Paradigm Change in the Face of the Global Financial Crisis? ? A Comparative Study of the Economic Policy Debates during Three Economic Slumps in Germany

2014 ◽  
Vol 124 (3) ◽  
pp. 269 ◽  
Author(s):  
Jens Koehrsen
Keyword(s):  
Economic Policy ◽  
Financial Crisis ◽  
Comparative Study ◽  
Global Financial Crisis ◽  
Paradigm Change ◽  
Policy Debates ◽  
The Face ◽  
The Global Financial Crisis

scholarly journals Economic History and Economic Policy

2012 ◽  
Vol 72 (2) ◽  
pp. 289-307 ◽  
Author(s):  
BARRY EICHENGREEN
Keyword(s):  
Economic Policy ◽  
Financial Crisis ◽  
Economic History ◽  
Policy Making ◽  
Global Financial Crisis ◽  
Policy Response ◽  
Science And Literature ◽  
The Great Depression ◽  
Historical Analogy ◽  
The Global Financial Crisis

“The lessons of history” were widely invoked in 2008/09 as analysts and policymakers sought to make sense of the global financial crisis. Specifically, analogies with the early stages of the Great Depression of the 1930s were widely drawn. Building on work in cognitive science and literature on foreign policy making, this article seeks to account for the influence of this particular historical analogy and asks how it shaped both perceptions and the economic policy response. It asks how historical scholarship might be better organized to inform the process of economic policymaking. It concludes with some reflections on how research in economic history will be reshaped by the crisis.

Why was Asia Resilient? Lessons from the Past and for the Future

2014 ◽  
Vol 05 (02) ◽  
pp. 1450002 ◽  
Author(s):  
Phakawa Jeasakul ◽  
Cheng Hoon Lim ◽  
Erik Lundback
Keyword(s):  
Financial Crisis ◽  
Global Financial Crisis ◽  
Initial Conditions ◽  
Credit Expansion ◽  
Risk Premiums ◽  
The Face ◽  
External Conditions ◽  
The Global Financial Crisis ◽  
Asset Quality ◽  
The Right

Asia proved to be remarkably resilient in the face of the global financial crisis, but why was its output performance stronger than that of other regions? The paper shows that better initial conditions — in the form of lower external and financial vulnerabilities — contributed significantly to Asia's resilience. Key pre-crisis factors included moderate credit expansion, reliance on deposit funding, enhanced bank asset quality, reduced external financing, and improved current accounts. These improvements reflected the lessons from the Asian financial crisis in the late 1990s, which helped to reshape both public policies and private sector behavior. Looking ahead, Asia is in the process of adjusting to more volatile external conditions and higher risk premiums. By drawing the right lessons from its pre-crisis experiences, Asia's economies will be better equipped to address new risks associated with increased cross-border capital flows and greater integration with the rest of the world.

scholarly journals Individual Accountability in International Economy Policymaking after the Global Financial Crisis

2021 ◽  
Author(s):  
Stefano Pagliari ◽  
Iosif Kovras
Keyword(s):  
International Economic ◽  
Financial Crisis ◽  
Global Financial Crisis ◽  
Institutional Characteristics ◽  
Policy Recommendations ◽  
Financial Industry ◽  
Government Officials ◽  
Policy Debates ◽  
The Global Financial Crisis ◽  
Individual Accountability

In the aftermath of the global financial crisis, the design of accountability mechanisms has taken on renewed importance in academic and policy debates. Calls for holding individuals whose actions and omissions contributed to the meltdown accountable have gained traction in a number of countries after the crisis. Yet, individual accountability norms are seemingly absent from the international economic agenda in response to crisis. In this paper we address this puzzle by exploring the evolution of two major international organisations, the IMF and the FSB, in bringing accountability following financial crises. Our analysis reveals how these institutions have increasingly incorporated in their toolkit policy recommendations related to the unethical or illegal conduct by government officials of individuals in the financial industry, but these tools were geared almost exclusively towards forward-looking policies designed to deter the reoccurrence of illegal or unethical behavior rather than punishing or scrutinizing past wrongdoing. We argue that the extent to which individual accountability norms permeate the international economic agenda is mediated by the institutional characteristics of the organizations that comprise the international financial regime.

Sign in / Sign up

Export Citation Format

Share Document