The sub-prime crisis began in mid-2007 as a bursting of the US housing market bubble and became a truly global meltdown in 2008. Renewed instability in financial markets precipitated awareness of how policy makers must react to systemic failures. This paper discusses the primary policy issues...

From the early 1990s until 1998, Argentina liberalised its banking system as part of a strategy to enter a globalised economy. The subsequent monetary policies, combined with 'convertibilidad' and an elevated government debt, led to a loss of confidence in the financial system, ending in the...