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Although emerging market and developing economies (EMDEs) weathered the global recession a decade ago relatively well, they now appear less well placed to cope with the substantial downside risks facing the global economy. In many EMDEs, the room for monetary and fiscal policies to respond to shocks has eroded; underlying growth potential has slowed; and the momentum for improving policy frameworks, institutions, and business climates seems to have slackened. The experience of the 2009 global recession highlights once again the critical role of policy room in shielding economic activity during adverse shocks. The subsequent decade of anemic growth underlines the need for sound policy frameworks, institutions, and business environments to promote sustained growth. With the global growth outlook weakening and vulnerabilities rising, the policy priority for EMDEs is now to improve resilience to shocks and to lift long-term growth prospects.

Bankruptcy and Resolution of Financial Distress --- Business Cycles and Stabilization Policies --- Economic Growth --- Economic Integration --- Finance and Financial Sector Development --- Financial Crisis --- Fiscal and Monetary Policy --- Global Recession --- International Business Cycle --- Macroeconomic Management --- Macroeconomic Policy --- Macroeconomics and Economic Growth

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This paper reviews the literature on financial crises focusing on three specific aspects. First, what are the main factors explaining financial crises? Since many theories on the sources of financial crises highlight the importance of sharp fluctuations in asset and credit markets, the paper briefly reviews theoretical and empirical studies on developments in these markets around financial crises. Second, what are the major types of financial crises? The paper focuses on the main theoretical and empirical explanations of four types of financial crises—currency crises, sudden stops, debt crises, and banking crises—and presents a survey of the literature that attempts to identify these episodes. Third, what are the real and financial sector implications of crises? The paper briefly reviews the short- and medium-run implications of crises for the real economy and financial sector. It concludes with a summary of the main lessons from the literature and future research directions.

Financial crises --- Business cycles --- Crashes, Financial --- Crises, Financial --- Financial crashes --- Financial panics --- Panics (Finance) --- Stock exchange crashes --- Stock market panics --- Crises --- Econometric models. --- Econometric models --- E-books --- Banks and Banking --- Exports and Imports --- Financial Risk Management --- Macroeconomics --- Business Fluctuations --- Cycles --- International Business Cycles --- Financial Crises --- Crisis Management --- Price Level --- Inflation --- Deflation --- Foreign Exchange --- International Investment --- Long-term Capital Movements --- Economic & financial crises & disasters --- International economics --- Banking crises --- Asset prices --- Currency crises --- Sudden stops --- Prices --- Balance of payments --- Capital movements --- United States

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Zonder onderwerpscode: economie