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International Subprime Crisis and Recession: Emerging Macroprudential, Monetary, Fiscal and Global Governance

  • Phillip Anthony O’Hara

    ()

    (Global Political Economy Research Unit, Curtin University, Australia)

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    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.

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    File URL: http://www.panoeconomicus.rs/casopis/2011_1/Clanak1.pdf
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    Article provided by Savez ekonomista Vojvodine, Novi Sad, Serbia in its journal Panoeconomicus.

    Volume (Year): 58 (2011)
    Issue (Month): 1 (March)
    Pages: 1-17

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    Handle: RePEc:voj:journl:v:58:y:2011:i:1:p:1-17
    Contact details of provider: Web page: http://www.panoeconomicus.rs/

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    1. 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.
    2. Sushil Wadhwani, 2008. "Should Monetary Policy Respond to Asset Price Bubbles? Revisiting the Debate," FMG Special Papers sp180, Financial Markets Group.
    3. 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.
    4. Alistair Milne & Geoffrey E. Wood, 2008. "Banking crisis solutions old and new," Review, Federal Reserve Bank of St. Louis, issue Sep, pages 517-530.
    5. 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.
    6. 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.
    7. 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.
    8. 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.
    9. 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.
    10. Daniel L. Thornton, 2009. "The Fed, liquidity, and credit allocation," Review, Federal Reserve Bank of St. Louis, issue Jan, pages 13-22.
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