The Global Economy
The Global Economy
Aligning Reforms to Reality
This chapter begins by exploring some of the most upsetting financial crises in recent memory and then proposes potential “shock absorbers” for the global financial system. Greater globalization and built-in redundancies are needed if we want to avoid replicating the problems of the past, and psychological resilience is required to navigate future problems. The authors propose synthetic and invasive stress tests of current financial institutions to identify possible instigators or fissure points for future financial crises, and they urge government officials to publicly acknowledge that some financial crises may be unavoidable. These mechanisms cannot completely eliminate crises, but they can better prepare the system for recovery.
Keywords: Woodrow Wilson, financial crises, globalization, systemic vulnerabilities, financial shock, resilience, stress test
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