Liquidity

By Viral Acharya, David Backus, and Raghu Sundaram  

There is a tendency in a crisis to throw out the rulebook: we are in a unique situation, some will say, and that calls for unique measures. In fact, financial crises are recurring events whose history has taught us some clear lessons. Read more

By Morris Goldstein

With a global recession in prospect, now is the time to strengthen the provisions of the International Monetary Fund’s old Compensatory Financing Facility and to put it back into action. Read more