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Government Role During The Global Financial Crisis

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  • Suleymanov, Elchin
  • Alirzayev, Elvin

Abstract

In this study we investigated government hand in the Global Financial Crisis. Before, during and after crisis government attempted to solve and avoid the turmoil. But did he succeed? Beginning with low interest rates set by FED, US government political pressures to enable more Americans to buy homes, unrestrained financial system despite of regulations and fines, human greedy were the main reasons for Great Recession. More than 30 years of deregulation and reliance on self-regulation by financial institutions was the one big reason for crisis. Besides showing the stages crisis passed, the paper also examines penalties government gave to the financial intermediaries for breaking law in past related to crisis. Showing the emerging process of crisis, the article mainly restricted on US economy - where was the epicenter of problem - and government, while the U.S. financial system stumbles, it may take the rest of the world down with it.The actuality of the topic is that it was also a social crisis because, unemployment in US had reached to 50 millions which means they also lost their social insurances, and 16 million families had lost their homes. Several corporations bankrupted, in spite of more than these were saved by government. While financial crisis turned into social and economic turmoil it became government prior issue to solve.

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Bibliographic Info

Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 51592.

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Date of creation: 03 Oct 2013
Date of revision: 18 Nov 2013
Publication status: Published in World Research Journal of Economics 1.2(2013): pp. 13-21
Handle: RePEc:pra:mprapa:51592

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Keywords: Global Financial Crisis; US economy; government failure; crisis recovery;

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  1. Luiz Carlos Bresser-Pereira, 2010. "The global financial crisis and a new capitalism?," Journal of Post Keynesian Economics, M.E. Sharpe, Inc., vol. 32(4), pages 499-534, July.
  2. L. Randall Wray, 2011. "Minsky's Money Manager Capitalism and the Global Financial Crisis," Economics Working Paper Archive wp_661, Levy Economics Institute.
  3. Stephanie Blankenburg & José Gabriel Palma, 2009. "Introduction: the global financial crisis," Cambridge Journal of Economics, Oxford University Press, Oxford University Press, vol. 33(4), pages 531-538, July.
  4. Murillo Campello & John Graham & Campbell R. Harvey, 2009. "The Real Effects of Financial Constraints: Evidence from a Financial Crisis," NBER Working Papers 15552, National Bureau of Economic Research, Inc.
  5. L. Randall Wray, 2009. "The rise and fall of money manager capitalism: a Minskian approach," Cambridge Journal of Economics, Oxford University Press, Oxford University Press, vol. 33(4), pages 807-828, July.
  6. John B. Taylor, 2009. "The Financial Crisis and the Policy Responses: An Empirical Analysis of What Went Wrong," NBER Working Papers 14631, National Bureau of Economic Research, Inc.
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