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International Subprime Crisis and Recession: Emerging Macroprudential, Monetary, Fiscal and Global Governance

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  • Phillip Anthony O’Hara

Abstract

This paper scrutinizes technical international policy reactions to the subprime crisis and recession. Short-term policy responses present challenges to the conservative policies of the 1980s-2000s, while long-term structures and issues are likely to redirect governance significantly. Macroprudential policy now includes systemic risk and debt problems arising from booms in the cycle. Monetary policy considers asset price instability as well as inflation. Fiscal policy in practice cannot ignore functional finance. Alternative forms of global money and reducing international payment instabilities are now a core element of policy. While there is still some asymmetry in policy, international financial crises can be useful in moderating ceremonial policy structures. Key words: Subprime crisis, International macro policy and governance.JEL: E60, F02, G01, N10, P16.

Suggested Citation

  • Phillip Anthony O’Hara, 2011. "International Subprime Crisis and Recession: Emerging Macroprudential, Monetary, Fiscal and Global Governance," Panoeconomicus, Savez ekonomista Vojvodine, Novi Sad, Serbia, vol. 58(1), pages 1-17.
    • Handle: RePEc:voj:journl:v:58:y:2011:i:1:p:1-17:id:139
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    Keywords

    subprime crisis; International macro policy and governance;

    JEL classification:

    • E60 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - General
    • F02 - International Economics - - General - - - International Economic Order and Integration
    • G01 - Financial Economics - - General - - - Financial Crises
    • N10 - Economic History - - Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations - - - General, International, or Comparative
    • P16 - Political Economy and Comparative Economic Systems - - Capitalist Economies - - - Capitalist Institutions; Welfare State

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