The Asian financial crisis of 1997–98 was devastating for the region, but policymakers at least believed that they gained a great deal of knowledge on how to prevent, mitigate, and resolve crises in the future. Fifteen years later, the Asian developing countries escaped the worst effects of the global crisis of 2008–10, in part because they had learned the right lessons from their own experience. In this important study, the Asian Development Bank and Peterson Institute for International Economics join forces to illuminate the contrast between Asia's performance during the more recent crisis with its performance during its own crisis and the gap between what the US and EU leaders recommended to Asia then and what they have practiced on themselves since then. The overriding lessons emerging from the essays in this volume are that countries need to prepare for crises as if they cannot be prevented, make room for stabilization policies and deploy them rapidly when crises hit, and address the need for self-insurance globally if they can, or regionally if they must.

This evaluation assesses the IMF’s response to the global financial and economic crisis, focusing on the period September 2008 through 2013. It assesses the IMF’s actions to help contain the crisis and navigate a global recovery, assist individual economies to cope with the impact of the crisis, and identify and warn about future risks.

Contents: (1) Overview: Financial Architecture; Economic Performance; (2) The Financial Crisis and the European Union; (3) Phase I ¿ Build-up; (4) Phase II ¿ Liquidity Issues: Central Bank Operations; Interest Rates; Currency Swap Facilities; Depositor Guarantees; (5) Phase III ¿ Solvency and Deleveraging: The ¿European Framework for Action¿; ¿Bad Banks¿; (6) Phase IV ¿ Fiscal Intervention; European Economic Recovery Plan; Germany; France; United Kingdom; (7) Outlook. Charts and tables.

The World Bank Group has responded to the global economic crisis with a strong countercyclical expansion of financing. Its disbursements of 80 billion in the past two fiscal years were the largest among the Multilateral Development Banks. There was notable variation across the WBG, with vastly increased IBRD lending, moderately higher IDA financing, and overall responses from IFC and MIGA that were not counter-cyclical. The differences reflected the interplay of financial capacities, business models, and available instruments. While the level of financial flows is one aspect of crisis response

At the beginning of the 1990s, a massive speculative asset bubble burst in Japan, leaving the nation's banks with an enormous burden of nonperforming loans. Banking crises have become increasingly common across the globe, but what was distinctive about the Japanese case was the unusually long delay before the government intervened to aggressively address the bad debt problem. The postponed response by Japanese authorities to the nation's banking crisis has had enormous political and economic consequences for Japan as well as for the rest of the world. This book helps us understand the nature of the Japanese government's response while also providing important insights into why Japan seems unable to get its financial system back on track 13 years later. The book focuses on the role of policy networks in Japanese finance, showing with nuance and detail how Japan's Finance Ministry was embedded within the political and financial worlds, how that structure was similar to and different from that of its counterparts in other countries, and how the distinctive nature of Japan's institutional arrangements affected the capacity of the government to manage change. The book focuses in particular on two intervening variables that bring about a functional shift in the Finance Ministry's policy networks: domestic political change under coalition government and a dramatic rise in information requirements for effective regulation. As a result of change in these variables, networks that once enhanced policymaking capacity in Japanese finance became "paralyzing networks"--with disastrous results.

This book offers a commentary on the responses to white collar crime since the financial crisis. The book brings together experts from academia and practice to analyse the legal and policy responses that have been put in place following the 2008 financial crisis. The book looks at a range of topics including: the low priority and resources allocated to fraud; EU regulatory efforts to fight financial crime; protecting whistleblowers in the financial industry; the criminality of the rogue trader; the evolution of financial crime in cryptocurrencies; and the levying of financial penalties against banks and corporations by the US Department of Justice and Securities and Exchange Commission.

Reflections of a Political Economist collects some of the most incisive and important policy analysis and public choice articles by William A. Niskanen from the last fifteen years. His interests have ranged widely during this time, covering many different areas of public policy, always with an eye toward rigorous economic thinking, fiscal conservatism, and finding shrewd, practical solutions to important problems. In Part I readers will find a discussion of a wide array of policy topics, including taxation, health and retirement funding, terrorism and military preparedness, and corporate governance. These selections bring to the discussion both hard data and theoretical sophistication, making the case for modest, sensible regulations, limited government, and free enterprise. In Part II Niskanen turns to public choice, wherein he discusses economic models of various government types, voting, bureaucracy, and constitutional structure. Part III includes a selection of Niskanen’s book reviews, in which he considers the works of other notable economists, including Paul Krugman, Mancur Olson, James M. Buchanan, and Alan Greenspan. Finally, Part IV offers three more personal reflections, each to some degree removed from economics, but all reflecting Niskanen’s thoughtful, understated approach to important issues, wherever he finds them.

This is an open access book. This book is an integration of keynote speeches, lectures, and related teaching materials during the five years of the "Central Bank Policy Mix: Issues, Challenges and Policy Responses" flagship program of the BI Institute, the learning and research centre of Bank Indonesia. The book examines the interactions among central bank policies including monetary policy, exchange rate policy, macroprudential policy, and capital flow management and also elaborates on modeling issues and quantitative analysis of the interaction between macroeconomic variables and policy instruments.

This book takes account of the global financial crisis from Asian perspectives, considering Asian responses to the crisis via two key arenas – regionalism in Asia and the G20. The expert contributors – both Asian and Western – illustrate that as G20 members, many Asian countries are now able to showcase their increasing powers and influence on global issues. Within this context, and via multidisciplinary economic and political science perspectives, the book deals with various issues such as World System analysis, the debate between the Washington Consensus and the Beijing Consensus, roles within the G20, and the contribution of 'middle' powers such as Korea and Australia. The application of European experiences to Asia is also considered, as are perspectives from the US. The book concludes that the key to resolving the current global economic crisis lies in how quickly a new global governance and monitoring system can be constructed, and that there are multiple roles for Asian countries to play in its development. Written with a uniquely multidisciplinary approach, this book will prove a fascinating read for a wide-ranging audience encompassing academics, students, researchers and policymakers in a number of fields including Asian studies, economics, public policy and regional studies.