Lessons from World Bank research on financial crises, Vol. 1 of 1

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Lessons from World Bank research on financial crises

Author:	Development Research Group;	Collection Title:	Policy Research working paper ; no. WPS 4779
Country:	World;	Date Stored:	2008/12/16
Document Date:	2008/12/01	Document Type:	Policy Research Working Paper
Language:	English	Region:	The World Region
Report Number:	WPS4779	SubTopics:	Access to Finance; Emerging Markets; Debt Markets; ; Safety Nets and Transfers
Volume No:	1 of 1

Summary: The benefits of financial development and globalization have come with continuing fragility in financial sectors. Periodic crises have had real but heterogeneous welfare impacts and not just for poor people; indeed, some of the conditions that foster deep and persistent poverty, such as lack of connectivity to markets, have provided a degree of protection for the poor. Past crises have also had longer-term impacts for some of those affected, most notably through the nutrition and schooling of children in poor families. As in other areas of policy, effective responses to a crisis require sound data and must take account of incentives and behavior. An important lesson from past experience is that the short-term responses to a crisis-macroeconomic stabilization, trade policies, financial sector policies and social protection-cannot ignore longer-term implications for both economic development and vulnerability to future crises.


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