Part III: Financial Crises and Contagion
Author: Mr. Omotunde E. G. Johnson
Language:
English
Keywords:
SEM; market; bank; rating; market participant; market discipline; IMF surveillance; risk profile; government regulator; Financial sector stability; Credit; Credit risk; Financial Sector Assessment Program; Global; Europe; Southeast Asia; East Asia; Asia and Pacific

Abstract

In 1986, when the mammoth nuclear reactor at Chernobyl in the Ukraine broke down, the damage was immeasurable. Initially, some 30 people were killed; more than 200 people were seriously exposed to radiation; and the entire area around Chernobyl of 25,000 square kilometers was contaminated for years. Not only was the subsequent damage almost impossible to estimate; so was the probability of an accident of that enormity. A systemic financial crisis is similar to that of a nuclear accident in that it is nearly impossible to predict and the damages suffered as a consequence are extremely difficult to measure.2

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Cover Financial Risks, Stability, and Globalization
Financial Risks, Stability, and Globalization
Author: Mr. Omotunde E. G. Johnson
ISBN:
9781589060128
Publication Date:
29 Apr 2002
Publisher:
International Monetary Fund
DOI:
https://doi.org/10.5089/9781589060128.072
Pages:
570