The Social Impact of Financial Crises: Evidence from the Global Financial Crisis
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World Bank, Washington, DC
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Financial systems can contribute to
economic development by providing people with useful tools
for risk management, but when they fail to manage the risks
they retain, they can create severe financial crises with
devastating social and economic effects. The financial
crisis that hit the world economy in 2008-2009 has
transformed the lives of many individuals and families, even
in advanced countries, where millions of people fell, or are
at risk of falling, into poverty and exclusion. For most
regions and income groups in developing countries, progress
to meet the Millennium Development Goals by 2015 has slowed
and income distribution has worsened for a number of
countries. Countries hardest hit by the crisis lost more
than a decade of economic time. As the efforts to strengthen
the financial systems and improve the resilience of the
global financial system continue around the world, the
challenge for policy makers is to incorporate the lessons
from the failures to take into consideration the complex
linkages between financial, fiscal, real, and social risks
and ensure effective risk management at all levels of
society. The recent experience underscores the importance
of: systematic, proactive, and integrated risk management by
individuals, societies, and governments to prepare for
adverse consequences of financial shocks; mainstreaming
proactive risk management into development agendas;
establishing contingency planning mechanisms to avoid
unintended economic and social consequences of crisis
management policies and building a better capacity to
analyze complex linkages and feedback loops between
financial, sovereign, real and social risks; maintaining
fiscal room; and creating well-designed social protection
policies that target the vulnerable, while ensuring fiscal sustainability.
Palabras clave
ADULT LITERACY, ADVANCED COUNTRIES, ADVANCED ECONOMIES, ADVERSE CONSEQUENCES, ADVERSE IMPACTS, AGGREGATE DEMAND, ASSET PRICES, ASSET VALUES, BALANCE SHEETS, BANK DEPOSITS, BANKRUPTCY, BORROWING, CANCER, CAPITAL INFLOWS, CAPITAL INVESTMENTS, CASH PAYMENTS, CHILD HEALTH, CITIZENS, CLEAN WATER, CLIMATE CHANGE, COMMODITY, COMMODITY PRICES, CONTINGENT LIABILITIES, CURRENCY, DEBT, DEBT CRISIS, DEPOSIT, DEPOSIT RATE, DEPOSIT RATES, DEVELOPING COUNTRIES, DEVELOPMENT ECONOMICS, DEVELOPMENT POLICY, DISABILITY, DISEASES, DISTRIBUTION OF INCOME, DOMESTIC POVERTY, EARLY CHILDHOOD, ECONOMIC ACTIVITY, ECONOMIC ANALYSIS, ECONOMIC CONDITIONS, ECONOMIC CRISES, ECONOMIC CRISIS, ECONOMIC DEVELOPMENT, ECONOMIC DOWNTURN, ECONOMIC DOWNTURNS, ECONOMIC GROWTH, ECONOMIC OUTCOMES, ECONOMIC PERFORMANCE, ECONOMIC PROGRESS, ECONOMIC RECOVERY, ELDERLY, EMERGING MARKET, EMERGING MARKET COUNTRIES, EMERGING MARKET ECONOMIES, EMPLOYMENT TRENDS, EQUITY PRICES, EXTERNAL FINANCING, EXTREME POVERTY, FINANCIAL CRISES, FINANCIAL CRISIS, FINANCIAL FLOWS, FINANCIAL INSTITUTIONS, FINANCIAL MARKET, FINANCIAL MARKETS, FINANCIAL RISKS, FINANCIAL SECTOR, FINANCIAL SUPPORT, FINANCIAL SYSTEMS, FISCAL POLICY, FOOD PRICES, FOREIGN CAPITAL, FOREIGN CURRENCY, FOREIGN MARKETS, GDP, GDP PER CAPITA, GENDER EQUALITY, GENDER PARITY, GLOBAL DEVELOPMENT, GLOBAL ECONOMY, GLOBAL FINANCIAL SYSTEM, GROWTH RATE, HEALTH CARE, HEALTH FACILITIES, HEALTH INSURANCE, HEALTH POLICY, HEALTH SERVICES, HEALTHY LIFE, HOUSEHOLD INCOME, HOUSEHOLD SURVEYS, HOUSING ASSISTANCE, HUMAN CAPITAL, HUMAN DEVELOPMENT, IFS, ILLNESS, IMMIGRANTS, INCOME GROUP, INCOME GROUPS, INCOME INEQUALITY, INCOME LEVELS, INDIVIDUAL HOUSEHOLDS, INFANT, INFANT MORTALITY, INFRASTRUCTURE INVESTMENT, INSTITUTIONAL CAPACITY, INTERNATIONAL COMMUNITY, INTERNATIONAL FINANCIAL MARKETS, INTERNATIONAL LABOR ORGANIZATION, INVESTMENT IN EDUCATION, JOB CREATION, LABOR FORCE, LABOR MARKET, LABOR MARKETS, LABOR MIGRATION, LIFE EXPECTANCY, LIVE BIRTHS, LIVING STANDARDS, LONG TERM UNEMPLOYMENT, LOW INTEREST RATES, LOW-INCOME COUNTRIES, MACROECONOMIC POLICIES, MACROECONOMIC SHOCKS, MARKET CONDITIONS, MARKET ECONOMIES, MARKET ENTRY, MARKET INDEX, MARKET PRICES, MATERNAL MORTALITY, MATERNAL MORTALITY RATES, MATERNAL MORTALITY RATIO, MENTAL HEALTH, MIDDLE INCOME COUNTRIES, MIDDLE INCOME COUNTRY, MIDDLE-INCOME COUNTRIES, MIGRANT, MIGRANT WORKERS, MIGRATION, MILLENNIUM DEVELOPMENT GOALS, MONETARY AUTHORITIES, MORAL HAZARD, MORTALITY, MORTALITY RATE, NATIONAL AUTHORITIES, NATIONAL GOVERNMENTS, NATURAL DISASTERS, NEWS RELEASE, NUMBER OF PEOPLE, NUTRITION, NUTRITIONAL STATUS, OFFICIAL DEVELOPMENT ASSISTANCE, OLD AGE, OLD-AGE, OPPORTUNITY COST, OUTPUT, PAYMENTS SERVICES, PEACE, PENSIONS, PER CAPITA INCOMES, POLICY DEVELOPMENTS, POLICY IMPLICATIONS, POLICY MAKERS, POLICY RESEARCH, POLICY RESEARCH WORKING PAPER, POOR HEALTH, PRIMARY EDUCATION, PRODUCTIVE ASSETS, PRODUCTIVITY, PROGRESS, PUBLIC PERCEPTIONS, PUBLIC SERVICES, RATE OF GROWTH, REAL WAGES, REMITTANCE, REMITTANCES, RESPECT, RISK MANAGEMENT, RISK SHARING, SAFETY, SAFETY NET, SAFETY NETS, SANITATION, SAVINGS, SECONDARY EDUCATION, SINGLE-PARENT FAMILIES, SOCIAL AFFAIRS, SOCIAL COHESION, SOCIAL CONSEQUENCES, SOCIAL COSTS, SOCIAL EXPENDITURES, SOCIAL IMPACT, SOCIAL INCLUSION, SOCIAL POLICY, SOCIAL PROGRAMS, SOCIAL PROTECTION, SOCIAL RISKS, SOCIAL SAFETY NETS, SOCIAL SECTOR, SOCIAL SERVICES, SOCIAL SUPPORT, SOCIAL WELFARE, SOVEREIGN DEBT, STOCK MARKET, SUBSTANCE ABUSE, TAX, TAX REVENUES, TERTIARY LEVEL, UNEMPLOYED, UNEMPLOYMENT, UNEMPLOYMENT RATE, UNEMPLOYMENT RATES, UNEMPLOYMENT STATISTICS, URBAN POVERTY, VOLATILITY, VULNERABILITY, WAGE POLICIES, WAGES, WEALTH, WOMAN, WORKING HOURS, WORLD DEVELOPMENT INDICATORS, WORLD ECONOMY, WORLD HEALTH ORGANIZATION, WORLD POPULATION, YOUNG CHILDREN, YOUNG PEOPLE, coping strategies