This article introduces a special section of the American Economic
Journal: Macroeconomics, containing five papers presented during
a conference in Paris in October 2011. The aim of the conference
was to derive lessons from the financial crisis, for research
on international macroeconomics and for policy. The article opens
with a summary of the key mechanisms at play during the crisis. The
question of the crisis transmission across borders is addressed, with
a focus on international trade and financial institutions. Recent
advances in the analysis of sovereign default risk are also discussed.
The article concludes with a discussion of policy responses
to the crisis.
Bussière, Matthieu, Jean Imbs, Robert Kollmann, and Romain Rancière.
"The Financial Crisis: Lessons for International Macroeconomics."
American Economic Journal: Macroeconomics,
Business Fluctuations; Cycles
Financial Markets and the Macroeconomy
Empirical Studies of Trade
Banks; Depository Institutions; Micro Finance Institutions; Mortgages
Financial Institutions and Services: Government Policy and Regulation