In Search of a New U.S. Economic Path in the Aftermath of the Global Financial Crisis

Bokyeong Park (), Jonghyuk Kim (), Hee-Chae Ko () and Kyungro Park ()
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Bokyeong Park: Kyung Hee University
Jonghyuk Kim: Korea Institute for International Economic Policy
Hee-Chae Ko: Korea Institute for International Economic Policy
Kyungro Park: Kyungpook National University

No 13-31, World Economy Brief from Korea Institute for International Economic Policy

Abstract: The global financial crisis that began in 2008 was, outwardly, a result of the bankruptcy of American financial institutions. The crisis, however, has alerted us to the deeper crisis underlying not only the American financial market, but also the American economy as a whole. Multiple scholars have pointed out that the recent financial crisis stems not only from the financial sector, but also from the larger structural factors. In light of this claim, this report seeks to reevaluate whether and how the U.S. federal economic policy has been addressing and remedying the structural factors that have led to the current financial crisis. Our research shows that, while the post-financial crisis federal policy on the economy does evince features that are divergent from those of the past policy, it is yet too early to conclude that a new policy paradigm or a fundamental shift has taken place.

Keywords: Financial Reform; New Manufacturing Policy; New Trade Policy; Lesislative Efficiency (search for similar items in EconPapers)
Pages: 5 pages
Date: 2013-07-12
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Persistent link: https://EconPapers.repec.org/RePEc:ris:kiepwe:2013_031

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