English, , 474kb
The dramatic increase in international capital flows, despite a temporary contraction during the global crisis, has motivated policy discussions on the associated benefits and costs of capital mobility. While international capital movements can support long-term growth, they also pose short-term policy challenges, including those associated with undesirable consequences of exchange-rate appreciation, financial and asset-price cycles
English, , 232kb
This speech discusses policy responses to financial crises, with a particular focus on the US experience with government intervention during the 2008-09 financial crisis. It also reflects on the possibilities for conducting crisis management without financial guarantees.