![]() ![]() A thorough analysis of the consequences of and best responses to crises has become an integral part of current policy debates as the lingering effects of the latest crisis are still being felt around the world. As the latest episode has vividly showed, the implications of financial turmoil can be substantial and greatly affect the conduct of economic and financial policies. ![]() ![]() The widespread impact of the latest global financial crisis underlines the importance of having a solid understanding of crises. They often require immediate and comprehensive policy responses, call for major changes in financial sector and fiscal policies, and can necessitate global coordination of policies. They come in different shapes and sizes, evolve over time into different forms, and can rapidly spread across borders. As fittingly described by Reinhart and Rogoff (2009a), “financial crises are an equal opportunity menace.” They can have domestic or external origins, and stem from private or public sectors. They hit small and large countries as well as poor and rich ones. The 2007-09 global financial crisis has been a painful reminder of the multifaceted nature of crises. ![]()
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