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Efficacy of Policy Response to the Financial and Economic Crisis: A Case Study of the United Kingdom

Author

Listed:
  • Kazeem O. Salaam

    (Cracow University of Economics, Krakow, Poland)

Abstract

This piece of work seeks to perform detailed review and analysis of those factors that precipitated global financial and economic crises in 2008 with a focus on the United Kingdom economy. Impacts of the crises from both micro and macro economy perspectives are also analysed in conjunction with the sudden change in government policies from less rigid fiscal prudence, price stability, unsupportive employment policies as well as weak financial services supervision to unconventional stiff fiscal and monetary policies as well as hard core financial regulations with a primary aim to cleaning up the economic and the financial mess that characterised the meltdown. To finalise this work, it is concluded that efficiency of policy actions to address the economic menace to a large extent, helped British Economy to get out of the crisis despite that all the measures adopted were not considered to be perfect in its entirety. Other potential areas of study are also identified.

Suggested Citation

  • Kazeem O. Salaam, 2015. "Efficacy of Policy Response to the Financial and Economic Crisis: A Case Study of the United Kingdom," International Journal of Finance & Banking Studies, Center for the Strategic Studies in Business and Finance, vol. 4(3), pages 25-34, July.
    • Handle: RePEc:rbs:ijfbss:v:4:y:2015:i:3:p:25-34
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    References listed on IDEAS

    as
    1. Claudio Borio, 2008. "The financial turmoil of 2007-?: a preliminary assessment and some policy considerations," BIS Working Papers 251, Bank for International Settlements.
    2. Ricardo J. Caballero & Emmanuel Farhi & Pierre-Olivier Gourinchas, 2008. "An Equilibrium Model of "Global Imbalances" and Low Interest Rates," American Economic Review, American Economic Association, vol. 98(1), pages 358-393, March.
    3. Sophocles Brissimis & Thomas Vlassopoulos, 2009. "The Interaction between Mortgage Financing and Housing Prices in Greece," The Journal of Real Estate Finance and Economics, Springer, vol. 39(2), pages 146-164, August.
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