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N° 2009-28 |
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| November 2009 |
| The Crisis: Policy Lessons and Policy Challenges |
Agnès Bénassy-Quéré
Benoît Coeuré
Pierre Jacquet
Jean Pisani-Ferry |
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| We review the competing explanations of the 2007-2008 global crisis, recall how
governments around the world had to depart from established policy stances, and reflect on
the legacy of the crisis both in terms of future challenges and changes in policy doctrine. The
G-20 has addressed important regulatory and macro-financial dimensions of the crisis, but it
has left difficult questions unanswered. We review some of these incoming challenges such as
moral hazard in the post-bail-out world, the trade-off between financial stability and the cost
of capital, the feasibility for central banks to manage their new financial stability mandate,
and the effectiveness of peer review to address global imbalances. |
Non-technical summary  |
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Résumé
non-technique
en français |
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| Full text |
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| Global financial crisis; economic policy; financial regulation; black swan |
Keywords |
| E50; E6; F02; F36; G18; G28 |
JEL classification |
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