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The Monetary Origins Of The Economic And Financial Crisis

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  • Bernard LANDAIS
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    Abstract

    The global economic situation suddenly worsened in the fall of 2008 and output expansion was negative almost everywhere for 2009. Fluctuation analysis has shown that most of the financial crises and recessions of the past were triggered and worsened by inadequate monetary policies. For our times, the monetary policy played a significant role in the development of the events through its responsibility in the outbreak of the financial crisis. All together, the monetary policy, especially the American one, can be blamed for the remote role (2002–2004) it played in the creation of the speculative bubble which led to a financial crisis. It also has a part of the responsibility through its restrictive direction during the 2004–2006 period; this time, a direction shared by other central banks. Finally, it is more immediately involved through its lack of clear–sightedness and responsiveness in the first months of the recession.

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    Bibliographic Info

    Article provided by Spiru Haret University, Faculty of Financial Management and Accounting Craiova in its journal Journal of Applied Economic Sciences.

    Volume (Year): 5 (2010)
    Issue (Month): 3(13)/Fall 2010 ()
    Pages: 280-291

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    Handle: RePEc:ush:jaessh:v:5:y:2010:i:3(13)_fall2010:p:115

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    Web page: http://www2.spiruharet.ro/facultati/facultate.php?id=14
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    Related research

    Keywords: monetary policy; interest spread; Taylor Rule; financial crisis; recession.;

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    Cited by:
    1. Landais, Bernard, 2011. "Conduite et efficacité de la politique économique : les leçons de la crise
      [Management and Efficiency of the Economic Policies : The Crisis' Lessons"]
      ," MPRA Paper 31223, University Library of Munich, Germany.
    2. Landais, Bernard, 2012. "Reformulation du modèle macroéconomique de la nouvelle synthèse : crédits, politique monétaire et écarts de taux
      [A reformulation of the new synthesis macroeconomic model : credits, monetary
      ," MPRA Paper 38665, University Library of Munich, Germany.

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