Global Financial Crisis

The Issue

Views on the current crisis in global financial markets, their impact on the real economy and the policy choices confronting the United States and other countries.

See also "RealTime Economic Issues Watch," a website forum in which senior fellows of the Peterson Institute for International Economics discuss and debate their responses to global economic and financial developments as they occur each day and offer insights that others might overlook.

Essential Reading from the Institute

Policy Brief 10-3: Confronting Asset Bubbles, Too Big to Fail, and Beggar-thy-Neighbor Exchange Rate Policies [pdf]
by Morris Goldstein, Peterson Institute for International Economics
February 2010

Article: The Dollar and the Deficits: How Washington Can Prevent the Next Crisis
by C. Fred Bergsten, Peterson Institute for International Economics
Article in Foreign Affairs, Volume 88 No. 6, November/December 2009
November 2009

Testimony: The Role of the International Monetary Fund and Federal Reserve in the Stabilization of Europe
by Edwin M. Truman, Peterson Institute for International Economics
Testimony before the US House Committee on Financial Services Subcommittee on International Monetary Policy and Subcommittee on Domestic Monetary Policy and Technology
May 20, 2010

Paper: Beware of Greeks Bearing Debts [pdf]
by Michael Mussa, Peterson Institute for International Economics
May 2010

Testimony: Needed: A Global Response to the Global Economic and Financial Crisis
by C. Fred Bergsten, Peterson Institute for International Economics
Testimony before the Subcommittee on Terrorism, Nonproliferation and Trade, Committee on Foreign Affairs, US House of Representatives
March 12, 2009

Testimony: A Proven Framework to End the US Banking Crisis Including Some Temporary Nationalizations [pdf]
by Adam S. Posen, Peterson Institute for International Economics
Testimony Before the Joint Economic Committee of the US Congress
Hearing on "Restoring the Economy: Strategies for Short-term and Long-term Change"
February 26, 2009

Speech: Financial Regulation in the Wake of the Crisis
by Daniel K. Tarullo, Federal Reserve Board
Remarks presented at the Peterson Institute event "Global Financial Regulation Reform in the Wake of the Crisis"
June 8, 2009

Speech: Policy Responses to the Global Financial Crisis
by Edwin M. Truman, Peterson Institute for International Economics
Remarks presented at the Ninth Annual International Seminar, on "Policy Challenges for the Financial Sector Emerging from the Crisis: Building a Stronger International Financial System," Board of Governors of the Federal Reserve System, World Bank, and International Monetary Fund
June 3, 2009

Testimony: Too Big to Fail or Too Big to Save? Examining the Systemic Threats of Large Financial Institutions
by Simon Johnson, Peterson Institute for International Economics
Testimony before the Joint Economic Committee of the US Congress hearing, "Too Big to Fail or Too Big to Save? Examining the Systemic Threats of Large Financial Institutions"
April 21, 2009

Speech: Global Economic Prospects: L- or V-shaped Recovery? [pdf]
by Simon Johnson, Peterson Institute for International Economics
and Michael Mussa, Peterson Institute for International Economics
Transcript of the fifteenth semiannual meeting on Global Economic Prospects, Peterson Institute for International Economics, Washington, DC
April 7, 2009

Paper: World Recession and Recovery: A V or an L? [pdf]
by Michael Mussa, Peterson Institute for International Economics
Paper presented at the fifteenth semiannual meeting on Global Economic Prospects, Peterson Institute for International Economics, Washington, DC
April 7, 2009

Paper: The Economic Crisis and the Crisis in Economics
by Simon Johnson, Peterson Institute for International Economics
Revised version of speech prepared for the Presidential Address to the Association for Comparative Economics, San Francisco, January 4, 2009
January 7, 2009

Testimony: US Foreign Economic Policy in the Global Crisis
by Simon Johnson, Peterson Institute for International Economics
Testimony before the Subcommittee on Terrorism, Nonproliferation and Trade, Committee on Foreign Affairs, US House of Representatives
March 12, 2009

Op-ed: Stopping a Global Meltdown
by C. Fred Bergsten, Peterson Institute for International Economics
Op-ed in the Washington Post
November 12, 2008

Op-ed: The Next World War? It Could Be Financial
by Peter Boone, Effective Intervention
and Simon Johnson, Peterson Institute for International Economics
Op-ed in the Washington Post
October 12, 2008

Op-ed: The Policy Priority Is to Act Decisively
by Michael Mussa, Peterson Institute for International Economics
Guest column in the Financial Times
October 9, 2008

Op-ed: Globalizing the Crisis Response
by C. Fred Bergsten, Peterson Institute for International Economics
and Arvind Subramanian, Peterson Institute for International Economics
Op-ed in the Washington Post
October 8, 2008

Speech: Addressing the Current Financial Crisis [pdf]
by Morris Goldstein, Peterson Institute for International Economics
Speech presented at a Peterson Institute event
October 7, 2008

Speech: Crisis Management and Global Markets [pdf]
by Morris Goldstein, Peterson Institute for International Economics
Transcript from Peterson Perspectives: Interviews on Current Issues
September 18, 2008

Speech: The Subprime Credit Crisis: Origins, Policy Responses, and Reforms [pdf]
by Morris Goldstein, Peterson Institute for International Economics
Transcript from Peterson Perspectives: Interviews on Current Issues
June 12, 2008

Paper: The Subprime and Credit Crisis [pdf]
by Morris Goldstein, Peterson Institute for International Economics
Paper based on a speech presented at the thirteenth semiannual meeting on Global Economic Prospects, Peterson Institute for International Economics, Washington, DC
April 3, 2008

Book: Banking on Basel: The Future of International Financial Regulation
by Daniel K. Tarullo
September 2008

Op-ed: The Four Horsemen of Subprime Stupidity [pdf]
by Adam S. Posen, Peterson Institute for International Economics
Op-ed in the International Economy
January 2008

Op-ed: Financial Hybrids Do Not Work
by Adam S. Posen, Peterson Institute for International Economics
Op-ed in the Börsen-Zeitung for the series "Jenseits der Krise"
August 7, 2008

Book: Bailouts or Bail-ins? Responding to Financial Crises in Emerging Economies
by Nouriel Roubini and Brad Setser
August 2004