Lessons from World Bank Research on Financial Crises
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Washington, DC: World Bank
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The benefits of financial development
and globalization have come with continuing fragility in
financial sectors. Periodic crises have had real but
heterogeneous welfare impacts and not just for poor people;
indeed, some of the conditions that foster deep and
persistent poverty, such as lack of connectivity to markets,
have provided a degree of protection for the poor. Past
crises have also had longer-term impacts for some of those
affected, most notably through the nutrition and schooling
of children in poor families. As in other areas of policy,
effective responses to a crisis require sound data and must
take account of incentives and behavior. An important lesson
from past experience is that the short-term responses to a
crisis-macroeconomic stabilization, trade policies,
financial sector policies and social protection-cannot
ignore longer-term implications for both economic
development and vulnerability to future crises.
Palabras clave
ACCESS TO CREDIT, ASSET PORTFOLIO, ASSET VALUES, ASYMMETRIC INFORMATION, BAILOUTS, BALANCE OF PAYMENTS, BALANCE SHEETS, BANK CREDIT, BANK CREDITORS, BANK POLICY, BANK REGULATION, BANKING CRISES, BANKING CRISIS, BANKING REGULATION, BANKING SYSTEM, BANKING SYSTEMS, BANKRUPTCY, BANKS, BORROWING, CAPITAL FLOWS, CAPITAL INFLOWS, CAPITAL MARKETS, CASH FLOWS, CASH TRANSFER, CASH TRANSFERS, CENTRAL BANK, COLLATERAL, COMMODITIES, CONTINGENCY, COST RECOVERY, COUNTRY RISK, CREDIBILITY, CREDIT GROWTH, CREDIT INCREASES, CREDIT MARKET, CREDIT PROVISION, CREDIT RISK, CRISIS MANAGEMENT, CURRENCY BOARD, CURRENCY DEVALUATION, CURRENT ACCOUNT, CURRENT ACCOUNT DEFICITS, CURRENT INCOMES, DEBT, DEBT BURDEN, DEBT BURDENS, DEBT LEVELS, DEBT SERVICING, DEFAULT RISKS, DEPOSIT, DEPOSIT INSURANCE, DEPOSITORS, DEPOSITS, DEVELOPING COUNTRIES, DEVELOPING COUNTRY, DEVELOPMENT BANK, DIVERSIFICATION, DOMESTIC CURRENCY, DOMESTIC MARKETS, DROUGHT, EARNINGS, ECONOMIC COST, ECONOMIC DEVELOPMENT, ECONOMIC SHOCKS, EDUCATION PROGRAM, EMERGING ECONOMIES, EMERGING MARKET, EMERGING MARKETS, EQUITY MARKETS, EXCHANGE RATES, EXPENDITURES, EXTERNAL DEBT, EXTERNAL FINANCE, EXTERNAL SHOCK, EXTERNAL SHOCKS, EXTRA CASH, FEDERAL RESERVE, FEDERAL RESERVE BANK, FILING FOR BANKRUPTCY, FINANCIAL CRISES, FINANCIAL CRISIS, FINANCIAL DEVELOPMENT, FINANCIAL DISTRESS, FINANCIAL FRAGILITY, FINANCIAL INSTITUTIONS, FINANCIAL INTERMEDIARIES, FINANCIAL INTERMEDIATION, FINANCIAL LIBERALIZATION, FINANCIAL POLICIES, FINANCIAL POSITION, FINANCIAL PROBLEMS, FINANCIAL PRODUCTS, FINANCIAL REGULATION, FINANCIAL RISK, FINANCIAL RUIN, FINANCIAL SECTOR, FINANCIAL SECTORS, FINANCIAL SHOCK, FINANCIAL STABILITY, FINANCIAL SYSTEM, FINANCIAL SYSTEMS, FISCAL POLICY, FOREIGN CAPITAL, FOREIGN DIRECT INVESTMENT, FOREIGN INVESTORS, FUTURE INCOMES, GLOBAL MARKETS, GLOBAL TRADE, GLOBALIZATION, GOVERNMENT INTERVENTION, HEALTH INSURANCE, HEALTH SPENDING, HOUSEHOLD INCOME, HOUSEHOLD INCOMES, HUMAN CAPITAL, HUMAN DEVELOPMENT, HUMAN RESOURCES, INCOME GROUPS, INCOME SHOCKS, INFLATION, INFORMED INVESTORS, INFRASTRUCTURE DEVELOPMENT, INFRASTRUCTURE INVESTMENT, INSURANCE, INTEREST BURDEN, INTEREST RATE, INTEREST RATES, INTERNATIONAL BANK, INTERNATIONAL CAPITAL, INTERNATIONAL ECONOMICS, INTERNATIONAL FINANCE, INTERNATIONAL FINANCIAL INTEGRATION, INTERNATIONAL INVESTORS, INTERNATIONAL TRADE, INVESTOR CONFIDENCE, LABOR FORCE, LABOR HOURS, LABOR MARKET, LABOR MARKETS, LANDHOLDERS, LEGAL FRAMEWORK, LENDER, LENDER-OF-LAST-RESORT, LEVY, LIFETIME, LIFETIME EARNINGS, LIQUIDITY, LONG-TERM GOALS, MACROECONOMIC CRISES, MACROECONOMIC POLICIES, MACROECONOMIC POLICY, MACROECONOMIC STABILIZATION, MACROECONOMIC VOLATILITY, MARKET DISCIPLINE, MARKET ECONOMY, MARKET FAILURES, MARKET INTEREST RATES, MARKET LIQUIDITY, MARKET PARTICIPANTS, MARKET REFORM, MINIMUM WAGE, MONETARY POLICIES, MONETARY POLICY, MORAL HAZARD, MORTGAGES, MUTUAL FUND, MUTUAL FUND STRATEGIES, NATURAL DISASTERS, NET WORTH, OPEN ECONOMIES, OPPORTUNITY COST, OUTPUT LOSS, POLICY RESPONSE, POLICY RESPONSES, POLITICAL ECONOMY, PORTFOLIO, PORTFOLIOS, POVERTY RATE, PRIVATE CAPITAL, PROBABILITY, PRODUCTIVITY, PRUDENTIAL REGULATION, PUBLIC DEBT, PUBLIC EXPENDITURES, PUBLIC FINANCES, PUBLIC SPENDING, RAPID POPULATION GROWTH, REAL COSTS, RECESSION, RECESSIONS, RELIANCE ON SHORT-TERM DEBT, REMITTANCES, RESERVES, RESPONSIBILITIES, RETURN, RETURNS, RISK SHARING, RURAL CREDIT, SAFETY NET, SAFETY NETS, SAVINGS, SELF-EMPLOYMENT, SHAREHOLDERS, SKILLED WORKERS, SOCIAL PROTECTION, SOVEREIGN RATINGS, STOCK MARKET, STOCK RETURNS, STOCKS, SUBORDINATED DEBT, TAX, TRADE CREDIT, TRADE LIBERALIZATION, TRADING, TRADING SYSTEM, TRANSITION ECONOMIES, TRANSPARENCY, UNEMPLOYED, UNEMPLOYMENT, URBAN POPULATIONS, WAGE, WAGES, WEB SITE, WORLD MARKET, WORLD MARKET INTEGRATION, WORLD TRADE, YOUNG CHILDREN