TRADE CREDIT TRADE LIBERALIZATION TRADING TRADING SYSTEM TRANSITION ECONOMIES TRANSPARENCY UNEMPLOYED UNEMPLOYMENT URBAN POPULATIONS WAGE WAGES WEB SITE WORLD MARKET WORLD MARKET INTEGRATION WORLD TRADE YOUNG CHILDREN World Bank Lessons from World Bank Research on Financial Crises |
| relation |
Policy Research Working Paper; No. 4779 |
| description |
The benefits of financial development
and globalization have come with continuing fragility in
financial sectors. Periodic crises have had real but
heterogeneous welfare impacts and not just for poor people;
indeed, some of the conditions that foster deep and
persistent poverty, such as lack of connectivity to markets,
have provided a degree of protection for the poor. Past
crises have also had longer-term impacts for some of those
affected, most notably through the nutrition and schooling
of children in poor families. As in other areas of policy,
effective responses to a crisis require sound data and must
take account of incentives and behavior. An important lesson
from past experience is that the short-term responses to a
crisis-macroeconomic stabilization, trade policies,
financial sector policies and social protection-cannot
ignore longer-term implications for both economic
development and vulnerability to future crises. |
| format |
Publications & Research :: Policy Research Working Paper |
| author |
World Bank |
| author_facet |
World Bank |
| author_sort |
World Bank |
| title |
Lessons from World Bank Research on Financial Crises |
| title_short |
Lessons from World Bank Research on Financial Crises |
| title_full |
Lessons from World Bank Research on Financial Crises |
| title_fullStr |
Lessons from World Bank Research on Financial Crises |
| title_full_unstemmed |
Lessons from World Bank Research on Financial Crises |
| title_sort |
lessons from world bank research on financial crises |
| publisher |
Washington, DC: World Bank |
| publishDate |
2012 |
| url |
http://documents.worldbank.org/curated/en/2008/12/10107901/lessons-world-bank-research-financial-crises http://hdl.handle.net/10986/6342 |
| _version_ |
1764399915114430464 |
| spelling |
okr-10986-63422021-04-23T14:02:30Z Lessons from World Bank Research on Financial Crises World Bank ACCESS TO CREDIT ASSET PORTFOLIO ASSET VALUES ASYMMETRIC INFORMATION BAILOUTS BALANCE OF PAYMENTS BALANCE SHEETS BANK CREDIT BANK CREDITORS BANK POLICY BANK REGULATION BANKING CRISES BANKING CRISIS BANKING REGULATION BANKING SYSTEM BANKING SYSTEMS BANKRUPTCY BANKS BORROWING CAPITAL FLOWS CAPITAL INFLOWS CAPITAL MARKETS CASH FLOWS CASH TRANSFER CASH TRANSFERS CENTRAL BANK COLLATERAL COMMODITIES CONTINGENCY COST RECOVERY COUNTRY RISK CREDIBILITY CREDIT GROWTH CREDIT INCREASES CREDIT MARKET CREDIT PROVISION CREDIT RISK CRISIS MANAGEMENT CURRENCY BOARD CURRENCY DEVALUATION CURRENT ACCOUNT CURRENT ACCOUNT DEFICITS CURRENT INCOMES DEBT DEBT BURDEN DEBT BURDENS DEBT LEVELS DEBT SERVICING DEFAULT RISKS DEPOSIT DEPOSIT INSURANCE DEPOSITORS DEPOSITS DEVELOPING COUNTRIES DEVELOPING COUNTRY DEVELOPMENT BANK DIVERSIFICATION DOMESTIC CURRENCY DOMESTIC MARKETS DROUGHT EARNINGS ECONOMIC COST ECONOMIC DEVELOPMENT ECONOMIC SHOCKS EDUCATION PROGRAM EMERGING ECONOMIES EMERGING MARKET EMERGING MARKETS EQUITY MARKETS EXCHANGE RATES EXPENDITURES EXTERNAL DEBT EXTERNAL FINANCE EXTERNAL SHOCK EXTERNAL SHOCKS EXTRA CASH FEDERAL RESERVE FEDERAL RESERVE BANK FILING FOR BANKRUPTCY FINANCIAL CRISES FINANCIAL CRISIS FINANCIAL DEVELOPMENT FINANCIAL DISTRESS FINANCIAL FRAGILITY FINANCIAL INSTITUTIONS FINANCIAL INTERMEDIARIES FINANCIAL INTERMEDIATION FINANCIAL LIBERALIZATION FINANCIAL POLICIES FINANCIAL POSITION FINANCIAL PROBLEMS FINANCIAL PRODUCTS FINANCIAL REGULATION FINANCIAL RISK FINANCIAL RUIN FINANCIAL SECTOR FINANCIAL SECTORS FINANCIAL SHOCK FINANCIAL STABILITY FINANCIAL SYSTEM FINANCIAL SYSTEMS FISCAL POLICY FOREIGN CAPITAL FOREIGN DIRECT INVESTMENT FOREIGN INVESTORS FUTURE INCOMES GLOBAL MARKETS GLOBAL TRADE GLOBALIZATION GOVERNMENT INTERVENTION HEALTH INSURANCE HEALTH SPENDING HOUSEHOLD INCOME HOUSEHOLD INCOMES HUMAN CAPITAL HUMAN DEVELOPMENT HUMAN RESOURCES INCOME GROUPS INCOME SHOCKS INFLATION INFORMED INVESTORS INFRASTRUCTURE DEVELOPMENT INFRASTRUCTURE INVESTMENT INSURANCE INTEREST BURDEN INTEREST RATE INTEREST RATES INTERNATIONAL BANK INTERNATIONAL CAPITAL INTERNATIONAL ECONOMICS INTERNATIONAL FINANCE INTERNATIONAL FINANCIAL INTEGRATION INTERNATIONAL INVESTORS INTERNATIONAL TRADE INVESTOR CONFIDENCE LABOR FORCE LABOR HOURS LABOR MARKET LABOR MARKETS LANDHOLDERS LEGAL FRAMEWORK LENDER LENDER-OF-LAST-RESORT LEVY LIFETIME LIFETIME EARNINGS LIQUIDITY LONG-TERM GOALS MACROECONOMIC CRISES MACROECONOMIC POLICIES MACROECONOMIC POLICY MACROECONOMIC STABILIZATION MACROECONOMIC VOLATILITY MARKET DISCIPLINE MARKET ECONOMY MARKET FAILURES MARKET INTEREST RATES MARKET LIQUIDITY MARKET PARTICIPANTS MARKET REFORM MINIMUM WAGE MONETARY POLICIES MONETARY POLICY MORAL HAZARD MORTGAGES MUTUAL FUND MUTUAL FUND STRATEGIES NATURAL DISASTERS NET WORTH OPEN ECONOMIES OPPORTUNITY COST OUTPUT LOSS POLICY RESPONSE POLICY RESPONSES POLITICAL ECONOMY PORTFOLIO PORTFOLIOS POVERTY RATE PRIVATE CAPITAL PROBABILITY PRODUCTIVITY PRUDENTIAL REGULATION PUBLIC DEBT PUBLIC EXPENDITURES PUBLIC FINANCES PUBLIC SPENDING RAPID POPULATION GROWTH REAL COSTS RECESSION RECESSIONS RELIANCE ON SHORT-TERM DEBT REMITTANCES RESERVES RESPONSIBILITIES RETURN RETURNS RISK SHARING RURAL CREDIT SAFETY NET SAFETY NETS SAVINGS SELF-EMPLOYMENT SHAREHOLDERS SKILLED WORKERS SOCIAL PROTECTION SOVEREIGN RATINGS STOCK MARKET STOCK RETURNS STOCKS SUBORDINATED DEBT TAX TRADE CREDIT TRADE LIBERALIZATION TRADING TRADING SYSTEM TRANSITION ECONOMIES TRANSPARENCY UNEMPLOYED UNEMPLOYMENT URBAN POPULATIONS WAGE WAGES WEB SITE WORLD MARKET WORLD MARKET INTEGRATION WORLD TRADE YOUNG CHILDREN The benefits of financial development and globalization have come with continuing fragility in financial sectors. Periodic crises have had real but heterogeneous welfare impacts and not just for poor people; indeed, some of the conditions that foster deep and persistent poverty, such as lack of connectivity to markets, have provided a degree of protection for the poor. Past crises have also had longer-term impacts for some of those affected, most notably through the nutrition and schooling of children in poor families. As in other areas of policy, effective responses to a crisis require sound data and must take account of incentives and behavior. An important lesson from past experience is that the short-term responses to a crisis-macroeconomic stabilization, trade policies, financial sector policies and social protection-cannot ignore longer-term implications for both economic development and vulnerability to future crises. 2012-05-24T14:44:59Z 2012-05-24T14:44:59Z 2008-11 http://documents.worldbank.org/curated/en/2008/12/10107901/lessons-world-bank-research-financial-crises http://hdl.handle.net/10986/6342 English Policy Research Working Paper; No. 4779 CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo/ World Bank Washington, DC: World Bank Publications & Research :: Policy Research Working Paper Publications & Research |