IDEAS home Printed from https://ideas.repec.org/a/wfo/wquart/y2010i1p127-132.html
   My bibliography  Save this article

The Financial Market Crisis and its Consequences for Competition Policy

Author

Listed:
  • Michael Böheim

    (WIFO)

Abstract

Any analysis which limits the causes of the financial and economic crisis to either market failure or to the failure of the state can only be viewed as superficial. The causes are rather a combination of both these factors. Had there been a more clearly defined division between the role of the state and that of the private sector in an economy, many problems may never have arisen in the first place. Therefore, one of the main lessons to be learned from the crisis is that the state should actually concentrate on its main task, namely creating the necessary framework conditions for a well functioning market. In order to achieve this the state needs to withdraw to a large extent from any direct economic activities. If the state successfully creates the necessary regulatory framework and manages to ensure both its constancy and that it is adhered to, its own withdrawal from business activities need not per se involve a destabilisation of the markets.

Suggested Citation

  • Michael Böheim, 2010. "The Financial Market Crisis and its Consequences for Competition Policy," Austrian Economic Quarterly, WIFO, vol. 15(1), pages 127-132, April.
    • Handle: RePEc:wfo:wquart:y:2010:i:1:p:127-132
    as

    Download full text from publisher

    File URL: https://www.wifo.ac.at/wwa/pubid/39084
    File Function: abstract
    Download Restriction: Payment required
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    References listed on IDEAS

    as
    1. Angelina Keil, 2019. "Wirtschaftschronik. IV. Quartal 2018," WIFO Monatsberichte (monthly reports), WIFO, vol. 92(1), pages 31-36, January.
    2. Angelina Keil, 2019. "Wirtschaftschronik. II. Quartal 2019," WIFO Monatsberichte (monthly reports), WIFO, vol. 92(7), pages 501-507, July.
    3. Angelina Keil, 2019. "Wirtschaftschronik. IV. Quartal 2018," WIFO Monatsberichte (monthly reports), WIFO, vol. 92(1), pages 31-36, January.
    4. Angelina Keil, 2019. "Wirtschaftschronik. II. Quartal 2019," WIFO Monatsberichte (monthly reports), WIFO, vol. 92(7), pages 501-507, July.
    5. Angelina Keil, 2013. "Wirtschaftschronik. II. Quartal 2013," WIFO Monatsberichte (monthly reports), WIFO, vol. 86(7), pages 553-558, July.
    6. Angelina Keil, 2019. "Wirtschaftschronik. IV. Quartal 2018," WIFO Monatsberichte (monthly reports), WIFO, vol. 92(1), pages 31-36, January.
    7. Giuseppe Nicoletti & Stefano Scarpetta, 2003. "Regulation, productivity and growth: OECD evidence [‘A model of growth through creative destruction’]," Economic Policy, CEPR, CESifo, Sciences Po;CES;MSH, vol. 18(36), pages 9-72.
    8. Angelina Keil, 2012. "Wirtschaftschronik. II. Quartal 2012," WIFO Monatsberichte (monthly reports), WIFO, vol. 85(7), pages 551-557, July.
    9. Angelina Keil, 2019. "Wirtschaftschronik. IV. Quartal 2018," WIFO Monatsberichte (monthly reports), WIFO, vol. 92(1), pages 31-36, January.
    10. Angelina Keil, 2011. "Wirtschaftschronik. II. Quartal 2011," WIFO Monatsberichte (monthly reports), WIFO, vol. 84(7), pages 479-482, July.
    11. Angelina Keil, 2019. "Wirtschaftschronik. IV. Quartal 2018," WIFO Monatsberichte (monthly reports), WIFO, vol. 92(1), pages 31-36, January.
    12. Angelina Keil, 2019. "Wirtschaftschronik. II. Quartal 2019," WIFO Monatsberichte (monthly reports), WIFO, vol. 92(7), pages 501-507, July.
    13. Thomas Url, 2010. "Financial Market Crisis: Origin, Short-Term Reaction and Long-Term Adjustment Requirements," Austrian Economic Quarterly, WIFO, vol. 15(1), pages 54-77, April.
    14. Angelina Keil, 2018. "Wirtschaftschronik. II. Quartal 2018," WIFO Monatsberichte (monthly reports), WIFO, vol. 91(7), pages 479-484, July.
    15. Angelina Keil, 2016. "Wirtschaftschronik. II. Quartal 2016," WIFO Monatsberichte (monthly reports), WIFO, vol. 89(7), pages 483-487, July.
    16. Angelina Keil, 2015. "Wirtschaftschronik. II. Quartal 2015," WIFO Monatsberichte (monthly reports), WIFO, vol. 88(7), pages 565-571, July.
    17. Allen Schick, 2010. "Crisis Budgeting," OECD Journal on Budgeting, OECD Publishing, vol. 9(3), pages 1-14.
    18. Angelina Keil, 2019. "Wirtschaftschronik. IV. Quartal 2018," WIFO Monatsberichte (monthly reports), WIFO, vol. 92(1), pages 31-36, January.
    19. Philip Lowe, 2009. "Competition Policy and the Economic Crisis," CPI Journal, Competition Policy International, vol. 5.
    20. Angelina Keil, 2014. "Wirtschaftschronik. II. Quartal 2014," WIFO Monatsberichte (monthly reports), WIFO, vol. 87(7), pages 475-479, July.
    21. Angelina Keil, 2017. "Wirtschaftschronik. II. Quartal 2017," WIFO Monatsberichte (monthly reports), WIFO, vol. 90(7), pages 539-545, July.
    22. Angelina Keil, 2010. "Wirtschaftschronik. II. Quartal 2010," WIFO Monatsberichte (monthly reports), WIFO, vol. 83(7), pages 583-588, July.
    23. Giuseppe Nicoletti & Stefano Scarpetta, 2005. "Regulation and Economic Performance: Product Market Reforms and Productivity in the OECD," OECD Economics Department Working Papers 460, OECD Publishing.
    24. Angelina Keil, 2019. "Wirtschaftschronik. IV. Quartal 2018," WIFO Monatsberichte (monthly reports), WIFO, vol. 92(1), pages 31-36, January.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Michael Böheim, 2011. "Competition policy: ten lessons learnt from the financial crisis," Empirica, Springer;Austrian Institute for Economic Research;Austrian Economic Association, vol. 38(3), pages 315-330, July.
    2. Wifo, 2015. "WIFO-Monatsberichte, Heft 4/2015," WIFO Monatsberichte (monthly reports), WIFO, vol. 88(4), April.
    3. Wifo, 2018. "WIFO-Monatsberichte, Heft 2/2018," WIFO Monatsberichte (monthly reports), WIFO, vol. 91(2), February.
    4. Wifo, 2015. "WIFO-Monatsberichte, Heft 3/2015," WIFO Monatsberichte (monthly reports), WIFO, vol. 88(3), March.
    5. Wifo, 2016. "WIFO-Monatsberichte, Heft 8/2016," WIFO Monatsberichte (monthly reports), WIFO, vol. 89(8), August.
    6. Wifo, 2016. "WIFO-Monatsberichte, Heft 10/2016," WIFO Monatsberichte (monthly reports), WIFO, vol. 89(10), October.
    7. Wifo, 2015. "WIFO-Monatsberichte, Heft 2/2015," WIFO Monatsberichte (monthly reports), WIFO, vol. 88(2), February.
    8. Wifo, 2017. "WIFO-Monatsberichte, Heft 1/2017," WIFO Monatsberichte (monthly reports), WIFO, vol. 90(1), January.
    9. Michael Böheim, 2009. "Wettbewerbspolitische Konsequenzen aus der Finanzmarktkrise," WIFO Monatsberichte (monthly reports), WIFO, vol. 82(12), pages 987-992, December.
    10. Aghion, Philippe & Askenazy, Philippe & Bourlès, Renaud & Cette, Gilbert & Dromel, Nicolas, 2009. "Education, market rigidities and growth," Economics Letters, Elsevier, vol. 102(1), pages 62-65, January.
    11. Bah, El-hadj & Fang, Lei, 2016. "Entry Costs, Financial Frictions, And Cross-Country Differences In Income And Tfp," Macroeconomic Dynamics, Cambridge University Press, vol. 20(4), pages 884-908, June.
    12. Michael Böheim & Eva Pichler, 2016. "Österreich 2025 – Mangelnder Wettbewerb, überschießende Regulierung und ausufernde Bürokratie als Wachstumsbremsen," WIFO Monatsberichte (monthly reports), WIFO, vol. 89(12), pages 873-884, December.
    13. Michael Böheim & Klaus S. Friesenbichler & Susanne Sieber, 2006. "Teilstudie 19: Wettbewerb und Regulierung," WIFO Studies, WIFO, number 27458.
    14. Lei Fang, 2017. "Entry Barriers, Competition, And Technology Adoption," Economic Inquiry, Western Economic Association International, vol. 55(2), pages 794-805, April.
    15. Philippe Aghion & Philippe Askenazy & Renaud Bourlès & Gilbert Cette & Nicolas Dromel, 2008. "Distance à la frontière technologique, rigidités de marché, éducation et croissance," Économie et Statistique, Programme National Persée, vol. 419(1), pages 11-30.
    16. Crafts, Nicholas, 2011. "British Relative Economic Decline Revisited," CEPR Discussion Papers 8384, C.E.P.R. Discussion Papers.
    17. Fiori, Giuseppe & Nicoletti, Giuseppe & Scarpetta, Stefano & Schiantarelli, Fabio, 2007. "Employment Outcomes and the Interaction Between Product and Labor Market Deregulation: Are They Substitutes or Complements?," IZA Discussion Papers 2770, Institute of Labor Economics (IZA).
    18. Anabel Zárate-Marco & Jaime Vallés-Giménez, 2015. "Environmental tax and productivity in a decentralized context: new findings on the Porter hypothesis," European Journal of Law and Economics, Springer, vol. 40(2), pages 313-339, October.
    19. Halmai, Péter, 2015. "Az európai növekedési potenciál eróziója és válsága [Erosion and crisis in European growth potential]," Közgazdasági Szemle (Economic Review - monthly of the Hungarian Academy of Sciences), Közgazdasági Szemle Alapítvány (Economic Review Foundation), vol. 0(4), pages 379-414.
    20. Crafts, Nicholas, 2012. "British relative economic decline revisited: The role of competition," Explorations in Economic History, Elsevier, vol. 49(1), pages 17-29.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:wfo:wquart:y:2010:i:1:p:127-132. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Florian Mayr (email available below). General contact details of provider: https://edirc.repec.org/data/wifooat.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.