Globalization of financial crises, evolution of risk management measures and policy responses  For the past six years, the focus of individual countries in operating their economies has been on crisis management to overcome the global financial crisis.3 As you know well, the usefulness of the various theories discussed in the existing economics textbooks have become limited, and individual countries have come to face similar problems in a globalized environment where all issues are mutually intertwined.
During crisis times normal policy responses, particularly those based on past experience, lose their effectiveness.