Are All the Sacred Cows Dead? Implications of the Financial Crisis for Macro and Financial Policies

The recent global financial crisis has shaken the confidence of developed and developing countries alike in the very blueprint of financial and macro policies that underlie the western capitalist systems. In an effort to contain the crisis from spr...

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Bibliographic Details
Main Authors:	Demirgüç-Kunt, Asli, Servén, Luis
Format:	Policy Research Working Paper
Language:	English
Published:	2012
Subjects:	ACCOUNTING ALLOCATION OF CAPITAL AMOUNT OF CAPITAL ARBITRAGE ASSET MANAGEMENT ASSET POSITIONS ASSET PRICE ASSET PRICES BAILOUTS BALANCE SHEET BALANCE SHEETS BANK ACCESS BANK BRANCHES BANK LENDING BANK NATIONALIZATIONS BANK REGULATION BANKING CRISES BANKING CRISIS BANKING SYSTEM BANKING SYSTEMS BANKRUPTCY BOND BUSINESS BORROWERS BUSINESS CYCLE CAPITAL ACCOUNT CAPITAL ACCOUNT TRANSACTIONS CAPITAL ADEQUACY CAPITAL INFLOWS CAPITAL MOBILITY CAPITAL MOVEMENTS CAPITAL OUTFLOW CAPITAL OUTFLOWS CAPITAL REQUIREMENTS CDS CENTRAL BANK CENTRAL BANKS CHECKS COLLATERAL CONFLICTS OF INTEREST CONTRACT ENFORCEMENT CONVERTIBILITY PLAN CREDIBILITY CREDIBILITY PROBLEMS CREDIT DEFAULT CREDIT DEFAULT SWAP CREDIT DEFAULT SWAPS CREDIT EXPANSION CREDIT GROWTH CREDIT RATING CREDIT RATINGS CREDIT RISK CREDITORS CURRENCY CURRENT ACCOUNT TRANSACTIONS DEBT DEBT INSTRUMENTS DEBT MARKETS DEFAULT RATES DEPOSIT DEPOSIT INSURANCE DEPOSIT MOBILIZATION DEPOSITOR DEPOSITORS DEVELOPING COUNTRIES DEVELOPING COUNTRY DISCOUNT RATES DOMESTIC FINANCIAL MARKETS DOMESTIC INTEREST RATES DUE DILIGENCE ECONOMIC DEVELOPMENT EMERGING ECONOMIES EMERGING MARKET EMERGING MARKETS EQUITY MARKET EXCHANGE RATE EXCHANGE RATES EXTERNAL BORROWING EXTERNAL DEBT FACE VALUE FINANCIAL CONTAGION FINANCIAL CRISES FINANCIAL CRISIS FINANCIAL DEVELOPMENT FINANCIAL DISTRESS FINANCIAL FRAGILITY FINANCIAL INSTABILITY FINANCIAL INSTITUTION FINANCIAL INSTITUTIONS FINANCIAL SECTOR DEVELOPMENT FINANCIAL SHOCKS FINANCIAL STABILITY FINANCIAL STRUCTURE FINANCIAL SYSTEM FINANCIAL SYSTEMS FISCAL CAPACITY FISCAL DEFICITS FOREIGN CAPITAL FOREIGN DIRECT INVESTMENT FOREIGN DIRECT INVESTMENTS FOREIGN EXCHANGE FOREIGN EXCHANGE TRANSACTIONS FOREIGN FINANCING FOREIGN FUNDS FOREIGN LOANS FRAUD GOVERNMENT BANKS GOVERNMENT INVOLVEMENT GOVERNMENT OWNERSHIP GRACE PERIOD INCOME LEVELS INDIVIDUAL LOAN INFLATION INFORMATIONAL ASYMMETRIES INSTRUMENT INTANGIBLE INTEREST RATE INTEREST RATES INTERNATIONAL BANK INTERNATIONAL CAPITAL INTERNATIONAL ECONOMICS INTERNATIONAL FINANCE INTERNATIONAL FINANCIAL INTEGRATION INTERNATIONAL INVESTORS INVESTMENT FLOWS INVESTMENT OPPORTUNITIES LENDERS LEVY LIQUID ASSETS LIQUIDITY LIQUIDITY CRISIS LIQUIDITY PROBLEMS LOAN LOAN CONTRACTS LOAN PORTFOLIO LOCAL FINANCIAL MARKETS LONG-TERM COSTS MACROECONOMIC POLICIES MACROECONOMIC STABILITY MARKET DISCIPLINE MARKET ECONOMY MARKET FAILURE MARKET INFORMATION MARKET OVERSIGHT MARKET PARTICIPANTS MARKET RISK MARKET SEGMENTATION MARKET VALUE MINIMUM CAPITAL REQUIREMENTS MONETARY AUTHORITIES MONETARY AUTHORITY MONETARY FUND MONETARY POLICIES MONETARY POLICY MONEY SUPPLY MORAL HAZARD NONPERFORMING LOANS OFFSHORE MARKET OFFSHORE MARKETS OUTPUT LOSS OUTPUT LOSSES POLICY RESPONSE POLICY RESPONSES POLITICAL ECONOMY PORTFOLIO CAPITAL PORTFOLIO INFLOWS PORTFOLIO INVESTMENT PRICE STABILITY PRICE VOLATILITY PRIVATE BANKS PRIVATE CREDITORS PRIVATE EQUITY PRIVATE FINANCIAL INSTITUTIONS PRIVATE PARTIES PRODUCTIVE INVESTMENTS PROPERTY RIGHTS PROPERTY RIGHTS PROTECTION PROVISION OF CREDIT PRUDENTIAL REGULATION PRUDENTIAL REGULATIONS PRUDENTIAL SUPERVISION PUBLIC FUNDS RATES OF RETURN REGULATORY AUTHORITIES REGULATORY STANDARDS REPAYMENT RESERVE RESERVE REQUIREMENT RESERVE REQUIREMENTS RESERVES RETURNS RISK ASSESSMENTS RISK DIVERSIFICATION RISK EXPOSURE RISK MANAGEMENT RISK PREMIUMS SAFETY NET SAFETY NETS SECURITIES SHAREHOLDERS SMALL INVESTORS SOLVENCY STATE BANKS STOCK MARKET STOCK MARKET TRADING SUBORDINATED DEBT SUPERVISORY AUTHORITIES TAX TAX COLLECTION TRADE CREDIT TRANSACTION TRANSPARENCY UNENFORCEABLE CONTRACTS WARRANTS WEALTH EFFECT WEALTH EFFECTS
Online Access:	http://www-wds.worldbank.org/external/default/main?menuPK=64187510&pagePK=64193027&piPK=64187937&theSitePK=523679&menuPK=64187510&searchMenuPK=64187283&siteName=WDS&entityID=000158349_20090105103551 http://hdl.handle.net/10986/4005