The Other Countries’ Experience: Something to Learn

Sergei Aleksashenko (), Dmitriy Miroshnichenko, Sergey Smirnov and Andrey Chernyavsky
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Sergei Aleksashenko: NRU HSE
Dmitriy Miroshnichenko: NRU HSE
Andrey Chernyavsky: NRU HSE

Ekonomicheskaya Politika / Economic Policy, 2011, vol. 1, 23 pages

Abstract: The recent global economic crisis was synchronized in many countries. That allows to compare ways and means used by different governments to solve similar problems. For comparison we choose three countries: the USA, the UK and China. Our analysis allows to crystallize those moments that differ Russia from other countries in elaboration and realization of anti-crisis measures. In the first part of the paper the authors propose that for the US authorities the recent crisis was unexpected that enforced them to make decisions having no full information. For today though the overall efficiency of the US anti-crisis measures was rather high two key problems are not solved yet — the housing market is depressed and unemployment is too high. That means the recovery of the US economy is not fully sustainable. The main events of the crisis are described as well as the development of the anti-crisis monetary and fiscal measures with the emphasize of the analysis concentrated on the banking system that became the weakest sector of the British economy. Estimating the nature and effectiveness of the anti-crisis policy in the UK allows to understand better the peculiarities of the crisis developments in other countries as well as to assess the relevance and the efficiency of their stabilization efforts.

Keywords: financial crisis; global economic crisis; anti-crisis policy (search for similar items in EconPapers)
Date: 2011
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Persistent link: https://EconPapers.repec.org/RePEc:rnp:ecopol:1111

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