International Subprime Crisis and Recession: Emerging Macroprudential, Monetary, Fiscal and Global Governance
This paper scrutinizes technical international policy reactions to the subprime crisis and recession. Short-term policy responses present challenges to the conservative policies of the 1980s-2000s, while long-term structures and issues are likely to redirect governance significantly. Macroprudential policy now includes systemic risk and debt problems arising from booms in the cycle. Monetary policy considers asset price instability as well as inflation. Fiscal policy in practice cannot ignore functional finance. Alternative forms of global money and reducing international payment instabilities are now a core element of policy. While there is still some asymmetry in policy, international financial crises can be useful in moderating ceremonial policy structures.
References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Christian Laux & Christian Leuz, 2010.
"Did Fair-Value Accounting Contribute to the Financial Crisis?,"
Journal of Economic Perspectives,
American Economic Association, vol. 24(1), pages 93-118, Winter.
- Laux, Christian & Leuz, Christian, 2009. "Did fair-value accounting contribute to the financial crisis?," CFS Working Paper Series 2009/22, Center for Financial Studies (CFS).
- Christian Laux & Christian Leuz, 2009. "Did Fair-Value Accounting Contribute to the Financial Crisis?," NBER Working Papers 15515, National Bureau of Economic Research, Inc.
- James Bullard, 2010. "Three lessons for monetary policy from the panic of 2008," Review, Federal Reserve Bank of St. Louis, issue May, pages 155-163.
- Paul Mizen, 2008. "The credit crunch of 2007-2008: a discussion of the background, market reactions, and policy responses," Review, Federal Reserve Bank of St. Louis, issue Sep, pages 531-568.
- Daniel L. Thornton, 2009. "The Fed, liquidity, and credit allocation," Review, Federal Reserve Bank of St. Louis, issue Jan, pages 13-22.
- Sushil Wadhwani, 2008.
"Should Monetary Policy respond to Asset Price Bubbles? Revisiting the Debate,"
Chapters in SUERF Studies,
SUERF - The European Money and Finance Forum.
- Sushil Wadhwani, 2008. "Should Monetary Policy Respond to Asset Price Bubbles? Revisiting the Debate," FMG Special Papers sp180, Financial Markets Group.
- Philip Arestis & Malcolm Sawyer, 2010. "The return of fiscal policy," Journal of Post Keynesian Economics, M.E. Sharpe, Inc., vol. 32(3), pages 327-346, April.
- Ray Barrell & Tatiana Fic & Dawn Holland, 2009. "Evaluating Policy Reactions to the Financial Crisis," National Institute Economic Review, National Institute of Economic and Social Research, vol. 207(1), pages 39-42, January.
- Alistair Milne & Geoffrey E. Wood, 2008. "Banking crisis solutions old and new," Review, Federal Reserve Bank of St. Louis, issue Sep, pages 517-530.
- Georgios P. Kouretas & Prodromos Vlamis, 2010. "The Greek Crisis: Causes and Implications," Panoeconomicus, Savez ekonomista Vojvodine, Novi Sad, Serbia, vol. 57(4), pages 391-404, December.
- Thomas Palley, 2004. "Asset-based reserve requirements: reasserting domestic monetary control in an era of financial innovation and instability," Review of Political Economy, Taylor & Francis Journals, vol. 16(1), pages 43-58.
When requesting a correction, please mention this item's handle: RePEc:voj:journl:v:58:y:2011:i:1:p:1-17. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Ivana Horvat)
If references are entirely missing, you can add them using this form.