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Global Financial Crises

Lessons From Recent Events

  • Joseph R. Bisignano
  • William C. Hunter
  • George G. Kaufman

Table of contents

  1. Front Matter
    Pages i-xii
  2. Opening Remarks and Keynote Addresses

    1. Front Matter
      Pages 1-1
    2. Michael H. Moskow
      Pages 3-5
    3. Andrew Crockett
      Pages 7-15
    4. Laurence H. Meyer
      Pages 17-23
  3. Review of Recent Financial Crises

    1. Front Matter
      Pages 25-25
    2. Ricardo Hausmann
      Pages 27-47
    3. Masayuki Matsushima
      Pages 49-54
    4. Pekka Sutela
      Pages 63-73
  4. Review of Policy Responses

    1. Front Matter
      Pages 75-75
    2. Joseph E. Stiglitz
      Pages 89-107
    3. Edwin M. Truman
      Pages 109-119
    4. John Hawkins
      Pages 121-141
    5. Anna J. Schwartz
      Pages 143-146
  5. What Have We Learned from the Crises and Policy Responses?

  6. Redesign of Capital Regulations

  7. Deposit Insurance Reform and Moral Hazard and Agency Problems

    1. Front Matter
      Pages 253-253
    2. Peter M. Garber
      Pages 255-259
    3. Frederic S. Mishkin
      Pages 261-269
    4. Jean-Charles Rochet
      Pages 271-275
  8. Nonbank Financial Institutions, Too Big to Fail, and State Ownership

  9. Role of Supervision and Regulation

  10. Future of Official International Organizations

About this book

Introduction

Since 1990, major banking and current crises have occurred in many countries throughout the world - including Mexico and Latin America in 1994-95, East Asia in 1997-98, and Russia and Brazil in 1998 - with large costs both to the individual countries experiencing the crises and to other nations. As a result, considerable effort has been expended by economists and policymakers to identify the causes of these crises and to design programs with the aim both of preventing similar crises from occurring in the future, and of minimizing the costs when these do occur. These studies have cut across national boundaries, being undertaken by individual researchers and organizations in particular countries, as well as by international institutions.
This book collects the papers and discussants' comments presented at a conference co-sponsored by the Federal Reserve Bank of Chicago and the Bank for International Settlements in Basel, Switzerland, and held in Chicago, in early October 1999. The purpose of the conference was to identify and discuss the lessons to be learned from these crises. Topics discussed included reviews of the crises in the individual countries and regions; analyses of the policy responses, both by the affected countries and by official international institutions; what has been learned from these crises; deposit insurance reform; the design of bank capital regulation; the role of bank supervision and regulation; and the future of official international financial institutions, such as the International Monetary Fund and the World Bank. The conference participants included a broad range of academic, industry, and regulatory experts from more than twenty-five countries.
Because of the timeliness of the conference and the wide-ranging expertise of the participants, the papers in this book should be of significant interest both to students of financial crises and to domestic and international policymakers.

Keywords

Asia Banking Brazil East Asia Russia

Editors and affiliations

  • Joseph R. Bisignano
    • 1
  • William C. Hunter
    • 2
  • George G. Kaufman
    • 2
    • 3
  1. 1.Bank for International SettlementsSwitzerland
  2. 2.Federal Reserve Bank of ChicagoUSA
  3. 3.Loyola University ChicagoUSA

Bibliographic information

  • DOI https://doi.org/10.1007/978-1-4615-4367-1
  • Copyright Information Springer Science+Business Media New York 2000
  • Publisher Name Springer, Boston, MA
  • eBook Packages Springer Book Archive
  • Print ISBN 978-1-4613-6963-9
  • Online ISBN 978-1-4615-4367-1
  • Buy this book on publisher's site