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 industrial and developing countries alike in the very blueprint of the financial and macropolicies that underlie the Western capitalist systems. In an effort to contain the crisis from spreading, the authorities in the United States and...

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Main Authors:	Demirgüç-Kunt, Asli, Servén, Luis
Format:	Journal Article
Published:	World Bank 2012
Subjects:	asset price asset prices capital outflows creditors depositors developing countries financial crisis financial institutions inflation international bank liquidity macroeconomic policies market discipline market participants monetary fund monetary policy moral hazard policy responses provision of credit prudential regulation
Online Access:	http://hdl.handle.net/10986/4435

id	okr-10986-4435
recordtype	oai_dc
spelling	okr-10986-44352021-04-23T14:02:17Z Are All the Sacred Cows Dead? Implications of the Financial Crisis for Macro- and Financial Policies Demirgüç-Kunt, Asli Servén, Luis asset price asset prices capital outflows creditors depositors developing countries financial crisis financial institutions inflation international bank liquidity macroeconomic policies market discipline market participants monetary fund monetary policy moral hazard policy responses provision of credit prudential regulation The recent global financial crisis has shaken the confidence of industrial and developing countries alike in the very blueprint of the financial and macropolicies that underlie the Western capitalist systems. In an effort to contain the crisis from spreading, the authorities in the United States and many European governments have taken unprecedented steps of providing extensive liquidity, giving assurances to bank depositors and creditors that include blanket guarantees, structuring bail-out programs that include taking large ownership stakes in financial institutions, and establishing programs for direct provision of credit to nonfinancial institutions. Emphasizing the importance of incentives and tensions between short term and longer term policy responses to crisis management, the authors draw on a large body of research evidence and country experiences to discuss the implications of the current crisis for financial and macroeconomic policies going forward. 2012-03-30T07:12:35Z 2012-03-30T07:12:35Z 2010-02-01 Journal Article World Bank Research Observer 1564-6971 http://hdl.handle.net/10986/4435 CC BY-NC-ND 3.0 IGO http://creativecommons.org/licenses/by-nc-nd/3.0/igo/ World Bank World Bank Journal Article Egypt, Arab Republic of Brazil
repository_type	Digital Repository
institution_category	Foreign Institution
institution	Digital Repositories
building	World Bank Open Knowledge Repository
collection	World Bank
topic	asset price asset prices capital outflows creditors depositors developing countries financial crisis financial institutions inflation international bank liquidity macroeconomic policies market discipline market participants monetary fund monetary policy moral hazard policy responses provision of credit prudential regulation
spellingShingle	asset price asset prices capital outflows creditors depositors developing countries financial crisis financial institutions inflation international bank liquidity macroeconomic policies market discipline market participants monetary fund monetary policy moral hazard policy responses provision of credit prudential regulation Demirgüç-Kunt, Asli Servén, Luis Are All the Sacred Cows Dead? Implications of the Financial Crisis for Macro- and Financial Policies
geographic_facet	Egypt, Arab Republic of Brazil
description	The recent global financial crisis has shaken the confidence of industrial and developing countries alike in the very blueprint of the financial and macropolicies that underlie the Western capitalist systems. In an effort to contain the crisis from spreading, the authorities in the United States and many European governments have taken unprecedented steps of providing extensive liquidity, giving assurances to bank depositors and creditors that include blanket guarantees, structuring bail-out programs that include taking large ownership stakes in financial institutions, and establishing programs for direct provision of credit to nonfinancial institutions. Emphasizing the importance of incentives and tensions between short term and longer term policy responses to crisis management, the authors draw on a large body of research evidence and country experiences to discuss the implications of the current crisis for financial and macroeconomic policies going forward.
format	Journal Article
author	Demirgüç-Kunt, Asli Servén, Luis
author_facet	Demirgüç-Kunt, Asli Servén, Luis
author_sort	Demirgüç-Kunt, Asli
title	Are All the Sacred Cows Dead? Implications of the Financial Crisis for Macro- and Financial Policies
title_short	Are All the Sacred Cows Dead? Implications of the Financial Crisis for Macro- and Financial Policies
title_full	Are All the Sacred Cows Dead? Implications of the Financial Crisis for Macro- and Financial Policies
title_fullStr	Are All the Sacred Cows Dead? Implications of the Financial Crisis for Macro- and Financial Policies
title_full_unstemmed	Are All the Sacred Cows Dead? Implications of the Financial Crisis for Macro- and Financial Policies
title_sort	are all the sacred cows dead? implications of the financial crisis for macro- and financial policies
publisher	World Bank
publishDate	2012
url	http://hdl.handle.net/10986/4435
_version_	1764391347919257600

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

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