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In Search of a New U.S. Economic Path in the Aftermath of the Global Financial Crisis

Author

Listed:
  • Park , Bokyeong

    (Kyung Hee University)

  • Kim , Jonghyuk

    (Korea Institute for International Economic Policy)

  • Ko , Hee-Chae

    (Korea Institute for International Economic Policy)

  • Park , Kyungro

    (Kyungpook National University)

Abstract

The global financial crisis that began in 2008 was, outwardly, a result of the bankruptcy of American financial institutions. The crisis, however, has alerted us to the deeper crisis underlying not only the American financial market, but also the American economy as a whole. Multiple scholars have pointed out that the recent financial crisis stems not only from the financial sector, but also from the larger structural factors. In light of this claim, this report seeks to reevaluate whether and how the U.S. federal economic policy has been addressing and remedying the structural factors that have led to the current financial crisis. Our research shows that, while the post-financial crisis federal policy on the economy does evince features that are divergent from those of the past policy, it is yet too early to conclude that a new policy paradigm or a fundamental shift has taken place.

Suggested Citation

  • Park , Bokyeong & Kim , Jonghyuk & Ko , Hee-Chae & Park , Kyungro, 2013. "In Search of a New U.S. Economic Path in the Aftermath of the Global Financial Crisis," World Economy Brief 13-31, Korea Institute for International Economic Policy.
  • Handle: RePEc:ris:kiepwe:2013_031
    DOI: 10.2139/ssrn.2320993
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