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The 2007 - 09 global financial crisis saw colossal disruptions in asset and credit markets, massive erosion's of wealth and unprecedented numbers of bankruptcies. Its lingering effects are still visible in advanced economies and emerging markets alike - this shows a clear need to improve our understanding of financial crises. Financial crises-causes, consequences and policy responses fills a critical gap in the rich literature on the subject. It provides a broad overview of the current research and reviews typical patterns that precede crises, analyses the evolution of these episodes, examines various policy responses and studies the aftermath of these crises. The book features contributions from prominent scholars in the field and researchers at the IMF.