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

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dc.contributor.authorDemirgüç-Kunt, Asli
dc.contributor.authorServén, Luis
dc.date.accessioned2012-03-30T07:12:35Z
dc.date.available2012-03-30T07:12:35Z
dc.date.issued2010-02-01
dc.description.abstractThe 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.en
dc.identifier.citationWorld Bank Research Observer
dc.identifier.doi10.1596/4435
dc.identifier.issn1564-6971
dc.identifier.urihttps://hdl.handle.net/10986/4435
dc.publisherWorld Bank
dc.relation.ispartofseriesWorld Bank Research Observer
dc.rightsCC BY-NC-ND 3.0 IGO
dc.rights.holderWorld Bank
dc.rights.urihttp://creativecommons.org/licenses/by-nc-nd/3.0/igo/
dc.subjectasset price
dc.subjectasset prices
dc.subjectcapital outflows
dc.subjectcreditors
dc.subjectdepositors
dc.subjectdeveloping countries
dc.subjectfinancial crisis
dc.subjectfinancial institutions
dc.subjectinflation
dc.subjectinternational bank
dc.subjectliquidity
dc.subjectmacroeconomic policies
dc.subjectmarket discipline
dc.subjectmarket participants
dc.subjectmonetary fund
dc.subjectmonetary policy
dc.subjectmoral hazard
dc.subjectpolicy responses
dc.subjectprovision of credit
dc.subjectprudential regulation
dc.titleAre All the Sacred Cows Dead? Implications of the Financial Crisis for Macro- and Financial Policiesen
dc.typeJournal Articleen
dc.typeArticle de journalfr
dc.typeArtículo de revistaes
dspace.entity.typePublication
okr.date.doiregistration2025-05-06T11:23:13.978263Z
okr.doctypeJournal Article
okr.globalpracticeMacroeconomics and Fiscal Management
okr.globalpracticeFinance and Markets
okr.globalpracticeTrade and Competitiveness
okr.identifier.report1
okr.language.supporteden
okr.pagenumber91
okr.pagenumber124
okr.pdfurlwbro_25_1_91.pdfen
okr.peerreviewAcademic Peer Review
okr.region.countryEgypt, Arab Republic of
okr.region.countryBrazil
okr.topicMacroeconomics and Economic Growth
okr.topicFinance and Financial Sector Development::Debt Markets
okr.topicBanks and Banking Reform
okr.topicPrivate Sector Development::Emerging Markets
okr.topicFinance and Financial Sector Development::Bankruptcy and Resolution of Financial Distress
okr.topicFinance and Financial Sector Development::Access to Finance
okr.topicFinance and Financial Sector Development::Currencies and Exchange Rates
okr.topicFinance and Financial Sector Development::Deposit Insurance
okr.topicFinance and Financial Sector Development::Financial Intermediation
okr.topicEconomic Theory and Research
okr.volume25
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