02053cas a2200241 a 4500 AALejournalIMF006884 230101c9999 xx r poo 0 0eng d 5.00 USD 9781455211685 0252-3108 BD-DhAAL BD-DhAAL International Monetary Fund. Navigating the New Normal in Industrial Countries. Washington, D.C. : International Monetary Fund, 2010. 1 online resource (39 pages) per Jacobson lecture <strong>Off-Campus Access:</strong> No User ID or Password Required <strong>On-Campus Access:</strong> No User ID or Password Required Electronic access restricted to authorized BRAC University faculty, staff and students This paper discusses about the fact that longer the recognition problems persist, the greater the risk of continued 'active inertia' and disappointing outcomes. The possibility of policy mistakes and business accidents will increase further, it will become harder for industrial country governments to convince their citizenry (as well as decision makers in emerging economies) to participate fully in the formulation and implementation of the required solutions, and multilateral institutions will not be able to fill the growing void at the core of the international system. The innovative financial instruments were potent in lowering barriers to entry to many markets, including important segments of the US housing market. As a result, too many households purchased homes that they could not afford, using exotic mortgages they did not fully understand, and too many small companies took on debt they could not sustain. Prior to the crisis, key industrial countries had embarked upon a multiyear, serial contamination of balance sheets. Mode of access: Internet per Jacobson lecture Full text available on IMF http://elibrary.imf.org/view/books/028/11482-9781455211685-en/11482-9781455211685-en-book.xml IMF e-Library