The International Financial Crisis: Have the Rules of by Asli Demirguc-Kunt, Douglas D Evanoff, George G Kaufman

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By Asli Demirguc-Kunt, Douglas D Evanoff, George G Kaufman

The hot international monetary concern has prompted enormous upheavals around the globe. The papers during this quantity examine even if monetary rules appear to have shifted lately, and what that could suggest for foreign monetary markets and law. What ''broke'' within the present difficulty? Is there no ''playbook'' on the best way to reply to systemic crises? what's the optimum position of the nation in facing crises? How may still asset bubbles be addressed sooner or later? will we desire a significant overhaul of governance within the undefined? What capacity exist to deal with systemic crises? What reforms are wanted? those and similar matters are mentioned via a magnificent checklist of recognized students, policymakers and practitioners, with an emphasis at the implications for public coverage

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Quarterly Journal of Economics, 98, February, 85–106. qxd 11/19/2010 8:49 AM Page 29 b1038 The International Financial Crisis Back from the Brink 29 Bloom, N. (2009). The impact of uncertainty shocks. Econometrica, 77, May, 623–685. , M. Floetotto, and N. Jaimovich (2009). Really uncertain business cycles. Unpublished paper, July. Cecchetti, S. G. (1992). Prices during the Great Depression: was the deflation of 1930–32 really unanticipated? American Economic Review, 82, March, 141–156. Chandler, L.

And A. J. Schwartz (1963). A Monetary History of the United States, 1867–1960. Princeton: Princeton University Press (for the National Bureau of Economic Research). qxd 11/19/2010 8:50 AM Page 39 b1038 The International Financial Crisis Longer Days, Fewer Weekends Kevin M. Warsh* Board of Governors of the Federal Reserve System Recent media stories and more substantial works chronicle in great detail the events of the past couple of years. A pair of conclusions might be fairly drawn from these early drafts of history.

The rapid, global revaluation of asset prices — in both directions — has served as a hallmark of the past two years. Monitoring this trend, and gauging its durability, will demand keen judgment. If asset prices find a new and enduring equilibrium, market participants and policymakers alike may well gain additional comfort that the real economy is poised for sustainable recovery. However, if asset prices retrace their recent gains, the real economy would be adversely affected. Understanding risk premiums embedded in asset prices will be critical to this task.

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