ECONIS Select – Exit Strategies from the Financial Crisis

06/2009

In response to the worldwide financial crisis, governments have bailed out their large banks and some of their large companies, thereby earning equity stakes in these enterprises.

In the process, these governments have accumulated massive deficits.

Several central banks no longer just provide short-term credit to commercial banks against highly rated collateral, but have also bought bank assets of dubious long-term value as well as distressed corporate bonds.

As governments have shored up local industry with loans and subsidies, often in the name of the numerous fiscal-stimulus packages, they have generated new forms of protectionism.

None of these developments is sustainable in the longer run. What are socially desirable exit strategies from these policy traps? How and when should governments return the financial industry to private sector hands? How can governments prevent their deficits from rising relentlessly relative to GDP over the business cycle? How can central banks ultimately divest themselves of problematic assets? How can they avoid the danger of inflaton once the current downturn is over? How can governments avoid supporting new forms of protectionism that may be difficult to undo in better times?

Literature selected from our database ECONIS:

• Paper: The last master of the universe / Clive Horwood and Peter Lee
  In: Euromoney . - London : Euromoney Publ., ISSN 0014-2433, ZDB-ID 1902325. - Bd. 39.2008, 474, S. 64-69
  Keywords: Finanzmarktkrise / Staatliche Einflussnahme / Interventionismus / Subvention / USA
• Title: Are all the sacred cows dead? : implications of the financial crisis for macro and financial policies / Asli Demirgüç-Kunt; Luis Servén
  Year: Washington, DC : World Bank, Development Research Group, Finance and Private Sector Team [u.a.], Jan. 2009
  Series: Policy research working paper ; 4807
  Keywords: Finanzmarktkrise / Geldpolitik / Finanzpolitik / Regulierung / Staatliche Einflussnahme / Bubbles / Kapitalverkehrspolitik
  Links:
  http://www-wds.worldbank.org/exte...05103551/Rendered/PDF/WPS4807.pdf
  http://dx.doi.org/10.1596/1813-9450-4807
• Title: The case for big government / Jeff Madrick
  Year: Princeton, NJ [u.a.] : Princeton Univ. Press, c 2009
  Series: The public square book series
  Keywords: Staatsquote / Staatliche Einflussnahme / Wirtschaftspolitik / Wachstumspolitik / USA
  Link: Table of contents
  Signature: B 361734
• Title: Fiscal policy and the global financial crisis / Torben M. Andersen
  Year: Aarhus : Univ. of Aarhus, Dep. of Economics, 2009
  Series: Economics working paper ; 2009,7
  Keywords: Finanzmarktkrise / Internationaler Finanzmarkt / Konjunktur / Finanzpolitik / Eingebauter Stabilisator / Antizyklische Finanzpolitik / Welt
• Paper: Central banks and financial crises / Willem H. Buiter
  In: Maintaining stability in a changing financial system . - [Kansas City, Mo.]. - 2009, S. 495-633
  Keywords: Finanzmarktkrise / Zentralbank / Geldpolitik
• Title: Fiscal stimulus packages and uncertainty in times of crisis : the option of waiting can be valuable, though! / Ansgar Belke
  Year: Essen : RWI, Febr. 2009
  Series: Ruhr economic papers ; 88
  Keywords: Finanzmarktkrise / Internationaler Finanzmarkt / Antizyklische Finanzpolitik / Internationale wirtschaftspolitische Koordination / Dauer / Entscheidung bei Unsicherheit / Realoption / Wirtschaftspolitische Wirkungsanalyse / EU-Staaten
• Paper: The world financial crisis : new economy, globalisation and old-fashioned philosophy / F. Gerard Adams
  In: World economics . - Henley-on-Thames : NTC Econom. & Financial Publ., ISSN 1468-1838, ZDB-ID 20103190. - Bd. 10.2009, 1, S. 45-58
  Keywords: Finanzmarktkrise / Welt
• Title: Fiscal policy for the crisis / Antonio Spilimbergo, Steven Symansky, Olivier J. Blanchard and Olivier J. Blanchard
  Year: London : Centre for Economic Policy Research, 2009
  Series: Discussion paper series / Centre for Economic Policy Research ; 7130 : International macroeconomics and international trade and regional economics
  Keywords: Finanzmarktkrise / Geldpolitik / Finanzpolitik / Steuersenkung / Subvention / Vertrauen / Welt / 1970-2007
  Signature: W 32 (7130)
  Link: http://www.cepr.org/pubs/dps/DP7130.asp
• Paper: The world credit crisis: understanding it, and what to do / W. Max Corden
  In: The world economy . - Oxford : Wiley-Blackwell, ISSN 0378-5920, ZDB-ID 1328967. - Bd. 32.2009, 3, S. 385-400
  Keywords: Kreditmarkt / Finanzmarktkrise / Internationaler Finanzmarkt / Realzins / Finanzderivat / Kreditgeschäft / Kreditrisiko / Welt
• Title: Getting off track : how government actions and interventions caused, prolonged, and worsened the financial crisis / by John B. Taylor
  Year: Stanford, Calif. : Hoover Institution Press, 2009
  Series: Hoover Institution Press publication ; 570
  Keywords: Finanzmarktkrise / Geldpolitik / Zinspolitik / USA / 2000-2008
  Link: Table of contents
  Signature: A 256223
• Title: Is monetary policy effective during financial crises? / Frederic S. Mishkin
  Year: Cambridge, Mass., 2009
  Series: NBER working paper series ; 14678
  Keywords: Finanzmarktkrise / Geldpolitik / Wirtschaftspolitische Wirkungsanalyse / USA / 2007-2008
  Signature: W 1 (14678)
  Link: http://papers.nber.org/papers/w14678.pdf
• Title: The aftermath of financial crises / Carmen M. Reinhart; Kenneth S. Rogoff
  Year: Cambridge, Mass., 2009
  Series: NBER working paper series ; 14656
  Keywords: Finanzmarktkrise / Makroökonomischer Einfluss / Immobilienpreis / Gesamtwirtschaftliche Produktion / Dauer / Wirtschaftsgeschichte / Welt / 1900-2008
  Signature: W 1 (14656)
  Link: http://papers.nber.org/papers/w14656.pdf
• Title: The financial crisis and the policy responses : an empirical analysis of what went wrong / John B. Taylor
  Year: Cambridge, Mass., 2009
  Series: NBER working paper series ; 14631
  Keywords: Finanzmarktkrise / Wirtschaftspolitik / Immobilienmarkt / Welt / 2007-2008
  Signature: W 1 (14631)
  Link: http://papers.nber.org/papers/w14631.pdf
• Title: A failure of capitalism : the crisis of 08 and the descent into depression / Richard A. Posner
  Year: Cambridge, Mass. [u.a.] : Harvard Univ. Press, 2009
  Keywords: Wir
  Link: Table of contents
  Signature: A 256378
• Title: Restoring financial stability : how to repair a failed system / Viral Acharya; Matthew Richardson [eds.]
  Year: Hoboken, NJ : Wiley, c 2009
  Series: Wiley finance series
  Keywords: Finanzmarktkrise / Bankenaufsicht / Bankenpolitik / USA
  Link: Table of contents
  Signature: B 363362
• Title: 700 billion dollar bailout : the Emergency Economic Stabilization Act and what it means to you, your money, your mortgage, and your taxes / Paul Muolo
  Year: Hoboken, NJ : Wiley, c 2009
  Keywords: Kapitalanlage / Finanzmarktkrise / Bankenkrise / Bankenpolitik / Einlagensicherung / Bankenliquidität / Bankrecht / USA
  Link: Table of contents
  Signature: B 362617
• Title: Fiscal stimulus : is more needed? / Dimitri B. Papadimitriou, Greg Hannsgen, and Gennaro Zezza
  Institution: Jerome Levy Economics Institute
  Year: Annandale-on-Hudson, NY : Jerome Levy Economics Inst. of Bard College, 2008
  Series: Strategic analysis
  Keywords: Finanzpolitik / Öffentliche Schulden / Konjunkturpolitik / Konjunktur / USA
  Signature: C 255971
• Paper: Government-sponsored entities : Fannie Mae and Freddie Mac / Ramon P. DeGennaro
  In: The journal of structured finance . - New York, NY : Institutional Investor, Inc., ISSN 1082-3220, ZDB-ID 22338986. - Bd. 14.2008, 1, S. 18-22
  Keywords: Bausparkasse / Hypothekenbank / Wohnungsbaufinanzierung / Kreditsicherung / Staatliche Einflussnahme / USA / Fannie Mae / Freddie Mac
• Title: Bad bank(s) and recapitalization of the banking sector / Dorothea Schäfer; Klaus F. Zimmermann
  Year: Berlin : DIW, 2009
  Series: Discussion papers / German Institute for Economic Research ; 897
  Link: http://www.diw.de/documents/publikationen/73/99166/dp897.pdf
• Title: Modern financial macroeconomics : panics, crashes, and crises / Todd A. Knoop
  Year: Malden, MA [u.a.] : Blackwell, 2008
  Keywords: Makroökonomik / Finanzsektor / Finanzmarkt / Konjunkturtheorie / Konjunkturpolitik / Theorie / USA / Welt
  Links:
  Table of contents
  Publisher description
  Contributor biographical information
  Signature: B 357076