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Global Financial Crises

Lessons From Recent Events

  • Book
  • © 2000

Overview

Editors:
  1. Joseph R. Bisignano

    1. Bank for International Settlements, Switzerland

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  2. William C. Hunter

    1. Federal Reserve Bank of Chicago, USA

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  3. George G. Kaufman

    1. Federal Reserve Bank of Chicago, USA
      Loyola University Chicago, USA

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Table of contents (42 chapters)

  1. Front Matter

    Pages i-xii
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  2. Opening Remarks and Keynote Addresses

    1. Front Matter

      Pages 1-1
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    2. Opening Remarks

      • Michael H. Moskow
      Pages 3-5

    3. Lessons from the Asian Crisis

      • Andrew Crockett
      Pages 7-15

    4. Lessons from Recent Global Financial Crises

      • Laurence H. Meyer
      Pages 17-23

  3. Review of Recent Financial Crises

    1. Front Matter

      Pages 25-25
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    2. Latin America: No Fireworks, No Crisis?

      • Ricardo Hausmann
      Pages 27-47

    3. The Asian Crises Revisited

      • Masayuki Matsushima
      Pages 49-54

    4. Lessons from Economies in Transition during the Recent Global Financial Crises

      • Mark C. Medish
      Pages 55-62

    5. The Financial Crisis in Russia

      • Pekka Sutela
      Pages 63-73

  4. Review of Policy Responses

    1. Front Matter

      Pages 75-75
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    2. Monetary Policy to Resist Excessive Depreciation

      • Michael Mussa
      Pages 77-88

    3. Lessons from the Global Financial Crisis

      • Joseph E. Stiglitz
      Pages 89-107

    4. Policy Responses to Global Financial Crises

      • Edwin M. Truman
      Pages 109-119

    5. Restructuring Banking Systems

      • John Hawkins
      Pages 121-141

    6. Discussion of Policy Responses

      • Anna J. Schwartz
      Pages 143-146
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Keywords

About this book

Since 1990, major banking and current crises have occurred in many countries throughout the world - including Mexico and Latin America in 1994-95, East Asia in 1997-98, and Russia and Brazil in 1998 - with large costs both to the individual countries experiencing the crises and to other nations. As a result, considerable effort has been expended by economists and policymakers to identify the causes of these crises and to design programs with the aim both of preventing similar crises from occurring in the future, and of minimizing the costs when these do occur. These studies have cut across national boundaries, being undertaken by individual researchers and organizations in particular countries, as well as by international institutions.
This book collects the papers and discussants' comments presented at a conference co-sponsored by the Federal Reserve Bank of Chicago and the Bank for International Settlements in Basel, Switzerland, and held in Chicago, in early October 1999. The purpose of the conference was to identify and discuss the lessons to be learned from these crises. Topics discussed included reviews of the crises in the individual countries and regions; analyses of the policy responses, both by the affected countries and by official international institutions; what has been learned from these crises; deposit insurance reform; the design of bank capital regulation; the role of bank supervision and regulation; and the future of official international financial institutions, such as the International Monetary Fund and the World Bank. The conference participants included a broad range of academic, industry, and regulatory experts from more than twenty-five countries.
Because of the timeliness of the conference and the wide-ranging expertise of the participants, the papers in this book should be of significant interest both to students of financial crises and to domestic and international policymakers.

Editors and Affiliations

  • Bank for International Settlements, Switzerland

    Joseph R. Bisignano

  • Federal Reserve Bank of Chicago, USA

    William C. Hunter, George G. Kaufman

  • Loyola University Chicago, USA

    George G. Kaufman

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