II. GENESIS AND THE NATURE OF THE CRISIS

Acharya V and Mathew Richardson. 2009. “Causes of the Financial Crisis”, New York University.

Akerlof George A. and Robert J. Shiller. 2009. “Animal Spirits: How Human Psychology Drives the Economy, and Why It Matters for Global Capitalism”, Princeton University Press, 2009

Anna L.P., Robert M.T. 2005. “Financial Constraints and Entrepreneurship: Evidence from the Thai Financial Crisis.” Economic Perspectives.

Batunanggar, Sukarela. 2002. “Indonesia Banking Crisis Resolution: Lessons and The Way Forward”.
Mimeo, Center for Central Banking Studies (CCBS), Bank of England.

Bank for International Settlements (2009), 79th Annual Report.

Barro, Robert and J. W. Lee. 2003.: “Growth and Investment in East Asia Before and After the Financial Crisis”, Seoul Journal of Economics, Vol. 16, No. 2.

Barton Dominic, Newell R., and Wilson G. 2003. “ Dangerous Markets-Managing in Financial Crises”.

Bernanke B. 2005. “The Global Saving Glut and The US Current Account Deficit”, Homer Jones Lecture, St Louis, 14 April 2005, www.federalreserve.gov.

_____. 2004. “The Great Moderation”, Remarks at the meeting of the Eastern Economic Association, Washington, DC, February 20.

_____. 1983. “Non-Monetary Effects of the Financial Crisis in the Propagation of the Great Depression”. NBER Working Paper No. 1054.

Bernanke, Ben & Gertler, Mark. 1990. “Financial Fragility and Economic Performance,” The Quarterly Journal of Economics, MIT Press, vol. 105(1), pages 87-114, February.

Bernanke, Ben S. 2000. “Essays on the Great Depression.” Princeton, Princeton University Press.

Blanchard, Olivier J. and Stanley Fisher. 1989. “Lectures on Macroeconomics,” The MIT Press (Cambridge, Massachusetts).

Bordo Michael D. 1986. “Financial Crises, Banking Crises, Stock Market Crashes and the Money Supply:
Some International Evidence”, in Financial Crises and the World Banking System. eds Forrest Capie and Geoffrey Wood. London. MacMillan.

Borio, C and P. Lowe. 2004. “Securing Sustainable Price Stability: Should Credit Come Back from the Wilderness?”, BIS Working Papers no. 157, July.

Bordo, M.D., B. Eichengreen, D. Klingebiel and M.S. Martinez-Peria. 2001. “Is the Crisis Problem Growing More Severe?” Economic Policy 32: 51-82.

Bracke T, Bussiere M, Michael F. And Straub R. 2008. “A Framework for Assessing Global Imbalances”, ECB Occasional Papers Series, January.

Caballero R., E Farhi and P Gourinchas. 2008. “An Equilibrium Model of Global Imbalances and Low Interest Rates”, American Economic Review, Vol 98, No 1, March, pp 358–93.

Calomiris, Charles W., and R. Glenn Hubbard. 1989. “Price Flexibility, Credit Availability and Economic Fluctuations: Evidence from the United States, 1894-1909”. Quarterly Journal of Economics 103 (August 1989), 429–452.

Calomiris, Charles W., and Joseph R. Mason. 2003a. “Fundamentals, Panics and Bank Distress During the Depression,” (with Joseph Mason) American Economic Review 93, 1615-47.

_____ 2003b. “Consequences of Bank Distress During the Great Depression,” American Economic Review 93, 937-47.

Calomiris, Charles W., and Gary Gorton. 1991. “The Origins of Banking Panics: Models, Facts, and Bank Regulation,” in R. Glenn Hubbard, ed., Financial Markets and Financial Crises, University of Chicago, 107-73.

Calorimis Charles W. and Charles M. Kahn. 1991. ‘The Role of Demandable Debt in Structuring Optimal Banking Arrangements’, American Economic Review, June.

Calvo, Sara, and Carmen M. Reinhart. 1996. “Capital Flows to Latin America: Is There Evidence of Contagion Effects?,” in G. Calvo and M. Goldstein, eds. Private Capital Flows to Emerging Markets After the Mexican Crisis, (Washington: Institute for International Finance).

Caprio Gerard Jr., Asl Demirgüç-Kunt and Edward J. Kane. 2008. “The 2007 Meltdown in Structured Securitisation, Searching for Lessons, Not Scapegoats” World Bank Policy Research Working Paper, October.

Carmen M. Reinhart and Kenneth S. Rogoff. “Is The 2007 U.S. Sub-Prime Financial Crisis So Different? An International Historical Comparison” NBER Working Paper 13761.

Cecchetti G Stephen, Marion Kohler and Christian Upper. 2009. “Financial Crises and Economic Activity”, NBER Working Paper 15379, September.

Chakarbarty K.C. 2009. “Global Crisis: Genesis, Challenges and Opportunities Unleashed”, RBI Bulletin, October.

Chang Robert and Andres Velasco. 2001. “A Model of Financial Crises in Emerging Markets”. The Quarterly Journal of Economics. May 2001, Vol. 116, No. 2, Pages 489-517.

Chang, Robert and A. Valesco. 1998a “The Asian Liquidity Crisis”. NBER Working Paper 6796. National Bureau of Economic Research.

_____. 1998b “Financial Fragility and the Exchange Rate Regime.” NBER Working Paper 6491. National Bureau of Economic Research, April.

Corsetti, G., Pesenti, P., and Roubini, N. 1998. “What Caused the Asian Currency and Financial Crisis: The Policy Debate”. NBER Working Paper 6834.

Dornbusch, Rudi. 2001. “A Primer on Emerging Market Crises,” NBER Working Papers 8326, National Bureau of Economic Research.

Eichengreen B., A.K. Rose and C. Wyplosz. 1995. “Exchange Market Mayhem: the Antecedents and Aftermath of Speculative Attacks”, Economic Policy 10 (2), p. 251-312.

Eichengreen B. & Kevin H. O’Rourke, 2009. “A Tale of Two Depressions”.

Eichengreen, Barry and Rose, Andrew K. 1998. “Staying Afloat When the Wind Shifts: External Factors and Emerging-Market Banking Crises,” CEPR Discussion Papers 1828, C.E.P.R. Discussion Papers.

Eichengreen, Barry and Charles Wyplosz. 1993. “The Unstable EMS,” Brookings Papers on Economic Activity. Washington: The Brookings Institution.

European Central Bank. 2007. “The Impact of Short-Term Interest Rates on Bank Risk-taking, Financial Stability Review, December, pp. 163-67

Ferguson Niall. 2008. “The Ascent of Money: A Financial History of the World”, The Penguin Press, New York.

Francia Manuel Ramos 2009., “Real Global Imbalances, the Consumption Glut and the Housing Bubble” Bank of Mexico.

Frankel Jeffrey A. and Rose Andrew K.1996. “Currency Crashes in Emerging Markets: An Empirical Treatment.” International Finance Discussion Papers, Board of Governors of the Federal Reserve System, Number 534, January.

Friedman, Milton, and Anna J. Schwartz. 1963. “A Monetary History of the United States”, Princeton, Princeton University Press.

Franklin Allen and Douglas Gale. 1998. “Optimal Financial Crises”, Journal of Finance, American Finance Association, vol. 53(4), pages 1245-1284.

_____. 2000a. ‘Bubbles and Crises’, Economic Journal, January.

_____. 2000b. ‘Financial Contagion’, Journal of Political Economy, 108, February.

_____. 2004. ‘Financial Intermediaries and Market’, Econometrica, 72 (4), July.

Flood Robert P. & Nancy P. Marion. 1996. “Speculative Attacks: Fundamentals and Self-Fulfilling Prophecies,” NBER Working Papers 5789, National Bureau of Economic Research, Inc.

Flood Robert P. and Peter M. Garber. 1984. ‘‘Gold Monetization and Gold Discipline’’, Journal of Political Economy, 92, February.

Greenwald B, Stiglitz J. E. 1988. ‘‘Information, Finance Constraints and Business Fluctuations’’. In Kahn M. Tsiang SC (eds) Oxford University Press, Oxford.

G-20. 2008. “Study Group on Global Credit Market Disruptions”, paper prepared by Australia, October.

IMF. 2008. Global Financial Stability Report: Containing Systemic Risks and Restoring Financial Soundness, International Monetary Fund, Washington, DC.

IMF. 2008. 2009a. World Economic Outlook Crisis and Recovery, April.

_____. 2009b. World Economic Outlook Sustaining the Recovery, October.

_____. 2010 World Economic Outlook Rebalancing Growth, April.

Kaminsky Graciela L. and Carmen M. Reinhart. 1999. ‘The Twin Crises: The Causes of Banking and Balance of Payments Problems’, American Economic Review, 89 (3) June 473-500

Kane, Edward J. 2000. “Capital Movements, Banking Insolvency, and Silent Runs in the Asian Financial Crisis”. NBER Working Paper 7514.

Kindleberger, Charles P. 1978. “Manias, Panics, and Crashes: A History of Financial Crises”, revised ed., New York: Basic Books. Third (1996) and Fourth (2000) editions, in Wiley Investment Classics, New York: John Wiley & Sons.

Kodres, Laura E. and Pritsker, Matt G. 2002. “A Rational Expectations Model of Financial Contagion”. Journal of Finance, Vol. 57, pp. 769-799.

Krugman, Paul R. 1979. “A Model of Balance-of-Payments Crises,” Journal of Money, Credit and Banking 11(3), pp. 311-325.

Krugman, Paul. 2009., “How Did Economists Get It So Wrong?” The New York Times, September 2.

Kristopher S. Gerardi, Andreas Lehnert, Shane M. Sherland, and Paul S. Willen, ‘Making Sense of the Subprime Crisis’ Federal Reserve Bank of Atlanta, Working Paper 2009-2, February 2009.

Luc Laeven and Fabian Valencia. 2008. “Systemic Banking Crises: A New Database”. IMF Working Paper, WP/08/224. International Monetary Fund.

Mendoza, Enrique G. 2006. “Endogenous Sudden Stops in a Business Cycle Model with Collateral Constraints. A Fisherian Deflation of Tobin’s Q”. NBER Working Paper No. 12564.

Mendoza E. G.. 2001. “Credit, Prices, and Crashes: Business Cycles with a Sudden Stop,” NBER Working Papers 8338, National Bureau of Economic Research, Inc.

Michael P. Dooley & David Folkerts-Landau & Peter Garber, 2004. “The Revived Bretton Woods System: The Effects of Periphery Intervention and Reserve Management on Interest Rates & Exchange Rates in Center Countries,” NBER Working Papers 10332.

Milesi-Ferretti, Gian Maria & Razin, Assaf, 1998. “Current Account Reversals and Currency Crises: Empirical Regularities,” CEPR Discussion Papers 1921, C.E.P.R. Discussion Papers.

Minsky, Hyman P. 1972, ‘‘Financial Instability Revisited: The Economics of Disaster’’. In Reappraisal of the Discount Mechanism Washington. DC. Board of Governors of the Federal Reserve System’.

Mishkin, F.S. 1991a. “Anatomy of a Financial Crisis” NBER Working Paper No. 3934.

____. 1991b. “Asymmetric Information and Financial Crises: A Historical Perspective”. In Hubbard, R.G., (ed.) Financial Markets and Financial Crises, University of Chicago Press, Chicago., pp. 69-108.

Mitchell, W. 1941. “Business Cycles and Their Causes”, Berkeley: University of California Press.

Modigliani, F. and S.L.Cao. 2004. “The Chinese Savings Puzzle and the Lifecycle Analysis”, Journal of Economic Literature, Vol.42.1

Mohan Rakesh. 2008., “Mitigating Spillovers and Contagion – Lessons from the Global Financial Crisis” at Hyderabad, December 4.

_____. 2009. Global Financial Crisis : Causes, Impact, Policy Responses and Lessons, speech delivered at London School, April 23.

Morgenstern, Oskar. 1959. “International Financial Transactions and Business Cycles”, Book Series Studies in Business Cycles. Princeton, NJ: Princeton University Press.

Obstfeld M. and K. Rogoff. 2005. “Global Current Account Imbalances and the Exchange Rate Adjustment”, in W. Brainhard and G. Perry (Eds) Brookings Papers on Economic Activity.

_____. 1999. “Foundations of International Macroeconomics.” The MIT Press. (Cambridge, MA).

Obstfeld Maurice.1996. “Models of Currency Crises with Self Fulfilling Features”, European Economic Review, 40, 1037-47.

_____.1994. “The Logic of Currency Crisis”; Cahiers Economiques Ct Monetaires, XLII, 189-213.

Pattnaik S. 2009. “The Global Financial Stability Architecture Fails Again: Sub Prime Crisis Lessons for Policy Makers”, Crawford School of Economics and Government, The Australian National university, Canberra.

Plender, J., 2007. “Basel Accord Sits at the Root of the Ongoing Banking Crisis”, Financial Times, 7 November 2007:30.

Portes, Richard (2009), “Global Imbalances” in Mathias Dewatripont, Xavier Freixas and Richard Portes (Ed.), “Macroeconomic Stability and Financial Regulation: Key Issues for the G20”, Centre for Economic Policy Research, London.

Radelet S. And Sachs J. 1998. “The Onset of the East Asian Financial Crisis”. NBER Working Paper 6680.

Reddy, Y.V. 2009a. “India’s Financial Sector in Current Times”, S. Guhan Memorial Lecture on October 22, 2009.

_____. 2009b. “Global Financial Crisis and Asia”, Justice Konda Madhava Reddy Memorial Lecture, October.

_____. 2009c. “India And The Global Financial Crisis : Managing Money and Finance”, Orient Blackswan Publication, December.

Reinhart, Carmen. 1999. “Some Parallels Between Currency and Banking Crises: A Comment,” MPRA Paper 13197, University Library of Munich, Germany.

Reinhart, Carmen and Rogoff, Kenneth S. 2008. “This Time is Different: A Panoramic View of Eight Centuries of Financial Crises”. NBER Working Paper 13882, National Bureau of Economic Research.

Romer, Christina D. 2003. “Great Depression Revisited”.

Romer Christiana D. 2009. “Lessons from the Great Depression for Economic Recovery in 2009”, Brookings Institution, Washington D.C., March.

Skidelsky. 2009. “Keynes: The Return of the Master”, Penguin Books.

Subbarao D. 2009. “Global Financial Crisis - Questioning the Questions JRD Tata Memorial Lecture delivered at the meeting of The Associated Chambers of Commerce and Industry of India, New Delhi on July 31.

_____. 2009. “Financial Stability: Issues and Challenges”, Valedictory address at the FICCI-IBA Annual Conference on ‘Global Banking: Paradigm Shift’ organised jointly by FICCI and IBA on September 10.

_____. 2010. “Challenges for Central Banks in the Context of the Crisis Inaugural Address at the International Research Conference on ‘Challenges for Central Banks in the Context of the Crisis’, Mumbai, February 12.

Summers, Lawrence. 2000. “International Financial Crises: Causes, Prevention and Cures,” American Economic Review Vol. 90, pp. 1-16.

Taylor, J.B. 2009. “The Financial Crisis and the Policy Responses: An Empirical Analysis of What Went Wrong”, NBER Working Paper Series No. 14631.

_____. 2007. ‘Housing, Housing Finance and Monetary Policy’ Federal Reserve of Kansas City, Jackson Hole Conference, August 30-September 1.

Thorat Usha. 2009. “Learning from Crises”, RBI Bulletin, November.

White, W. 2008. Opening Remarks at the Seventh BIS annual Conference on “Whither Monetary Policy? Monetary Policy Challenges in the Decade Ahead” June 26-27, available in BIS Papers No.45.

III. MANIFESTATION OF THE CRISIS

Asian Development Bank. 2009. “Rebalancing Asia’s Growth.” Asian Development Outlook.

Bagnai, Alberto. 2008. “China and Global External Imbalances: Some Further Evidence.” Luiss Lab on European Economics (LLEE) Working Document No. 59.

Baldwin, Robert E. 2003. “Openness and Growth: What’s the Empirical Relationship?” NBER Working Paper Series, Working Paper 9578, March.

Bank for International Settlements. 2009. “Capital Flows and Emerging Market Economies.” Committee on the Global Financial System. January.

_____. 2009, 79th Annual Report.

_____. 2010, Quarterly Review. June.

Barrell, R., E. Philip Davis and O. Pomerantz. 2004. “Costs of Financial Instability, Household Sector Balance Sheets and Consumption.” NIESR Discussion Paper No.243.

Bean, Charles. 2009. “The Great Moderation, the Great Panic and the Great Contraction.” Schumpeter Lecture at the Annual Congress of the European Economic Association, Barcelona. August.

Blanchard, Olivier. 2009. “The Crisis: Basic Mechanisms and Appropriate Policies.” IMF Working Paper WP/09/80. April.

Calvo, Guillermo A. 2007. “Crisis in Emerging Market Economies: A Global Perspective.” NBER Working Paper 11305. April.

Davide Furceri & Annabelle Mourougane, 2009. “How do Institutions Affect Structural Unemployment in Times of Crises?,” OECD Economics Department Working. ideas.repec.org/e/pmo106.html

Dewatripont, Mathias, Xavier Freixas and Richard Portes. 2009. (eds.). “Macroeconomic Stability and Financial Regulation: Key Issues for the G20.” Centre for Economic Policy Research.

Dooley, M., J. Frankel and D. Mathieson. 1987. “International Capital Mobility: What Do Saving-Investment Correlations Tell Us?” IMF Staff Papers, 34(3): 503-530.

Eichengreen, Barry and Carlos Arteta. 2002. “Banking Crises in Emerging Markets: Presumptions and Evidence.” In Mario I. Blejer and Marko Skreb (Eds.), Financial Policies in Emerging Markets.
Cambridge, Massachusetts, London: MIT Press.

European Central Bank. 2009. “ Monetary, Financial and Economic Developments”. Annual Report 2008.

Frank, Nathaniel, Brenda González-Hermosillo, and Heiko Hesse. 2008. “Transmission of Liquidity Shocks: Evidence from the 2007 Subprime Crisis.” IMF Working Paper WP/08/200. August.

Goldstein, M., G. L. Kaminsky and C. M. Reinhart. 2000. “Assessing Financial Vulnerability: A Early Warning System for Emerging Markets.” Institute for International Economics: Washington, D C.

Griffith-Jones, Stephany and José Antonio Ocampo. 2009. “The Financial Crisis and its Impact on Developing Countries.” UNDP Working Paper. January.

Gruber, Joseph W. and Steven B. Kamin. 2007. “Explaining the global pattern of current account imbalances.” Journal of International Money and Finance, 26: 500-522.

International Monetary Fund. 2008. Finance and Development. December.

_____. 2009. “Navigating the Financial Challenges Ahead”. Global Financial Stability Report, October.

_____. 2009. “Sustaining the Recovery”. World Economic Outlook, October.

_____. 2010. “Global Prospects and Policies”. World Economic Outlook, April.

_____. 2010. “Resolving the Crisis Legacy and Meeting New Challenges to Financial Stability”. Global Financial Stability Report, April.

_____. 2010. “Regional Economic Outlook: Asia and Pacific” April.

James, William E., Donghyun Park, Shikha Jha, Juthathip Jongwanich, Akiko Terada-Hagiwara and Lea Sumulong. 2008. “The US Financial Crisis, Global Financial Turmoil, and Developing Asia: Is the Era of High Growth at an End?” Asian Development Bank. December.

Krugman, P. 1983. “New Theories of Trade Among Industrial Countries.” American Economic Review, Volume 73.

Krugman, P. R. and R. E. Baldwin. 1987. “The Persistence of the US Trade Deficit.” Brookings Papers on Economic Activity, Volume I: 1-43.

Meade, J. E. 1955. “Trade and Welfare.” Oxford University Press, London.

McKinnon, R. I. 1973. “Money and Capital in Economic Development.” Brookings Institution, Washington D.C.

Montiel, P. 1993. “Capital Mobility in Developing Countries.” World Bank Working Paper, International Economics Department WPS#1103.

Montiel, Peter and Carmen M. Reinhart. 1999. “Do capital controls and macroeconomic policies influence the volume and composition of capital flows? Evidence from the 1990s.” Journal of International Money and Finance.

Obstfeld, Maurice and Alan M. Taylor. 2002. “Globalisation and Capital Markets”. NBER Working Paper 8846. March.

Obstfeld, M. and Kenneth Rogoff. 1996. Foundations of International Macroeconomics. Cambridge, MA: MIT Press.

Ostry, Jonathan D. 1997. “Current Account Imbalances in ASEAN Countries - Are they a Problem?” IMF Working Paper.

Prasad, Eswar S., Kenneth Rogoff, Shang-Jin Wei and M. Ayan Kose. 2003. “Effects of Financial Globalisation on Developing Countries: Some Empirical Evidence.” IMF Occasional Papers, 220. September.

Pula, Gabor and Tuomas A. Peltonen. 2009. “Has Emerging Asia Decoupled? An Analysis of Production and Trade Linkages Using the Asian International Input-Output Table.” ECB Working Paper 993. January.

Rajan, Raghuram G. and L. Zingales. 2001. “The Great Reversals: The Politics of Financial Development in the 20th Century.” Working Paper, University of Chicago.

Shaw, E. S. 1973. Financial Deepening in Economic Development. Oxford University Press.

Spence, A. Michael. 2009. “The Financial and Economic Crisis and the Developing World”. Journal of Policy Modeling.

Stark, O. and D. Bloom. 1985. “The New Economics of Labour Migration.” American Economic Review, 75: 173-178.

The World Bank. 2009. “A Development Emergency.” Global Monitoring Report.

_____.2009. “Charting a Global Recovery.” Global Development Finance.

_____.2009. “Commodities at the Crossroads.” Global Economic Prospects.

Tong, Hui and Shang-Jin Wei. 2008. “Real Effects of the Subprime Mortgage Crisis: Is it a Demand or a Finance Shock?” IMF Working Paper WP/08/186. July.

United Nations Conference on Trade and Development. 2009. “Trade and Development Report, 2009.” September.

Valerie Cerra and Sweta Chaman Saxena (2008). “Growth Dynamics: The Myth of Economic Recovery”. ideas.repec.org/a/aea/aecrev/v98y2008i1p439-57.html

World Trade Organisation. 2009. “The Trade Situation in 2008-09.”

IV. INTERNATIONAL RESPONSES TO THE CRISIS

Acharya, Viral, Lasse Pedersen, Thomas Philippon, and Matthew Richardson. 2009. “Regulating Systemic Risk”. Chapter 13 in Viral Acharya and Matthew Richardson (eds.) Restoring Financial Stability: How to Repair a Failed System. New York: Wiley and Sons.

Akyuz, Yilmaz. 2009. “Policy Response to the Global Financial Crisis: Key Issues for Developing Countries”. South Centre, Geneva.

Andritzky, Jochen, John Kiff, Laura Kodres, Pamela Madrid, Andrea Maechler, Aditya Narain, Noel Sacasa, and Jodi Scarlata.2009. “Policies to Mitigate Procyclicality”. IMF Staff Policy Note. SPN/09/09.

Barro, Robert J. 2009. “Government Spending is no Free lunch”. Wall Street Journal, January.

Belke, Ansgar. 2009. “Fiscal Stimulus Packages and Uncertainty in Times of Crisis: Economic Policy for Open Economies”. Economic. Analysis and Policy Vol.39 No.1. pp. 25-46.

Bernanke, Ben S. 2009. “The Crisis and the Policy Response”. Stamp Lecture, London School of Economics, London, England.

Bernstein, Asaf, Hughson, Eric, and Marc D. Weidenmier. 2008. “Can a Lender of Last Resort Stabilize Financial Markets? Lessons from the Founding of the Fed.” NBER Working Paper 14422.

Bank for International Settlement. 2008. BIS Quarterly Review. December.

Bank for International Settlement. 2009. 79th Annual Report. June.

Borio, C and M. Drehmann. 2009. “Assessing The Risk of Banking Crises – Revisited”. BIS Quarterly Review. March. pp 29-46.

Buiter, W.H. 2008. “Central Banks and Financial Crisis”. Paper presented at the Federal Reserve Bank of Kansas City’s symposium on Maintaining Stability in Changing Financial System. August 21- 23.

Calomiris, C., D. Klingebiel and L. Laeven. 2005. “Financial Crisis Policies and Resolution Mechanisms: A Taxonomy from Cross-Country Experience”, in P. Honohan and L. Laeven (Eds.) Systemic Financial Crises: Containment and Resolution (25-75). Cambridge University Press.

Carvajal, Ana, Randall Dodd, Michael Moore, Erlend Nier, Ian Tower, and Luisa Zanforlin. 2009. “The Perimeter of Financial Regulation”. IMF Staff Policy Note. SPN/09/07.

Cecchetti, S. G. 1997. “Understanding the Great Depression: Lessons for the Current Policy” NBER Working Paper. 6015. April.

Cecchetti, Stephen G., Marion Kohler and Christian Upper. 2009. “Financial Crises and Economic Activity”. BIS Paper. August.

Cerra, Valerie, Ugo Panizza and Sweta C. Saxena. 2009. “International Evidence on Recovery from Recessions”. IMF Working Paper WP/09/183. International Monetary Fund.

Chakrabarty, K.C. 2009. “Global Crisis: Genesis, Challenges and Opportunities Unleashed” at the 21st Anniversary Convention of the Association of Professional Bankers, Sri Lanka on September 25.

Chailloux, A., S. Gray, U. Klüh, S. Shimizu and P. Stella. 2008. “Central Bank Response to the 2007–08 Financial Market Turbulence: Experiences and Lessons Drawn”. IMF Working Paper. WP/08/210.

Cukierman, A. 2009. “The Current Crisis and the Great Depression- How Similar are They”. Berglas School of Economics and CEPR.

Daniel Leigh, and Sven Jari Stehn. 2009. “Fiscal and Monetary Policy During Downturns: Evidence from the G7”. IMF Working Paper 09-50.

Demirgüç-Kunt, Aslý and Luis Servén. 2009. “Are All the Sacred Cows Dead? Implications of the Financial Crisis for Macro and Financial Policies”. Policy Research Working Paper 4807, The World Bank Development Research Group Finance and Private Sector Team & Macroeconomics and Growth Team. January.

Dewatripont, Mathias, Xavier Freixas and Richard Portes. 2009. “Macroeconomic Stability and Financial Regulation: Key Issues for the G20”. Centre for Economic Policy Research (CEPR).

Easterly, W., and L. Serven. 2003. “The Limits of Stabilization: Infrastructure, Public Deficits and Growth in Latin America”. Stanford University Press.

Elmendorf, Douglas W. and Jason Furman. 2008. “If, When, How: A Primer on Fiscal Stimulus”. The Hamilton Project Strategy Paper. January.

Feldstein, Martin. 2002. “The Role for Discretionary Fiscal Policy in a Low Interest Rate Environment”. NBER Working Paper 9203.

Financial Services Authority. 2009. The Turner Review: A regulatory response to the global banking crisis. (London, March).

Financial Stability Board (FSB). 2009. FSF Principles for Sound Compensation Practices. April.

________. 2009. “Strategic Priorities for the Reform of U.S. Financial Regulation”. United States Selected Issues (Washington, July).

Fishe, R. P. H. and M Wohar. 1990. “The Adjustment of Expectations to a Change in Regime: Comment”. American Economic Review 80(4): 531-555.

Freedman, C., M. Kumhof, D. Laxton and J. Lee. 2009. “The Case for Global Fiscal Stimulus”. IMF Staff Position Note. March.

Frenkel, Roberto and Martin Rapetti. 2009. “Some Reflections on the Current Global Crisis from a Developing Countries Perspective”, Friedrich Ebert Stiftung Briefing Paper, May.

Friedman, M. and A. Schwartz.1963. “A Monetary History of the US, 1867-1960”, Princeton University Press.

Furceri, D & A. Mouragane. 2009a, “The Effect of Financial Crises on Potential Output: New Empirical Evidence from OECD Countries”, OECD Economics Department Working Paper No. 699.

Furceri, D., and A. Mourougane. 2009b. “ Financial Crises: Past Lessons and Policy Implications” OECD (Paris) 2009.

Furman, J. and Stiglitz, J. 1998. “Economic Crises: Evidence and Insights from East Asia.” Brookings Papers on Economic Activity.

G-20 Study Group on Global Credit Market Disruptions. 2008. Paper Prepared by Australia.

Ghosh, A. R., Chamon M., Crowe C., Kim J.I., and Ostry J.D. 2008. “Coping with the Crisis: Policy Options for Emerging Market Countries” IMF Staff Position Note SPN/09/08.

Goodhart, C. and P.J.R. DeLargy. 1999. “Financial crises: plus ça change, plus c’est la meme chose”, LSE Financial Markets Group Special Paper. 108.

Goodhart, C.A.E. & D. Schoenmaker. 2009. “Fiscal Burden Sharing in Cross-Border Banking Crises”. International Journal of Central Banking. 5(1): 141-165.

Gopinath, Shyamala. 2009. “Philosophy and Practice of Financial Sector Regulation – Space for Unorthodoxy” at the FSA Turner Review Conference, London, November 2.

Hannoun, Herve. 2009. “Long-term Sustainability versus Short-term Stimulus: Is there a Trade-off”, Speech delivered at 44th SEACEN Governors’ Conference on Preserving Monetary and Financial Stability in the New Global Financial Environment at Kuala Lumpur, Bank for International Settlements.

HM Treasury. 2008. “The case for a Concerted International Fiscal Response”. November.

Horton, Mark, Manmohan Kumar and Paolo Mauro. 2009. “The State of Public Finances: A crosscountry Fiscal Monitor”. IMF Staff Position Note. International Monetary Fund. July.

Hoover, Herbert. 1952. The Memoirs of Herbert Hoover, Vol 3. New York: Macmillan and Company. International Monetary Fund. 2008. “Fiscal Policy as a Countercyclical Tool”. World Economic Outlook. October.

International Monetary Fund. 2009a. “The State Public Finances: Outlook and Medium-Term Policies After the 2008 Crisis”. Fiscal Affairs Department. March 6.

International Monetary Fund. 2009b. “Global Economic Policies and Prospects”. Note by the Staff of the International Monetary Fund for G-20 Meeting of the Ministers and Central Bank Governors in London. March 13-14.

International Monetary Fund. 2009c. “From Recession to Recovery: How Soon and How Strong?” Chapter 3 of World Economic Outlook. April.

International Monetary Fund. 2009d. Global Financial Stability Report Responding to the Financial Crisis and Measuring Systemic Risks. April.

Ishi, Kotaro, Mark Stone and Etienne B. Yehoue. 2009. “Unconventional Central Bank Measures for Emerging Economies”. IMF Working Paper. WP/09/226. October.

Kawai, H., Newfarmer, R., and Schmukler, S. 2005. “Financial Crises: Nine Lessons from East Asia.” Eastern Economic Journal 31(2): 185-207.

Kemmerer, E.W. 1910. “Seasonal Variations in the New York Money Market”. American Economic Review. 1(1):33-49.

Kindleberger, Charles P. 2000. “Manias, Panics, and Crashes: A History of Financial Crises”. New York, 4th edition.

Kohler-Toglhofer, Walpurga and Lukas Reiss. 2009. “The Effectiveness of Fiscal Stimulus Packages in Times of Crisis”. Monetary Policy and the Economy. Quarterly Review of Economic Policy. Q1/09. Oesterreichische National Bank.

Laeven, Luc and Fabian Valencia. 2008. “Systemic Banking Crises: A New Database”. IMF Working Paper WP/08/224. International Monetary Fund.

Lustig, N. 2000. “Crises and the Poor: Socially Responsible Macroeconomics”. Economia 1(1):1-30. Mankiw, N. Gregory. 2009. “Is Government Spending Too Easy an Answer”. Economic Review New York Times. January 11.

Moen, Jon and Ellis Tallman. 2000. “Clearinghouse Membership and Deposit Contraction during the Panic of 1907.” Journal of Economic History 60(1):145-63.

Miron, J. 1986. “Financial Panics, the Seasonality of the Nominal Interest Rate, and the Founding of the Fed.” American Economic Review 76(1): 125-140.

Mishkin, F. S. 2009. “Is Monetary Policy Effective During Financial Crises?” NBER Working Paper 14678. January.

Organization of Economic Cooperation and Development (OECD). 2001. G10 Report on Consolidation in the Financial Sector, Paris, January.

Organisation of Economic Cooperation and Development. 2002. “Experiences with the ‘Resolution of Weak Financial Institutions in the OECD Area”. Financial Market Trends. 82. June.

Organisation of Economic Cooperation and Development. 2009a. “Financial Crises: Past Lessons and Policy Implications”. January.

Organisation of Economic Cooperation and Development. 2009b. “The Effectiveness and Scope of Fiscal Stimulus”. OECD Economic Outlook.

Organisation of Economic Cooperation and Development. 2009c., “Policy Responses to the Economic Crisis: Investing in Innovation for Long-term Growth”. June.

Pattanaik, S. 2009. “The Global Financial Stability Architecture Fails Again: Sub-prime crisis Lessons for Policymakers”. Journal of Asian Pacific Economic Literature 1467-8411.

Perry, G., Serven, L., and Suescun, R. 2007. Fiscal Policy, Stabilisation and Growth: Prudence or Abstinence? Washington DC: World Bank.

Disyatat, Piti. 2009. “Unconventional Monetary Policy in the Current Crisis” BIS Quarterly Review, June.

Plosser, Charles I. 2009. “Ensuring Sound Monetary Policy in the Aftermath of Crisis”. Federal Reserve Bank of Philadelphia. February 27.

Report of the Commission of Experts of the President of the United Nations General Assembly on Reforms of the International Monetary and Financial System, 2009.

Rose, AK and MM Spiegel. 2009. “Cross-Country Causes and Consequences of the 2008 Crisis: Early Warning”. CEPR Discussion Paper No. 7354 Chapter 3 of World Economic Outlook. April.

Rosengren, Eric S. 2009. “Prevention, Containment, and Policy Change – Lessons from History” at the Federal Reserve Bank of Boston’s 54th Economic Conference: “After the Fall – Re-evaluating Supervisory, Regulatory, and Monetary Policy”.

Spilimbergo, A., S. Symansky, O. Blanchard and C. Cottarelli. 2008. “Fiscal Policy for the Crisis”, IMF Staff Position Note. International Monetary Fund. December 29.

Sprague, O. M. 1910. “A History of Crises under the National Banking System”. Washington: U.S. Government Printing Office.

Strauss-Kahn, Dominique. 2009. “Crisis Management and Policy Coordination: Do We Need a New Global Framework?” Speech Delivered at Oesterreichische Nationalbank Vienna on May 15, International Monetary Fund.

Subbarao, D. 2009. “Monetary-Fiscal Coordination, Clarity of Central Bank Mandate, Balanced Regulation and Monetary Policy in Globalised Environment”. Summary of the Proceedings on Panel Discussion on Challenges for the Central Banks. Reserve Bank of India.

Summers, Lawrence H. 2008. “Fiscal Stimulus Issues” Testimony before the Joint Economic Committee. January 16.

Taylor, John B. 2000. “Reassessing Discretionary Fiscal Policy”. Journal of Economic Perspectives, American Economic Association. Vol. 14(3).

The World Bank. 2008. “Lessons from World Bank Research on Financial Crises, Policy Research Working Paper WPS4779. November.

The World Bank. 2008. “The Unfolding Crisis: Implications for Financial Systems and Their Oversight”. Financial Systems and Development Economics departments. October 28.

Thorat, Usha. 2009. “Learning from Crises” at the Institute of Banking and Finance (IBF) Distinguished Speaker Series’ lecture at Singapore on October 12.

Tucker, Paul. 2009. “Restoring Confidence – Moving Forward”. Speech at British Bankers’ Association Annual International Banking Conference, London, June 30.

United Nations Economic and Social Council Economic Commission for Africa. 2009. “The Global Financial Crisis: Impact, Responses and Way Forward”. Cairo. June,

United Nations Conference on the World Financial and Economic Crisis and Its Impact on Development. 2009. Report of the Commission of Experts of the President of the UN General Assembly on Reforms of the International Monetary and Financial System.

V. and VI. IMPACT AND POLICY RESPONSES IN INDIA : FINANCIAL AND REAL SECTOR

Afonso, António and Davide Furceri. 2008. “Government Size, Competition, Volatility and Economic Growth.” ECB Working Paper Series, 849.

Agarwal, Manoj K. and Brian T. Ratchford. 1980. “Estimating Demand Functions for Product Characteristics: The Case of Automobiles.” The Journal of Consumer Research, 7(3): 249-262.

Agenor, P. R. 2001. “Benefits and Costs of International Financial Integration.” Paper for the Conference on Financial Globalisation: Issues and Challenges for Small States, Saint Kitts. March 27-28.

Asprem, Mads. 1989. “Asset Portfolios and Macroeconomic Variables in Ten European Countries.” Journal of Banking and Finance, 13:589-612.

Ayhan, Kose M., Eswar S. Prasad, and Marco E. Terrones. 2003. “How Does Globalisation Affect the Synchronisation of Business Cycle?”. IMF Working Paper No. 03/27.

Baig, Taimur and Ilan Goldfajn. 1998. “Financial Market Contagion in the Asian Crisis.” IMF Working Paper No. WP/98/155.

Bank for International Settlements. Annual Report 2007-08 and 2008-09.

Bank for International Settlements. 2006. “Regional Financial Integration in Emerging Markets: Trends and Policy Challenges.” Unpublished paper.

Baxter, M., and Michael A. Kouparitsas. 2004. “Determinants of Business Cycle Movement: A Robust Analysis.” Federal Reserve Bank of Chicago WP 14.

Bhagwati, Jagdish. 1998. “The Capital Myth: The Difference between Trade in Widgets and Trade in Dollars.” Foreign Affairs, 77: 7-12.

Brunner meier et al. 2009. “The fundamental Principles of Financial Regulation”. Geneva Report on the World Economy.

Cerra, Valerie, and Sweta Chaman Saxena. 2008. “Growth Dynamics: The Myth of Economic Recovery.” American Economic Review.

Chakrabarty, K.C 2009. “Global Crisis: Genesis, Challenges and Opportunities Unleashed.” RBI Bulletin, October.

Choi, Jongmoo Jay, Shmuel Hauser, and Kenneth J. Kopecky. 1999. “Does the Stock Market Predict Real Activity? Time Series Evidence from the G-7 Countries.” Journal of Banking and Finance, 23:1771-1792.

Chuhan, P., G. Perez-Quiros, and H. Popper. 1996. “International Capital Flows: Do Short-term Investment and Direct Investment Differ?” PRE Working Paper No. 1669, World Bank.

Clark, Todd E. and Eric van Wincoop. 2001. “Borders and Business Cycles”. Journal of International Economics, 55: 59-85.

Dadush, U., D. Dasgupta and D. Ratha. 2000. “The Role of Short-term Debt in Recent Crises.” Finance and Development, 37:54-57.

Dhal, S. 2009. “Global Crisis and the Integration of India’s Stock Market”. Journal of Economic Intergration, 24: 778-805.

Eichengreen, Barry and Andrew K. Rose. 1999. “Contagious Currency Crises: Channels of Conveyance.” In Changes in Exchange Rates in Rapidly Development Countries: Theory, Practice, And Policy Issues (NBER-EASE Volume 7) (29-56). National Bureau of Economic Research Inc.

Fama, Eugene F. 1990. “Stock Returns, Expected Returns, and Real Activity.” The Journal of Finance, Vol. 45(4): 1089-1108.

Financial Stability Forum. 2009. Report of the Financial Stability Forum on Addressing Pro-cyclicality in the Financial System, Financial Stability Forum. April. http://www.fsforum.org/publications/ r_0904a.pdf.

Forbes, Kristin J. 2001. “Are Trade Linkages Important Determinant of Country Vulnerability To Crises?” NBER Working Paper No. 8194.

Frankel, Jeffrey A. and Andrew Rose. 1998. “The Endogeneity of the Optimum Currency Area Criteria.” Economic Journal, 108: 1009-25.

Furceri, Davide and Annabelle Mourougane. 2009. “Financial Crises: Past Lessons and Policy Implications.” OECD Economics Department Working Papers 668, OECD, Economics Department.

Glick, Reuven and Andrew K. Rose. 1998. “Contagion and Trade: Why are Currency Crises Regional?” NBER Working Paper 6806.

Gopinath, Shyamala. 2009. “Some Reflections on the Recent Global Financial Turmoil –An Indian Perspective.” RBI Bulletin, February.

Gordy, M. and B. Howells. 2006. “Pro-cyclicality in Basel II: Can We Treat the Disease without Killing the Patient?” Journal of Financial Intermediation, 15: 395-417.

Government of India. Union Budget 2008-09 and 2009-10.

Havrylyshyn, O. 1990. “Trade Policy and Productivity Gains in Developing Countries: A Survey of the Literature.” World Bank Research Observer, 5: 1-24.

Hayashi, Fumio and Edward C. Prescott. 2002. “The 1990s in Japan: A Lost Decade.” Review of Economic Dynamics, 5:206–235.

Hoj, J., V. Galasso, G. Nicoletti and T. T. Dang. 2006. “The Political Economy of Structural Reform: Empirical Evidence from OECD Countries.” OECD Economics Department Working Papers, No. 501.

Harrigan, James. 2000. “The Impact of the Asia Crisis on U.S. Industry: An almosst free lunch?”. Economic Policy Review, Vol.6, No.3.

Imbs, Jean. 2004. “Trade, Finance, Specialisation and Synchronisation.” Review of Economics and Statistics, 86(3): 723-734.

International Monetary Fund. 2009. World Economic Outlook, various issues.

Kashyap, A. and J. Stein. 1995. “Impact of Monetary Policy on Bank Balance Sheets.” Carnegie-Rochester Conference Series on Public Policy, 42: 151-195.

Kashyap, A. and J. Stein. 2000. “What do a Million Observations on Banks Say about the Transmission of Monetary Policy?” American Economic Review, 90: 407-428.

Kohn, Donald L. 2008. “Global Economic Integration and Decoupling.” Speech at the International Research Forum on Monetary Policy, Frankfurt am Main, Germany, June.

Kose, A., C. Otrok, and E. Prasad. 2008. “Dissecting the Decoupling Debate.” VoxEU.org, October.

Kose, Prasad, Rogoff and Wei. 2006. “Financial Globalisation : A Reappraisal”. NBER Working Papers, 12484.

Krugman, P. 1987. “Is Free Trade Passé?” Economic Perspectives, 1:131-44.

Lipsky, John. 2009. “Finance and Economic Growth.” Remarks at the Bank of Mexico Conference, Challenges and Strategies for Promoting Economic Growth, Mexico City, Mexico. October.

Lucas, R.E. Jr. 1990. “Why Doesn’t Capital Flow from Rich to Poor Countries?” American Economic Review, 80(2): 92–96.

Masson, P. 1998. “Contagion: Monsoonal Effects, Spillovers and Jumps between Multiple Equilibria.” IMF Working Paper 98/142.

Mohan, Rakesh. 2009. “Global Financial Crisis: Causes, Impact, Policy Responses and Lessons.” RBI Bulletin, May.

Mohanty, Deepak. 2009. “The Global Financial Crisis and Monetary Policy Response in India.” Speech delivered at 3rd ICRIER-Inwent Annual Conference in November, New Delhi.

Pandit B. L., A. Mittal, M. Roy and S. Ghosh. 2006. “Transmission of Monetary Policy and the Bank Lending Channel: Analysis and Evidence for India.” Development Research Group, Study No.25, Reserve Bank of India, Mumbai.

Pindyck, R. S.1991. “Irreversibility, Uncertainty and Investments.” Journal of Monetary Economics, 12: 139-162.

Pindyck, R. S. and A. Solimano. 1993. “Economic Instability and Aggregate Investment.” In O. J. Blanchard and S. Fisher (Eds.). NBER Macroeconomic Annual. The MIT Press, Cambridge.

Prasad, Eswar S., Kenneth Rogoff, Shang-Jin Wei and M. Ayan Kose. 2003. “Effects of Financial Globalisation on Developing Countries: Some Empirical Evidence.” IMF Occasional Paper No. 220, September.

Reddy, Y. V. 2007a. “Some Perspectives on the Indian Economy.” RBI Bulletin, November.

_____ 2007b. “Global Developments and Indian Perspectives: Some Random Thoughts.” Valedictory address at the Bankers’ Conference 2007 on November 27 at Mumbai.

Reinhart, Carmen M. and Kenneth S. Rogoff. 2009. “This Time is Different: A Panoramic View of Eight Centuries of Financial Crises.” Review of Economics and Statistics, 84:371-380.

Reinhart, Carmen M. and Kenneth S. Rogoff. May 2009. “The Aftermath of Financial Crises.” American Economic Review.

Repullo, R., and J. Suarez. 2009. “The Pro-cyclical Effects of Bank Capital Regulation.” Conference on The Future of Banking Regulation, Bundesbank, September 24-25, 2009.

Reserve Bank of India, Monetary Policy Statements (various statements 2007, 2008 and 2009). Mumbai.

Reserve Bank of India. Annual Report, 2008-09.

Rodrik, Dani. 1998. “Who Needs Capital Account Convertibility?” Harvard University, mimeo.

Rose, Andrew K. and Mark Spiegel. 2009. “Cross-Country Causes and Consequences of the 2008 Crisis: Early Warning.” CEPR Discussion Papers 7354.

Rose, Andrew K. 2009. “Business Cycles become less synchronised over time: Debunking “decoupling”. Available at www.voxev.org.

Sarno, Lucio and Mark P. Taylor. 1999. “Hot Money, Accounting Labels and the Permanence of Capital Flows to Developing Countries: An Empirical Investigation.” Journal of Development Economics, 59: 337-64.

Sharma, V. K. 2009. “Policy Lessons from the Global Financial Crisis.” RBI Bulletin, October.

Singh, Bhupal. 2009. “Structural Shifts in the Current Account of India’s Balance of Payments”. Margin: The Journal of Applied Economic Research Vol. 3(2).

Stiglitz, Joseph E. 2002. “Globalization and its Discontents”. Great Britain: Allen Lane, The Penguin Press.

Stiglitz, Joseph E. 2006. “The Real Effects of Financial Integration.” The Journal of International Economics, 68(2): 296-324.

Subbarao, D. 2009a. “Emerging Market Concerns: An Indian perspective.” RBI Bulletin, November

_____ 2009b. “Global Financial Crisis – Questioning the Questions.” RBI Bulletin, August.

_____ 2009c. “Impact of the Global Financial Crisis on India – Collateral Damage and Response.” RBI Bulletin, March.

_____ 2009d. “India - Managing the Impact of the Global Financial Crisis.” RBI Bulletin, April.

_____ 2009e. “Risk Management in the Midst of the Global Financial Crisis.” RBI Bulletin, June.

_____ 2009f. “The Global Financial Turmoil and Challenges for the Indian Economy.” RBI Bulletin, January.

Thorat, Usha. 2009a. “Impact of Global Financial Crisis on Reserve Bank of India as a National Regulator.” RBI Bulletin, August.

_____ 2009b. “Learning from Crisis.” RBI Bulletin, November.

UNCTAD. 2008. “Foreign Capital and Growth.” Trade and Development Report 2008. United Nations.

Walti, S. 2009. “The Myth of Decoupling.” Manuscript, Swiss National Bank.

VII. LESSONS FROM THE CRISIS AND FUTURE CHALLENGES

Andritzky et al. 2009. “Policies to Mitigate Procyclicality.” IMF Staff Position Note No. SPN/09/09, International Monetary Fund, May.

Bank for International Settlement. 2009. “Capital flows and EMEs.” CGFS Papers No. 33. Report submitted by a Working Group established by the Committee on the Global Financial System. January 2009.

_____. 2009. 79th Annual Report, 1 April 2008 – 31 March 2009.

Bernanke, Ben and Mark Gertler. 2001. “Should Central Banks Respond to Movements in Asset Prices?” American Economic Review, Vol. 91, No. 2.

Bernanke, Ben S. 2009a. “The Crisis and the Policy Response.” Remarks at the Stamp Lecture in London School of Economics, London, England, January 13, 2009.

Bernanke, Ben S. 2009b. “Financial Reform to Address Systemic Risk.” Remarks at the Council on Foreign Relations, Washington, D.C., March 10, 2009.

Bernanke, Ben S. 2009c. “Reflections on a Year of Crisis.” Speech at the Federal Reserve Bank of Kansas City’s Annual Economic Symposium, Jackson Hole, Wyoming, August 21, 2009.

Bernanke, Ben S. 2010. “Monetary Policy and the Housing Bubble”, Speech at the Annual Meeting of the American Economic Association, Atlanta, Georgia on January 3, 2010.

Blanchard, Olivier, Hamid Faruqee and Vladimir Klyuev. 2009. “Did Foreign Reserves Help Weather the Crisis?” IMF Survey Magazine, October 8, 2009.

Bordo, Michael D. and Olivier Jeanne. 2002. “Boom-Busts in Asset Prices, Economic Instability, and Monetary Policy”, NBER Working Paper No. 8966.

Borio, C., N. Kennedy and S. D. Prowse.1994. “Exploring aggregate asset price fluctuations across counties, measurement, determinants, and monetary policy implications”, BIS Economic Papers, No. 40.

Braasch, Bernd. 2009. “How have local currency bond markets weathered the financial crisis?”, Paper presented at 4th OECD Forum on African Global Debt Management, November 12-13, 2009.

Brunnermeier, Markus; Andrew Crockett; Charles Goodhart, Avinash Persaud and Hyun Song Shin. 2009. “The Fundamental Principles of Financial Regulation.” 11th Geneva Papers on the World Economy.

Buiter, Willem. 2009. “Lessons from the Global Financial Crisis for Regulators and Supervisors.” The Financial Times, May 26, 2009.

Calomiris, Charles W. 2009. “Financial Innovation, Regulation, and Reform.” Cato Journal, Vol. 29, No. 1.

Carney, Mark. 2009. “The Evolution of the International Monetary System”, Remarks by the Governor of the Bank of Canada at Foreign Policy Association, New York City, November 19, 2009.

Caruana, Jaime. 2009. “Minimising the Impact of Future Financial Crises: Six Key Elements of Regulatory Reform We have to Get Right.” Financial Stability Review, Banque de France, September.

Cavallo, Eduardo and Alejandro Izquierdo. 2009. “Dealing with the Crisis: Lessons for Latin America” http://www.iadb.org/res/publications/pubfiles/pubRIT-164.pdf

Cecchetti Stephen G and Piti Disyatat. 2009. “Central Bank Tools and Liquidity Shortages.” Paper prepared for the Federal Reserve Bank of New York Conference on “Central Bank Liquidity Tools,” February 19-20, 2009.

Charlie McCreevy. 2008. “Crisis or No Crisis – Lessons for Financial Markets and Regulators.” European Commissioner for Internal Market and Services, London House.

Claessens, Stijn; Giovanni Dell’Ariccia; Deniz Igan; and Luc Laeven. 2010. “Lessons and Policy Implications from the Global Financial Crisis”, IMF Working Paper No. 10/44.

Cohen, Ben and Eli Remolona. 2008. “The Unfolding Turmoil of 2007–2008: Lessons and Responses.” ADB Institute Working Paper No. 124, December.

Declan Costello et al. 2009. “The Negative Impact of the Financial Crisis on Potential Output Necessitates an EU-led Policy Response” http://www.voxeu.org/index.php?q=node/3771.

Dalla, Ismail and Hesse, Heiko. 2009. “Rapidly growing local-currency bond markets offer a viable alternative funding source for emerging-market issuers” available at http://www.voxeu.org/ index.php?q=node/4081.

Dudley, William C. 2009. “Lessons Learned from the Financial Crisis”, Remarks by the President and Chief Executive Officer of the Federal Reserve Bank of New York, at the Eighth Annual BIS Conference, Basel, July 3, 2009.

Ehrmann, M. and M. Fratzscher. 2007. “Communication by Central Bank Committee Members: Different Strategies, Same Effectiveness?”, Journal of Money, Credit and Banking, Vol.39, No. 2-3.

Eichengreen, Barry. 2009a. “Out of the Box Thoughts about the International Financial Architecture”, IMF Working Paper No. 09/116.

Eichengreen, Barry. 2009b. An interview with CentralBanking.com www.centralbanking.com/centralbanking/ interview/1559592/interview-barry-eichengreen.

Eichengreen, Barry. 2009c. “Lessons of the Crisis for Emerging Markets”, ADBI Working Paper Series, No. 179, December 2009.

Friedman, Milton and Anna J. Schwartz. 1963. A Monetary History of the United States, 1867-1960. Princeton, N.J.: Princeton University Press for NBER.

Financial Services Authority. 2009. The Turner Review, March 18, 2009. Fisher, I. 1932. “Booms and Depressions”, New York, Adelphi.

Fischer, Stanley. 2009. “Preparing for Future Crisis.” Paper presented at the 34th Annual Symposium of Federal Reserve of Kansas City at Jackson Hole, Wyoming, August 21, 2009.

G-20 Study Group Report on Credit Market Disruptions, November 2008.

G-30 Report on Financial Reform: A Framework for Financial Stability.

Gerdesmeier, Dieter; Hans-Eggert Reimers and Barbara Roffia. 2009. “Asset Price Misalignments and the Role of Money and Credit”, ECB Working Paper Series No. 1068, July.

Goldstein, Morris. 2008. “A Ten Plank Program for Financial Regulatory Reform.” Speech on “Addressing the Global Financial Crisis”, December 18, 2008.

Gopinath, Shyamala. 2009. “Lessons for Financial Policymaking – Interpreting the Dilemmas.” RBI Bulletin, April.

Grauwe, Paul de; Thomas Mayer and Karel Lannoo. 2008. “Lessons from the Financial Crisis: New Rules for Central Banks and Credit Rating Agencies.” Intereconomics, Vol. 43, No.5, September/ October.

Gregorio, José de. 2009. “Lessons and Challenges on Financial Regulation?” Introductory remarks by the Governor, Central Bank of Chile at the conference on Financial Regulation: Lessons from the Recent Global Crisis, Santiago, August 17, 2009.

Hadar, Leon T. 2009. “Did Regulations Cause Recent Crisis?” Business Times, August 7, 2009.

Hammond, Gill; Ravi Kanbur and Eswar S. Prasad. 2009.“Monetary Policy Challenges for EMEs.” Global Economy & Development Working Paper 36, August 2009.

Henn, Christian and Brad McDonald. 2010. “Avoiding Protectionism”, Finance and Development, Vol. 47, No.1, International Monetary Fund, Washington, D.C.

http://www.prospect.org/cs/articles?article=the_bubble_economy.

International Monetary Fund. 2009a. “Lessons of the Financial Crisis for Future Regulation of Financial Institutions and Markets and for Liquidity Management.” Paper prepared by Monetary and Capital Markets Department of IMF, February 4, 2009.

_____. 2009b. “Initial Lessons of Crisis.” Paper prepared by Monetary and Capital Markets Department of IMF, February 6, 2009.

_____. 2009c. “Lessons of the Global Crisis for Macroeconomic Policy.” Paper prepared by Research Department of IMF, February 19, 2009.

_____. 2009d. World Economic Outlook, April 2009.

_____. 2009e. Global Financial Stability Report, October 2009.

_____. 2009f. World Economic Outlook, October 2009.

_____. 2009g. “Initial Lessons of the Crisis for the Global Architecture and the IMF.” IMF Policy Paper, February 18, 2009, www.imf.org/external/pp/ longres.aspx?id=4315.

_____.2010a. World Economic Outlook, April, 2010.

_____. 2010b. How Did Emerging Markets Cope in the Crisis?, Prepared by the Strategy, Policy, and Review Department, IMF, Washington, D.C., June 2010.

Issing, O. 2002. “Monetary Policy in a Changing Environment”, contribution to the Symposium on “Rethinking Stabilization Policy”, hosted by the Federal Reserve Bank of Kansas City (Jackson Hole, 30 August 2002).

Jenkinson, Nigel. 2007. “New Markets and New Demands: Challenges for Central Banks in the Wholesale Market Infrastructure.” Speech at the Bank of England/European Central Bank Conference on Payments and Monetary and Financial Stability, November 12, 2007.

Jouyet, Jean-Pierre. 2009. “The Future of Financial Regulation.” Financial Stability Review of Bank of France, No. 13, September 2009.

Kato, Takatoshi. 2009. “Impact of the Global Financial Crisis and Its Implications for the East Asian Economy.” Keynote Speech by Deputy Managing Director, International Monetary Fund at the First International Conference of Korea International Financial Association, Seoul, Korea, October 16, 2009.

Kobayashi, Keiichiro. 2008. “Financial Crisis Management: Lessons from Japan’s Failure”, at http:// www.voxeu.org/index.php?q=node/2483(27 October 2008).

Kuttner, Robert. 2007. “The Bubble Economy”, The American Prospect, September 24, 2007.

Lipsky, John. 2009a. “Fiscal-Financial Nexus: The Challenges and Lessons of the Global Crisis.” Keynote Address by the First Deputy Managing Director at the EUO–FAD High-Level Conference in Paris, June 26, 2009.

Lipsky, John. 2009b. “Asia, the Financial Crisis, and Global Economic Governance.” Speech by First Deputy Managing Director of the International Monetary Fund at the Federal Reserve Bank of San Francisco Conference, Santa Barbara, California, October 20, 2009.

Mishkin, Frederic S. 2008. “How Should We Respond to Asset Price Bubbles?” Remarks at the Wharton Financial Institutions Center and Oliver Wyman Institute’s Annual Financial Risk Roundtable, Philadelphia, Pennsylvania, May 15, 2008.

Mohan, Rakesh. 2009a. “Global Financial Crisis: Causes, Impact, Policy Responses and Lessons.” RBI Bulletin, May.

Mohan, Rakesh. 2009b.“Emerging Contours of Financial Regulation: Challenges and Dynamics.” Financial Stability Review of Bank of France, No. 13 – The future of financial regulation, September 2009.

Mohan, Rakesh and Muneesh Kapur. 2010. “Liberalization and Regulation of Capital Flows: Lessons for Emerging Market Economies”, ADBI Working Paper Series, No. 186.

Mohanty, Deepak. 2010. “The Global Financial Crisis: Genesis, Impact and Lessons”, RBI Bulletin, February.

Nier, Erlend. 2009. “Financial Stability Frameworks and the Role of Central Banks: Lessons from the Crisis.” IMF Working Paper No. 09/70.

Nijathaworn, Bandid. 2009.“The Recent Global Crisis, Lessons Learned, and Future Implications.” Keynote address at the 11th SEACEN Conference of Directors of Supervision of Asia-Pacific Economies, Bangkok of the Bank of Thailand, July 29, 2009.

Noyer, Christian. 2008. “Lessons from the Crisis. A Central Banker’s Reflections on Some Accounting Policy Issues.” Speech at the European Meeting of the Accounting Profession, Paris, December 11, 2008.

Orphanides, Athanasios. 2010. “Monetary Policy Lessons from the Crisis”, CEPR Discussion Paper No. 7891, June.

Ostry, Jonathan D.; Atish R. Ghosh; Karl Habermeier; Marcos Chamon; Mahvash S. Qureshi; and Dennis B.S. Reinhardt (2010), “Capital Inflows: The Role of Controls”, IMF Staff Position Note SPN/10/04, February 19.

Panetta, et al. 2009. “Financial Sector Pro-Cyclicality: Lessons from the Crisis.” Questioni di Economia e Finanza Occasional papers No.44, Banca D’Italia.

Papademos, Lucas. 2009. “Monetary Policy and the ‘Great Crisis’: Lessons and Challenges.” Speech by Vice President of the ECB at the 37th Economics Conference “Beyond the Crisis: Economic Policy in a New Macroeconomic Environment” organised by the Österreichische Nationalbank, Vienna, May 14, 2009.

Pattanaik, Sitikantha. 2009. “The Global Financial Stability Architecture Fails Again: Sub-prime Crisis Lessons for Policymakers.” Asia Pacific Economic Literature, Vol. 23, No. 1: 21-47.

Posen, Adam S. 2009. “How Useful were Recent Financial Innovations? There is Reason to be Skeptical” http://www.rgemonitor.com/piie-monitor/256735/how_useful_were_recent_financial_innovations_there_is_reason_to_be_skeptical.

Ram Mohan, T.T. 2009. “Ten Regulatory Lessons from the Sub-prime Crisis.” Economic and Political Weekly, Vol. XLIV, No. 11, March 14.

Rangarajan, C. 2009. India: Monetary Policy, Financial Stability and Other Essays (405 – 409). Academic Foundation: New Delhi.

Reddy, Y.V. 2006. “Central Bank Communications: Some Random Thoughts.” RBI Bulletin, February.

Reddy, Y.V. 2006a. “Global Imbalances: An Indian Perspective.” RBI Bulletin, June.

Reddy, Y.V. 2009. “India’s Financial Sector in Current Times.” S. Guhan Memorial Lecture, October 22, 2009.

Reinhart, Carmen and Kenneth Rogoff, 2008. “Is the 2007 U.S. Subprime Crises So Different? An International Historical Comparison,” American Economic Review, Vol. 98 No. 2.

Report of G-20 Working Group on Reforming the IMF, March 2009.

Report of G-20 Working Group on Reinforcing International Co-Operation and Promoting Integrity in Financial Markets, March 2009.

Report of G20 Working Group on the World Bank and other multilateral development banks, March 2009.

Report of G-20 Working Group on Enhancing Sound Regulation and Strengthening Transparency, March 2009.

Report of the Commission of Experts of the President of the United Nations General Assembly on Reforms of the International Monetary and Financial System September 21, 2009.

Report of the High-level Group on Financial Supervision in the EU. (Chairman: Jacques de Larosière), February 2009.

Rosengren, E. S. 2009. “Making Monetary Policy during a Financial Crisis”. http://www.bos.frb.org/ news/speeches/rosengren/2009/022709.pdf.

Shirakawa, Masaaki. 2009. “Unconventional Monetary Policy – Central Banks: Facing the Challenges and Learning the Lessons.” Remarks by Governor of the Bank of Japan, at the Conference cohosted by the People’s Bank of China and the Bank for International Settlements, Shanghai, August 8, 2009.

Singh, Manmohan. 2006. Welcome address to the Board of Governors of the Asian Development Bank at the 39th Annual General Meeting in Hyderabad.

Smaghi, Lorenzo Bini. 2008. “The Financial Crisis and Global Imbalances – Two Sides of the Same Coin.” Speech at the Asia Europe Economic Forum conference “The Global Financial Crisis: Policy Choices in Asia and Europe”, Beijing, December 9, 2008.

Stark, Jürgen. 2009. “The Economic Crisis and the Response of Fiscal and Monetary Policy.” Speech by Member of the Executive Board of the ECB at the Austrian Industrial Organisation, Linz, Austria, June 8, 2009.

Strauss-Kahn, Dominique. 2009a. “Crisis Management and Policy Co-ordination: Do We Need a New Global Framework?” Speech by Managing Director of International Monetary Fund at Oesterreichische Nationalbank, Vienna, May 15, 2009.

Strauss-Kahn, Dominique. 2009b. “Take-Off or Holding Pattern? Prospects for the Global Economy.” An Address to the Confederation of British Industry Annual Conference by Dominique Strauss-Kahn, Managing Director, International Monetary Fund, London, November 23, 2009.

Subbarao, D. 2008. “Lessons from the Global Financial Crisis with special reference to Emerging Market Economies and India.” RBI Bulletin, November.

Subbarao, D. 2009a. “Risk Management in the Midst of the Global Financial Crisis.” RBI Bulletin, June.

Subbarao, D. 2009b. “Global Financial Crisis: Questioning the Questions.” RBI Bulletin, August.

Subbarao, D. 2009c. “Challenges for the Central Banks” Remarks at the Panel Discussion organised at Hyderabad as part of RBI’s Platinum Jubilee Celebration, August 14, 2009.

Subbarao, D. 2009d. “Financial Stability: Issues and Challenges.” RBI Bulletin, October.

Subramanian, Arvind and John Willamson. 2009a. “The World Crisis: Reforming the International Financial System.” http://www.iie.com/publications/papers/subramanian-williamson0309.pdf

Subramanian, Arvind and John Willamson. 2009b. “Brazil Warns Against Foreign Finance Fetish.” Business Standard, October 30, 2009.

Tarullo, Daniel K. 2009. “Regulatory Reform”, Testimony before the Committee on Financial Services, U.S. House of Representatives, Washington, D.C., October 29, 2009.

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