Author(s): Jaime Caruana
Date published: Sep 2017
This anthology traces the trajectory of a remarkable career, from economist and banker, to manager at the oldest and the newest international organisations. Alexandre Lamfalussy championed better understanding of global financial vulnerabilities, better data collection to inform that understanding and, more generally, the macroprudential approach.
In my remarks today, I shall review the interaction between our evolving, if not always improving, understanding of financial crises, and the collection of data that allow us better to prepare for the next crisis.
I shall begin with the origins of the BIS international banking data in the 1960s before discussing the leadup and the response to the Latin American debt crisis in the early 1980s – a crisis that Lamfalussy himself warned about well ahead of time and also helped to manage. I will then discuss the Asian financial crisis of the late 1990s and the Great Financial Crisis of 2007–09. Before closing, I shall touch on some current analytic and data challenges.
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