The Financial Crisis: Lessons for International Macroeconomics

Matthieu Bussière (1) , Jean Imbs (2, 3) , Robert Kollmann (4, 5) , Romain Rancière (3, 6)

1 Banque de France
2 CES - Centre d'économie de la Sorbonne
3 PSE - Paris School of Economics
4 ECARES - European Center for Advanced Research in Economics and Statistics
5 UPEC UP12 - Université Paris-Est Créteil Val-de-Marne - Paris 12
6 PSE - Paris-Jourdan Sciences Economiques

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.

Mots clés: Financial Crisis

Domaines: Economies et finances

Matthieu Bussière, Jean Imbs, Robert Kollmann, Romain Rancière. The Financial Crisis: Lessons for International Macroeconomics. American Economic Journal: Macroeconomics, 2013, 5 (3), pp.75-84. ⟨10.1257/mac.5.3.75⟩. ⟨halshs-00847340⟩