Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/202439 
Authors: 
Year of Publication: 
2017
Series/Report no.: 
CASE Working Papers No. 5 (129)
Publisher: 
Center for Social and Economic Research (CASE), Warsaw
Abstract: 
The financial crisis and its ensuing effects have brought back into the limelight the issue of cycles and of policies which fuel or mitigate crises. Cognitive and operational models in economics and business are questioned. There is a specter of much lower economic growth in the industrialized world. Central banks are over-burdened. This makes central bankers' lives much more complicated and obfuscates the boundaries between monetary policy and fiscal policy, especially when financial stability gets to center stage. New systemic risks show up in capital markets. The eurozone has escaped collapse owing to the European Central Bank's extraordinary operations and large macro-imbalance corrections in its periphery, but major threats persist. This paper focuses on economic cycles and policies in an international (European) context. Attention is paid to linkages between domestic cycles and the European financial cycle, drivers of financial cycles, finance deregulation and systemic risks, ultra-low interest rates, the international policy regime, and global stability. The experience of European emerging economies is taken into account.
Subjects: 
financial crisis
financial cycle
secular stagnation
debt overhang
low interest rates
policy rates
fiscal policy
monetary policy
emerging economies
JEL: 
E31
E32
E44
E51
E62
F21
F34
F44
F62
ISBN: 
978-83-7178-651-8
Document Type: 
Working Paper

Files in This Item:
File
Size





Items in EconStor are protected by copyright, with all rights reserved, unless otherwise indicated.