%S TSE Working Paper
%A Marcel Boyer
%T Growing out of Crises and Recessions: From Regulating Large Financial Institutions  To Redefining Government Responsibilities
%X 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.
%K Financial crisis
%K Crise financière
%K confidence
%K confiance
%K creative destruction
%K destruction créatrice
%K fiscal reform
%K réforme fiscale
%K prudential regulation
%K réglementation prudentielle
%K competitive social-democracy
%K social-démocratie concurrentielle
%B TSE Working Paper
%V 13-398
%D 2013
%C Toulouse
%I TSE Working Paper
%L publications15613