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Lessons from World Bank Research on Financial Crises
| Content Provider | Semantic Scholar |
|---|---|
| Author | Ravallion, Martin |
| Copyright Year | 2008 |
| Abstract | 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. |
| File Format | PDF HTM / HTML |
| DOI | 10.1596/1813-9450-4779 |
| Alternate Webpage(s) | http://documents.worldbank.org/curated/en/749481468763470664/pdf/WPS4779.pdf |
| Alternate Webpage(s) | https://doi.org/10.1596/1813-9450-4779 |
| Language | English |
| Access Restriction | Open |
| Content Type | Text |
| Resource Type | Article |
