Economic Policy Fiftieth Panel Meeting Hosted by the Universiteit van Tilburg Tilburg, 23-24 October 2009 Lessons and Policy Implications We Have Learnt From the Global Financial Crisis Stijn Claessens, Giovanni Dell’Ariccia, Deniz Igan, and Luc Laeven The organisers would like to thank the Universiteit van Tilburg for their support. The views expressed in this paper are those of the author(s) and not those of the funding organization(s).