Revista OEconomica

Tudor Constantin BĂLAN - Cycles of Freedom: Are Our Rights Today Permanently Secured, or Are We in a Transitional Phase? The Cases of Great Britain, the United States, and Russia

Marius-Cristian PANĂ, Adela BĂLAN - Economic Freedom and Prosperity: A Comparative Analysis of Welfare Determinants at the International Level

Ana Octavia ALBU - When Accurate Forecasts Still Produce Waste: Demand Shocks and Over-Forecasting Risk in Food Retail

Adrian-Ioan DAMOC - The Persian Pivot and the Reconfiguration of Geopolitical Realism: Iran and Venezuela in Strategic Competition among the United States, China, and Russia

Emmanuel Olusegun STOBER - Coercive Diplomacy in the Gulf and the Limits of the Strike-Forward Strategy: Toward a Middle-Power Coalition for Regional Stability

Sorin-Nicolae CURCĂ - On the Informational Entropy of Economic Shock

Florin DĂNESCU - The Banking Sector as Critical Infrastructure in the Logic of Hybrid Conflict: Post-2014 Legislative Convergence in Central and Eastern Europe and the Case of Romania

Alexandru POPOVICI - The Contribution of the Music Industry to GDP and Employment: A Comparative Analysis

Mohammed AL-NASSERY - Implications of the War in the Middle East: An Analysis of the Economic, Security, Humanitarian, and Political Dimensions

Mihai LĂCĂTUŞ - GDP as a Means, Not an End: Inequality as the Missing Variable in Fiscal Policy Design – A 60-Country Analysis of Economic Growth and Subjective Well-Being

Articles on Issue Theme

Irina Mădălina DOROFTEI

Academia de Studii Economice din Bucureşti

More often than not the pursuit of crisis theorization encounters obstacles imposed by specific particularities of each case. This paper aims to identify worldwide circulated causes of the current crisis, to examine whether these explanations are founded or not. The expansionary monetary policy of the Central Banks participated in fueling an unsustainable credit boom, especially in the real estate sector. The change in Fed’s monetary policy stance by making credit more expensive and raising the reference rate – the federal funds rate – was a factor which revealed the current crisis. But the events, as we know them today, would not have had the same development and amplitude if there hadn’t been a multitude of other key factors which aggravated the situation – banking regulations and capital requirements (the leverage issue), complex financial innovations, US government policy related to real estate sector and to stimulation of home purchases, the connections and interdependencies in the global financial system.

ŒCONOMICA no. 4/2010

Keywords: economic and financial crisis, monetary policy, banking regulation

JEL: E58, G28, G32, H81

Măsuri din trecut cu efecte asupra crizei actuale

Select Issue: