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


  • Xosé Carlos Arias

    (Universidad de Vigo)


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.

Suggested Citation

  • Xosé Carlos Arias, 2011. "Instituciones, mercados y políticas a la luz de la Gran Recesión," EKONOMIAZ. Revista vasca de Economía, Gobierno Vasco / Eusko Jaurlaritza / Basque Government, vol. 77(02), pages 176-199.
  • Handle: RePEc:ekz:ekonoz:2011210

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    More about this item


    institutions; financial crisis; macroeconomic policy; rules;

    JEL classification:

    • D02 - Microeconomics - - General - - - Institutions: Design, Formation, Operations, and Impact
    • D72 - Microeconomics - - Analysis of Collective Decision-Making - - - Political Processes: Rent-seeking, Lobbying, Elections, Legislatures, and Voting Behavior
    • E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
    • E60 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - General
    • P41 - Economic Systems - - Other Economic Systems - - - Planning, Coordination, and Reform


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