Growing out of Crises and Recessions: From Regulating Large Financial Institutions To Redefining Government Responsibilities

Boyer, Marcel (2013) Growing out of Crises and Recessions: From Regulating Large Financial Institutions To Redefining Government Responsibilities. TSE Working Paper, n. 13-398, Toulouse

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Official URL: http://tse-fr.eu/pub/27178

Abstract

I characterize and discuss in this paper the challenges and pitfalls we must face to grow out for good of the recent and future financial crises and economic recessions. I propose a brief history of the last crisis and insist on the loss of confidence within the banking and financial sector, which propagated later to the real sector. I discuss ways to rebuild confidence and move out of a stable bad economic equilibrium, due in part to inefficiently designed bonus systems. Considering data on gross job creation and loss in the private sector, I challenge the sorcerer’s apprentices plan for reforming capitalism and I recall the role of creative destruction. I show that government deficits and economic growth are not good friends and I offer a reference to the Canadian experience of the two decades 1985-2005. Finally, I discuss fiscal and regulatory reforms and propose redesigned roles for governmental and competitive sectors in generating a more prosperous economy.

Item Type: Monograph (Working Paper)
Language: English
Date: April 2013
Place of Publication: Toulouse
Uncontrolled Keywords: Financial crisis, Crise financière, confidence, confiance, creative destruction, destruction créatrice, fiscal reform, réforme fiscale, prudential regulation, réglementation prudentielle, competitive social-democracy, social-démocratie concurrentielle
Subjects: B- ECONOMIE ET FINANCE
Divisions: TSE-R (Toulouse)
Institution: Université Toulouse 1 Capitole
Site: UT1
Date Deposited: 09 Jul 2014 17:35
Last Modified: 20 Mar 2018 14:42
OAI ID: oai:tse-fr.eu:27178
URI: http://publications.ut-capitole.fr/id/eprint/15613

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