The Social Impact of Financial Crises: Evidence from the Global Financial Crisis

Otker-Robe, Inci ; Podpiera, Anca Maria

World Bank, Washington, DC

关键词: ADULT LITERACY;    ADVANCED COUNTRIES;    ADVANCED ECONOMIES;    ADVERSE CONSEQUENCES;    ADVERSE IMPACTS;   

DOI  :  10.1596/1813-9450-6703
RP-ID  :  WPS6703

学科分类：社会科学、人文和艺术（综合）

来源: World Bank Open Knowledge Repository

【 摘 要 】

Financial systems can contribute toeconomic development by providing people with useful toolsfor risk management, but when they fail to manage the risksthey retain, they can create severe financial crises withdevastating social and economic effects. The financialcrisis that hit the world economy in 2008-2009 hastransformed the lives of many individuals and families, evenin advanced countries, where millions of people fell, or areat risk of falling, into poverty and exclusion. For mostregions and income groups in developing countries, progressto meet the Millennium Development Goals by 2015 has slowedand income distribution has worsened for a number ofcountries. Countries hardest hit by the crisis lost morethan a decade of economic time. As the efforts to strengthenthe financial systems and improve the resilience of theglobal financial system continue around the world, thechallenge for policy makers is to incorporate the lessonsfrom the failures to take into consideration the complexlinkages between financial, fiscal, real, and social risksand ensure effective risk management at all levels ofsociety. The recent experience underscores the importanceof: systematic, proactive, and integrated risk management byindividuals, societies, and governments to prepare foradverse consequences of financial shocks; mainstreamingproactive risk management into development agendas;establishing contingency planning mechanisms to avoidunintended economic and social consequences of crisismanagement policies and building a better capacity toanalyze complex linkages and feedback loops betweenfinancial, sovereign, real and social risks; maintainingfiscal room; and creating well-designed social protectionpolicies that target the vulnerable, while ensuring fiscal sustainability.