Crisis as Paradigm Shifter: Reflections on 2008–??

Subir Gokarn ()
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Subir Gokarn: Brookings India

Chapter 3 in Market, Regulations and Finance, 2014, pp 41-52 from Springer

Abstract: Abstract This chapter addresses the question whether the crisis of 2007–2008 led to a paradigm shift in macroeconomic theory and policy. While focussing on the paradigm shift after 2008, the chapter classifies the lessons that have to be learnt from the global economic crisis of 2007–2008 into four specific areas: (1) monetary policy, (2) financial regulation, (3) corporate governance, and (4) globalization. The chapter shows how the characteristics of each of the four categories have changed from the pre-crisis situation to the post-crisis situation.

Keywords: Crisis; Paradigms; Monetary policy; Financial regulation; Corporate governance; Globalization (search for similar items in EconPapers)
Date: 2014
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Persistent link: https://EconPapers.repec.org/RePEc:spr:isbchp:978-81-322-1795-4_3

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DOI: 10.1007/978-81-322-1795-4_3

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