Three Decades of International Financial Crises: What Have We Learned and What Still Needs to be Done?

Publication | June 2020

This paper highlights lessons from the Asian Financial Crisis, the Global Financial Crisis, and the Eurozone Debt Crisis to identify what more can be done to strengthen financial systems.

Fragility that periodically erupts into a full-blown financial crisis appears to be an integral feature of market-based financial systems despite the emergence of sophisticated risk-management tools and regulatory systems. This paper compares the three major crises of the past 3 decades to distill the lessons they offer and to identify what remains to be done. Its findings are especially pertinent as policy makers tackle the financial impacts of coronavirus disease (COVID-19).


  • Introduction
  • The Asian Financial Crisis
  • The Global Financial Crisis
  • The Eurozone Crisis
  • Brief Anatomy of the Responses to the Crises and Critical Comparisons
  • Looking Forward

Additional Details

  • Economics
  • Finance sector development
  • Banking and non-bank financial institutions
  • Finance sector reform
  • Financial markets and institutions
  • Health
  • Emerging diseases
  • COVID-19
  • 46
  • 8.5 x 11
  • WPS200171-2
  • 2313-6537 (print)
  • 2313-6545 (electronic)

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