This paper reviews the special issue “Policy Implications of and Lessons from the Global Financial Crisis,” and its themes: Global liquidity and the use of international reserves; real and financial economic patterns before and during the global financial crisis.

This article provides an interpretative overview of the papers in this special issue of JIMF devoted to international aspects of the 2007–2009 financial crisis. It then goes on to provide additional empirical evidence of two sorts. The first documents the difference between the monetary...