Lessons for macroeconomic policy from the Global Financial Crisis
| Autor: | Anthony John Makin |
|---|---|
| Rok vydání: | 2019 |
| Předmět: |
Macroeconomics
Economics and Econometrics media_common.quotation_subject 05 social sciences Economics Econometrics and Finance (miscellaneous) 0211 other engineering and technologies 02 engineering and technology Interest rate Debt 0502 economics and business Financial crisis Economics 021108 energy 050207 economics China media_common |
| Zdroj: | Economic Analysis and Policy. 64:13-25 |
| ISSN: | 0313-5926 |
| DOI: | 10.1016/j.eap.2019.07.008 |
| Popis: | This paper proposes lessons for macroeconomic policy stemming from the monetary and fiscal responses to the 2008–09 Global Financial Crisis, with an emphasis on Australia’s experience. After canvassing hitherto underemphasised global factors leading up to the crisis, including China’s rise and its effect on global saving, external imbalances and world interest rates, the paper critically evaluates the G20’s macroeconomic policy response to the crisis and its public debt legacy, especially for advanced economies. It then revisits Australia’s GFC performance, highlighting its macroeconomic behaviour at the time and the effectiveness of the monetary and fiscal responses. Lastly, it summarises what the episode implies for any future macroeconomic policy response to a crisis. |
| Databáze: | OpenAIRE |
| Externí odkaz: |
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