Jon Danielsson, Robert Macrae, Dimitri Vayanos, Jean-Pierre Zigrand, 26 March 2020

Many comparisons have been made between the coronavirus crisis and the global systemic crisis in 2008. This column argues that seen through the lens of exogenous and endogenous risk, these two crises are quite different. Coronavirus is unlikely to cause a global systemic crisis, and the policy response should be different.

Brenda González-Hermosillo, Christian Capuano, Dale Gray, Heiko Hesse, Andreas Jobst, Paul Mills, Miguel Segoviano, Tao Sun, 23 April 2009

As the recent G20 Communiqué emphasised, further progress is needed to identify and address systemic risks. This column summarises some of the research in the IMF’s latest Global Financial Stability Report aimed at identifying and measuring systemic events.


CEPR Policy Research