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Instituciones, mercados y políticas a la luz de la Gran Recesión

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  • Xosé Carlos Arias

    (Universidad de Vigo)

Abstract

In this paper we examine the effects of the Great Recession on the acceptance of the new institutional economics approach. Among the very conclusions, we emphasize the approch was reinforced in theoretical terms, but many empirical and policyoriented studies in the «institutions matter» way gave clear proof of bias and errors. In other sense, a new deleveraging era is probably coming now and, in this way, the notion of institutional efficience as a source of growth is becoming outstanding. Finally, the crucial institutions in economic policymaking processes will also be affected; mainly the notion of policy rules could go through some important change in the next future.

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File URL: http://www.ogasun.ejgv.euskadi.net/r51-k86aekon/es/k86aEkonomiazWar/ekonomiaz/downloadPDF?R01HNoPortal=true&idpubl=73®istro=1152
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Bibliographic Info

Article provided by Gobierno Vasco / Eusko Jaurlaritza / Basque Government in its journal EKONOMIAZ.

Volume (Year): 77 (2011)
Issue (Month): 02 ()
Pages: 176-199

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Handle: RePEc:ekz:ekonoz:2011210

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Keywords: institutions; financial crisis; macroeconomic policy; rules;

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