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Growing out of the crisis through prudential regulation of large financial institutions and redefined government responsibilities

Author: Marcel Boyer; CIRANO.
Publisher: Montréal [Qué.] : CIRANO, ©2011.
Series: Scientific series (CIRANO), no. 2011s-66.
Edition/Format:   eBook : Document : EnglishView all editions and formats
Database:WorldCat
Summary:
I consider in this paper the challenges and pitfalls we must face to grow out for good of the recent and latent financial crisis and economic recession. I consider a brief history of the 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  Read more...
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Details

Genre/Form: Electronic books
Material Type: Document, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: Marcel Boyer; CIRANO.
OCLC Number: 780139926
Language Note: Includes abstract in English and French.
Notes: "Octobre 2011."
Description: 1 online resource (52 pages) : color illustrations, digital file.
Contents: Executive summary --
1. Introduction --
2. A brief history of the crisis --
3. Rebuilding confidence and moving out of a bad equilibrium. A crisis of confidence ; Moving out of a bad Nash equilibrium : a crucial new role for governments --
4. Inefficiently designed bonus systems --
5. Reforming capitalism: beware of the sorcerer's apprentices! --
6. A neglected phenomenon : creative destruction at work --
7. Deficits and growth : friends or enemies? --
8. Fiscal reforms and renewed roles for the governmental or public and private or competitive sectors --
9. Conclusion: challenges and prospects.
Series Title: Scientific series (CIRANO), no. 2011s-66.
Responsibility: Marcel Boyer.
More information:

Abstract:

I consider in this paper the challenges and pitfalls we must face to grow out for good of the recent and latent financial crisis and economic recession. I consider a brief history of the 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 in 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 reforms and renewed roles for governmental and competitive sectors in generating a more prosperous economy as well as some specific challenges we are facing today, in particular to redesign the regulatory framework of the financial sector.

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