This paper reviews the special issue “Policy Implications of and Lessons from the Global Financial Crisis,” and its themes: Global liquidity and the use of international reserves; real and financial economic patterns before and during the global financial crisis.

Economists and policymakers are still trying to understand the lessons recent financial crises in Asia and other emerging market countries hold for the future of the global financial system. In this timely and important volume, distinguished academics, officials in multilateral organizations,...