... American lessonsfromthe
global financial crisis
♣
Carlos Montoro
♠
, Liliana Rojas-Suarez
♥
Abstract
The financial systems in emerging market economies (EMEs) during the 2008-09 global
financial ... paper identifies the factors at both the
country and the bank levels that contributed to the behaviour of real credit growth in Latin
America during theglobalfinancial crisis. The resilience ... the rest of the Latin American countries are
positioned in the middle of the ranking.
4.5 Putting the indicators to work: how did they correlate with real credit growth
during theglobal financial...
... than the non-failed banks. Furthermore, the
NSFR follows a declining trend in the pre -crisis period, which reverts from 2007 for the
Domestic banks, and from 2008 for theGlobal banks. In the ... externalities in thefinancial sector (Brunnermeier, 2009).
The widespread bank failures in the U.S. and Europe at the peak of theglobalfinancialcrisis
provided casual support to the first premise. ... to weaken the
connections between the macroeconomic environment in the run-up to thecrisis and the
likelihood of subsequent bank failure. These hypotheses are taken to the data in the next...
... estimate the burden of disease. The
unit cost of an additional DALY is the measure of an intervention's cost-effectiveness; the lower
the number, the greater the value for money offered by the ... determine risk levels fromthe demographic information collected using the
questionnaires and compared these with the clinical data, but they did not correspond. We found
that the algorithms were ... alone, and to review these reports in
combination with the medical exam sheets. In the former case, they determined that 61 percent
of the women had RTIs; in the latter case, the figure rose to...
... when
their wives were around, as they were at the Greenbrier), I found it
very hard to believe there was only one van to shuttle them to their
corporate jets at the three airports serving the ... groups
who are most critical to their success: their employees and their em-
ployees’ families, their customers, their investors, and the leaders of
the communities in which all these people live and work. ... Will the Bad News End?’’ (Busi-
nessWeek).
12
The dates of the exhibits on the two sides of the gallery
were only a few years apart.
The media, it turns out, have the same short-term focus as the
markets...
... and Analysis 1
The GlobalFinancialCrisis and U.S. Interests 2
Policy and Legislation 4
Four Phases of theGlobalFinancialCrisis 10
Contain the Contagion and Strengthen Financial Sectors ... Research Service 2
The GlobalFinancialCrisis and U.S. Interests
2
Policymaking to deal with theglobalfinancialcrisis and ensuing global recession has now moved
from containing the contagion ... Policy in Managing Financial
Risk
75
The Challenges
The actions of the United States and other nations in coping with theglobalfinancialcrisis first
aimed to contain the contagion, minimize...
... as the Asian financial crisis, Japan’s
banking crisis, or the Latin American debt crisis) can occur without seriously infecting the rest of
the globalfinancial system. But when the U.S. financial ... Research Service 2
The GlobalFinancialCrisis and U.S. Interests
2
Policymaking to deal with theglobalfinancialcrisis and ensuing global recession has now moved
from containing the contagion ... and Analysis 1
The GlobalFinancialCrisis and U.S. Interests 2
Policy and Legislation 4
Four Phases of theGlobalFinancialCrisis 10
Contain the Contagion and Strengthen Financial Sectors...
... regulation.
The globalfinancialcrisis resulted from a confluence of factors and processes at both the macro-
financial level (across financial sectors) and at the micro -financial level (the behavior ... Leadership Position
Another issue raised by theglobalfinancialcrisis has been the role of the United States on the
world stage and the U.S. leadership position relative to other countries. How ... for example, the structure of financial regulation in the United
States, is difficult. The world now is working its way through the third phase of the crisis. The
goal is to change the regulatory...
... no suprafinancial authority.
The Downward Slide
The plunge downward into theglobalfinancialcrisis did not take long. It was triggered by the
bursting of the housing bubble and the ensuing ... of theFinancial Crisis: The Rise and Fall of Risky Mortgage and Other Debt
TheGlobalFinancial Crisis: Analysis and Policy Implications
Congressional Research Service 33
Following the ... the United States. For those countries deemed to be
vulnerable to the effects of thefinancial crisis, however, the effect was precisely the opposite.
Demand for their currencies fell and their...
... carrying
their share of the responsibility for stimulating their economies to an extent that is commensurate
with the size of their economy.
Since the start of thefinancial crisis, the European ... over the growing
financial and economic turmoil, have increased the political stakes for European governments and
their leaders. Theglobal economic crisis is straining the ties that bind together ... particularly in thefinancial sector.
118
Repercussions fromthe
global financialcrisis have varied by country based in part on policy differences, but also on
exposure to two major risks, the degree...
... address theglobalfinancial crisis, consistent with France’s support for a strong
international organization to oversee thefinancial markets. The EU members expressed their
support for the current ... international financialgovernance system.
The de Larosiere Report
The de Larosiere Report focuses on four main issues: (1) causes of thefinancial crisis; (2)
organizing the supervision of financial ... Meltdown, Financial Times, October 13, 2008, p. 15.
TheGlobalFinancial Crisis: Analysis and Policy Implications
Congressional Research Service 70
crisis of the late 1990s. These surpluses...
... considered the FSB to be the
“fourth pillar” of the modern global economy, along with the IMF, the World Bank and the World
Trade Organization. The FSB will help to ensure that the rules governing ... workers
in the audience at Federal Hall, at the foot of Wall Street. “Instead of learning thelessons of
Lehman and thecrisisfrom which we are still recovering, they are choosing to ignore them,” ... IMF-
supported programs, recent IMF programs in these countries are delivering the support needed to
help these countries weather the worst of theglobalfinancial crisis, through increased resources,...
... 6.1% from a year earlier in the April-
June quarter from 5.8% in the previous quarter as government spending helped to overcome the
worst of theglobal downturn but drought threatens to stall the ... recovery. The worst effects of the
global financialcrisis may have passed for Asia’s third-largest economy. India’s relatively low
dependence on exports meant that it weathered theglobal economic ... shielded fromthe worst effects of thecrisis by its generous social safety net, which has
protected domestic demand, and the country’s limited reliance on exports, which has shielded it
from the...
... preparation for the London Leaders’ summit in April, world leaders are
drafting responses to theglobalfinancial crisis. The extent to which they agree on the causes of
the crisis will be critical ... the challenge of legacy toxic assets (mortgages and securities backed by
loans) being carried by thefinancial system. The Treasury and the Federal Deposit Insurance
TheGlobalFinancial Crisis: ... vehicles, provided the trade-in vehicles are
TheGlobalFinancial Crisis: Analysis and Policy Implications
Congressional Research Service 131
system for theglobalfinancial crisis. European...
... be used in the event of another regional financial crisis. China, Japan and South
Korea are to provide 80% of the funds with the rest coming fromthe 10 members of ASEAN.
March. The Federal ... Turkey, the U.K., and the United States, and also the European Union.)
Financial Services Authority (FSA), The Turner Review: A Regulatory Response to theGlobal
Banking Crisis, March 2009. (The ... Japan, Russia, the United Kingdom
and the United States, and the European Commission) stated that they were united in their
commitment to resolve the current crisis, strengthen financial institutions,...