Abstract
The world—or at least a large part of it—has let out a big collective sigh of relief. A year ago, at the time of the World Bank and International Monetary Fund annual meetings, there was a real fear of the global financial crisis spinning out of control, devastating not only countries in the developing world, but even encroaching upon the prosperity of developed countries. By then, it was already clear that the rhetoric of the previous year—that countries with weak policies and institutions were the ones that faced economic and financial collapse—was hardly apposite: Even the poster child countries that had followed “sound policies” and had been working to establish “strong institutions” were finding it nigh impossible to raise capital, and if they did, it was at exorbitant interest rates.
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Stiglitz, J.E. (2000). Lessons from the Global Financial Crisis. In: Bisignano, J.R., Hunter, W.C., Kaufman, G.G. (eds) Global Financial Crises. Springer, Boston, MA. https://doi.org/10.1007/978-1-4615-4367-1_9
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DOI: https://doi.org/10.1007/978-1-4615-4367-1_9
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