Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/77985
Authors: 
Bénassy-Quéré, Agnès
Coeuré, Benoît
Jacquet, Pierre
Pisani-Ferry, Jean
Year of Publication: 
2009
Series/Report no.: 
Bruegel Working Paper 2009/06
Abstract: 
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.
Subjects: 
Global financial crisis
Economic policy
Financial regulation
Black Swan
JEL: 
E50
E6
F02
F36
G18
G28
Document Type: 
Working Paper
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