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Library | Item Barcode | Call Number | Material Type | Item Category 1 | Status |
|---|---|---|---|---|---|
Searching... | 30000010337903 | HB3717. G73 2013 | Open Access Book | Book | Searching... |
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Summary
Summary
Experts assess the role of central banks in responding to the recent financial crisis and in preventing future crises.
The recent financial crisis shook not only the global economy but also conventional wisdom about economic policy. After the collapse of Lehman Brothers in September 2008, policy makers reversed course and acted on an unprecedented scale. The policy response was remarkable both for its magnitude and for the variety of measures undertaken. This book examines both the major role central banks played in the crisis and the role they might play in preventing or preparing for future crises.
The contributors, central bankers from around the world, focus on monetary policy, the new area of macroprudential policy, and issues of exchange rates, capital flows, and banking and financial markets. They look at the experiences of both developed and emerging economies, considering why some, including Israel and Australia, suffered only mild effects while others--Ireland for example--plunged into severe financial crisis.
Author Notes
Jacob Braude works in the Bank of Israel Research Department. Zvi Eckstein is Dean of the School of Economics in the Interdisciplinary Center Herzliya and served as Deputy Governor of the Bank of Israel from 2006 to 2011. Stanley Fischer is former Governor of the Bank of Israel and has been nominated as Vice Chair of the Federal Reserve]. He is the author of IMF Essays from a Time of Crisis: The International Financial System, Stabilization, and Development (MIT Press). Karnit Flug is Governor of the Bank of Israel. She previously served as Deputy Governor of the Bank of Israel and Director of the Bank of Israel's Research Department (2001-2011).
Table of Contents
| Preface | p. vii |
| Introduction: Central Bank Lessons from the Global Crisis | p. 1 |
| I Monetary Policy In View of The Crisis | |
| 1 Monetary Policy Frameworks after the Great Financial Crisis | p. 21 |
| 2 The Role of Monetary Policy in Turkey during the Global Financial Crisis | p. 51 |
| 3 An Assessment of Chile's Monetary and Fiscal Policy Responses to the Global Crisis | p. 81 |
| II Macroprudential And Financial Policies | |
| 4 Central Banks, Macroprudential Policy and the Spanish Experience | p. 99 |
| 5 Tax Policies and Financial Stability: Lessons from the Crisis | p. 123 |
| III Capital Flows, Capital Controls, And Exchange Rate Policies | |
| 6 Managing Capital Inflows: Old and New Debates | p. 165 |
| 7 Capital Inflows and Policy Responses: Lessons from Korea's Experience | p. 187 |
| 8 Policy Response to External Shocks: Lessons from the Crisis | p. 211 |
| IV The Crisis And Its Lessons: Some Case Studies | |
| 9 Lessons from the Financial Crisis: An Australian Perspective | p. 245 |
| 10 Lesson from the World Financial Crisis for the Central Bank of Norway: The Approach to Monetary Policy and Financial Stability | p. 269 |
| 11 Israel and the Global Crisis: Events, Policy, and Lessons | p. 307 |
| 12 Prolonged Dislocation and Financial Crises | p. 337 |
| Contributors | p. 363 |
| Index | p. 365 |
