Time for a Visible Hand: Lessons from the 2008 World Financial Crisis

In Time for a Visible Hand: Lessons from the 2008 World Financial Crisis (Oxford University Press, 2010) editors Stephany Griffith-Jones, José Antonio Ocampo and Joseph E. Stiglitz bring together leading scholars, policymakers and private sector practitioners to examine the global financial crisis that has not only challenged prevailing assumptions on liberalizing and deregulating global financial markets, but also put the world economy in unchartered territory. The book includes expert perspectives on the fundamental question of how we restore robust growth and prevent another crisis, explains the behavior of both market actors and regulators, and examines the prevailing ideology of extreme financial liberalization and deregulation that contributed to the financial crisis.

On March 31, the Latin America Initiative at Brookings and the Initiative for Policy Dialogue hosted a discussion on the global financial crisis with Stephany Griffith-Jones and José Antonio Ocampo, contributing author Gerard Caprio and commentator Otaviano Canuto. The discussion focused on the main policy conclusions of the book in light of current policy debates, particularly on regulation, macroeconomic policies and the world reserve system. Kemal Derviş, vice president and director of Global Economy and Development, provided introductory remarks and moderated the discussion.

After the program, the panelists took audience questions.