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The Global Economic Crisis - What Should NOT be Forgotten

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  • Trenovski, Borce
  • Tashevska, Biljana
  • Makreshanska, Suzana

Abstract

The global economic crisis opened a new chapter in economic policy and awakened economic science. Its severity, the various negative financial and economic shocks and the impotence of the economic policy response revealed new questions about the background and the causes of the economic crisis – what led to the emergence of the global economic crisis, are the causes new or already known, are there similarities with previous crises? The great number of analyses regarding these questions reveals different aspects that complete the whole picture of the causes, factors and lessons about the crisis that need to be remembered. This paper tries to offer an analysis of the causes and factors that contributed to the global economic distress by analyzing the global economic events that accumulated in the pre-crisis period. The main purpose is to synthesize and define the key direct and indirect economic events and developments that need to be considered by economic science and policy and that must not be forgotten in further analyses of the global economic development in the future.

Suggested Citation

  • Trenovski, Borce & Tashevska, Biljana & Makreshanska, Suzana, 2015. "The Global Economic Crisis - What Should NOT be Forgotten," MPRA Paper 76297, University Library of Munich, Germany, revised Jun 2015.
    • Handle: RePEc:pra:mprapa:76297
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    1. Borce Trenovski & Biljana Tashevska, 2014. "The Transmission Mechanism And Consequences From The Global Economic Crisis For The Macedonian Economy," Journal Articles, Center For Economic Analyses, pages 55-69, December.
    2. Borce Trenovski & Biljana Tashevska, 2019. "Lessons learned from the global recession - redesigned framework of key macroeconomic policies," International Journal of Business and Globalisation, Inderscience Enterprises Ltd, vol. 22(4), pages 468-489.

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    More about this item

    Keywords

    global economic crisis; financial system; global economic imbalances; real estate bubble.;
    All these keywords.

    JEL classification:

    • E6 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook
    • E61 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Policy Objectives; Policy Designs and Consistency; Policy Coordination
    • E65 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Studies of Particular Policy Episodes

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