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

Demirgü ; ç ; -Kunt, Asli ; Servé ; n, Luis

关键词: ACCOUNTING;    ALLOCATION OF CAPITAL;    AMOUNT OF CAPITAL;    ARBITRAGE;    ASSET MANAGEMENT;   

DOI  :  10.1596/1813-9450-4807
RP-ID  :  WPS4807

学科分类：社会科学、人文和艺术（综合）

来源: World Bank Open Knowledge Repository

【 摘 要 】

The recent global financial crisis hasshaken the confidence of developed and developing countriesalike in the very blueprint of financial and macro policiesthat underlie the western capitalist systems. In an effortto contain the crisis from spreading, the authorities in theUS and many European governments have taken unprecedentedsteps of providing extensive liquidity, giving assurances tobank depositors and creditors that include blanketguarantees, and structuring bail-out programs that includetaking large ownership stakes in financial institutions, inaddition to establishing programs for direct provision ofcredit to non-financial institutions. Emphasizing theimportance of incentives and tensions between short term andlonger term policy responses to crisis management, thispaper draws on a large body of research evidence and countryexperiences to discuss the implications of the currentcrisis for financial and macroeconomic policies going forward.