Financial Crises: Lessons from the Past, Preparation for the Future

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Financial Crises: Lessons from the Past, Preparation for the Future    Washington, D.C.    .   .  Editors ABOUT BROOKINGS The Brookings Institution is a private nonprofit organization devoted to research, education , and publication on important issues of domestic and foreign policy. Its principal purpose is to bring the highest quality independent research and analysis to bear on current and emerging policy problems. Interpretations or conclusions in Brookings publications should be understood to be solely those of the authors. Copyright © 2005 THE BROOKINGS INSTITUTION 1775 Massachusetts Avenue, N.W., Washington, D.C. 20036 www.brookings.edu All rights reserved. No part of this publication may be reproduced or transmitted in any form or by any means without permission in writing from the Brookings Institution Press. Library of Congress Cataloging-in-Publication data Financial crises : lessons from the past, preparation for the future / Gerard Caprio, James A. Hanson, Robert E. Litan, editors. p. cm. Summary: “Analyzes the efficacy of attempts to recover from past crises and their lessons for the future, assesses the current state of international financial markets and examines policy options for reducing systemic vulnerability , and addresses pension system reform”—Provided by publisher. Includes bibliographical references and index. ISBN-13: 978-0-8157-1289-3 (pbk. : alk. paper) ISBN-10: 0-8157-1289-8 (pbk. : alk. paper) 1. Financial crises. International finance. 3. Monetary policy. 4. Economic policy. I. Caprio, Gerard. II. Hanson, James A. III. Litan, Robert E., 1950– III. Title. HB3722.F546 2005 332'.042—dc22 2005027077 9 8 7 6 5 4 3 2 1 The paper used in this publication meets minimum requirements of the American National Standard for Information Sciences—Permanence of Paper for Printed Library Materials: ANSI Z39.48-1992. Typeset in Adobe Garamond Composition by Circle Graphics Columbia, Maryland Printed by Victor Graphics Baltimore, Maryland ...