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Overcoming the Financial Crisis in the United States

Author

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  • Andrea de Michelis

    (OECD)

Abstract

The global financial crisis that emerged in mid 2007 has caused considerable economic disruptions in the United States and elsewhere, and exposed major flaws in the global financial system. After examining the origins of the crisis, this paper recommends specific policy responses to resolve the immediate problems and discusses how to make the US financial system more resilient and stable in the future. Surmonter la crise financière aux Etats-Unis La crise financière qui a éclaté à la mi-2007 a provoqué des perturbations économiques considérables aux États-Unis et ailleurs, et révélé des failles majeures dans le système financier mondial. Après une analyse des origines de la crise, ce chapitre préconise des réponses spécifiques pour résoudre les problèmes immédiats et étudie les moyens de rendre le système financier des États-Unis plus résilient et plus stable dans l’avenir.

Suggested Citation

  • Andrea de Michelis, 2009. "Overcoming the Financial Crisis in the United States," OECD Economics Department Working Papers 669, OECD Publishing.
    • Handle: RePEc:oec:ecoaaa:669-en
    DOI: 10.1787/226765644531
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    Citations

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    Cited by:

    1. Bojinov, Bojidar, 2014. "Causes of banking crises in modern world," MPRA Paper 56034, University Library of Munich, Germany.
    2. Christophe André, 2010. "A Bird's Eye View of OECD Housing Markets," OECD Economics Department Working Papers 746, OECD Publishing.
    3. Caprio, Gerard & D’Apice, Vincenzo & Ferri, Giovanni & Puopolo, Giovanni Walter, 2014. "Macro-financial determinants of the great financial crisis: Implications for financial regulation," Journal of Banking & Finance, Elsevier, vol. 44(C), pages 114-129.
    4. Andrew K. Rose & Mark M. Spiegel, "undated". "Cross-Country Causes and Consequences of the 2008 Crisis: Early Warning," Working Papers 6, Department of the Treasury, Ministry of the Economy and of Finance.
    5. Meier, Samira & Rodriguez Gonzalez, Miguel & Kunze, Frederik, 2021. "The global financial crisis, the EMU sovereign debt crisis and international financial regulation: lessons from a systematic literature review," International Review of Law and Economics, Elsevier, vol. 65(C).
    6. Ronald Mendoza & Ronald, 2010. "Inclusive Crises, Exclusive Recoveries, and Policies to Prevent a Double Whammy for the Poor," Working papers 1004, UNICEF,Division of Policy and Strategy.

    More about this item

    Keywords

    autorité de contrôle pour la stabilité des marchés financiers; crise financière; crédit hypothécaire à risques; deleveraging; financement du logement; financial crisis; financial regulation; financial supervision; housing finance; market stability regulator; réduction de l’effet de levier; réglementation des marchés financiers; securitisation; subprime mortgage; surveillance prudentielle; titrisation; United States; États-Unis;
    All these keywords.

    JEL classification:

    • E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
    • G20 - Financial Economics - - Financial Institutions and Services - - - General
    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation
    • R21 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Household Analysis - - - Housing Demand

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