The Resource Credit Crises and the Shortcomings of Traditional Policy Responses, William White, (electronic resource)

Credit Crises and the Shortcomings of Traditional Policy Responses, William White, (electronic resource)

Label
Credit Crises and the Shortcomings of Traditional Policy Responses
Title
Credit Crises and the Shortcomings of Traditional Policy Responses
Statement of responsibility
William White
Creator
Subject
Language
eng
Summary
Economic downturns which have their roots in preceding credit excesses and debt overhang have tended historically to be long lasting, whether the financial sector remained healthy or not. There are no good reasons to believe the current global crisis will be any different. Moreover, it is argued in this paper that the policy responses to the crisis to date, both macroeconomic and structural, will not succeed in restoring sustainable growth. Monetary and fiscal stimulus might raise aggregate demand in the short run, but they contribute to higher debt levels which are already working increasingly in the opposite direction. Structural policies intended to maintain pre crisis production patterns, both in the financial and industrial sectors, ignore the unsustainability of those structures in the first place. Alternative policies are needed to meet the G 20's goal of "strong, sustainable and balanced growth". They include more international cooperation between creditor and debtor countries (on both exchange rates and production structures), more recourse to explicit debt restructuring (for both households and sovereigns), and structural polices to raise potential growth and make debts more sustainable. Unfortunately, there remain formidable practical and political obstacles to pursuing such policies. Future debt crises of the current magnitude could be avoided by using monetary, macro prudential and fiscal policies more symmetrically over the business cycle. Relative to past behaviour, this would imply more vigorous resistance to credit financed upswings, and a greater willingness to accept the cleansing effect of minor downswings. Policies to ensure financial stability are important but secondary
Member of
Cataloging source
FR-PaOEC
http://library.link/vocab/creatorDate
1943-
http://library.link/vocab/creatorName
White, William
Government publication
international or intergovernmental publication
Index
no index present
Literary form
non fiction
Nature of contents
dictionaries
Series statement
OECD Economics Department Working Papers,
Series volume
no.971
http://library.link/vocab/subjectName
Economics
Label
Credit Crises and the Shortcomings of Traditional Policy Responses, William White, (electronic resource)
Instantiates
Publication
Antecedent source
not applicable
Carrier category
online resource
Carrier category code
  • cr
Carrier MARC source
rdacarrier
Content category
text
Content type code
  • txt
Content type MARC source
rdacontent
Control code
800720974
Dimensions
21 x 30 cm
Extent
1 online resource 37 pages
File format
one file format
Form of item
online
Media category
computer
Media MARC source
rdamedia
Media type code
  • c
Other control number
10.1787/5k97gkd582vb-en
Specific material designation
remote
System control number
(OCoLC)800720974
Label
Credit Crises and the Shortcomings of Traditional Policy Responses, William White, (electronic resource)
Publication
Antecedent source
not applicable
Carrier category
online resource
Carrier category code
  • cr
Carrier MARC source
rdacarrier
Content category
text
Content type code
  • txt
Content type MARC source
rdacontent
Control code
800720974
Dimensions
21 x 30 cm
Extent
1 online resource 37 pages
File format
one file format
Form of item
online
Media category
computer
Media MARC source
rdamedia
Media type code
  • c
Other control number
10.1787/5k97gkd582vb-en
Specific material designation
remote
System control number
(OCoLC)800720974

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