Essays On The Global Financial Crisis

“Too big to fail” remains a problem as banks grow larger and more complex.More progress is needed on procedures for resolving, or winding down, failing banks, especially those that are active across borders.In emerging markets, public debt is at levels last seen during the 1980s debt crisis.

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Doing so will require reducing budget deficits and gradually bringing interest rates back to normal levels as economic conditions permit.

Governments should also work together to reduce excessive global imbalances in a way that supports sustainable growth. Steps to boost lagging productivity would counter demographic headwinds and raise growth, which in turn would support efforts to bolster fiscal and monetary room for maneuver.

What about areas where progress has been inadequate or where new risks have emerged? Globally, nonfinancial debt ballooned to a record $182 trillion in 2017—224 percent of global GDP, an increase of almost 60 percent over 2007.

In the United States, investor demand for debt issued by highly leveraged companies has led to worryingly loose underwriting standards, increasing the risk of default by weaker borrowers.

For its part, the International Monetary Fund (IMF) has improved its ability to analyze and monitor sources of systemic risk.

It has partnered with national authorities to help them identify potential trouble spots, such as excessive consumer or corporate debt; develop tools to curb risks; and strengthen analysis of their financial systems.In the last year, we have already seen some investors pull money out of emerging markets in response to a stronger dollar, rising U. That would broadly match outflows during the financial crisis.Looking at the economic context, there are several sources of risk that could shake investor sentiment.[] Nonbank finance, also known as shadow banking because it takes place beyond the perimeter of traditional bank regulation, is another source of risk.Regulators must develop and deploy new tools to address it, particularly in those emerging markets where it has expanded rapidly.Advanced economies must ensure that prosperity is more widely shared, by dealing with rising inequality and stagnant wage growth.All countries need to educate and train workers for automation and the fast-changing workplace of the future.Ten years on from the Lehman Brothers collapse, one question about the financial system keeps coming up: Are we safer than we were in 2008? While there has been marked progress, more needs to be done, including keeping pace with potential new risks from a rapidly evolving financial landscape. Banks have bigger and better capital buffers and more liquidity.Countries have taken steps to address systemic risks posed by institutions seen as too big to fail.Finally, as we consider the lessons of the crisis and the path forward, we must also recognize and confront more profound, longer-term risks to financial—and social—stability.Climate change is one that threatens all of us, low-income countries in particular.


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