The Great Financial Crisis
Open Access
- 30 April 2015
- journal article
- Published by Center for Strategic Studies in Business and Finance SSBFNET in International Journal of Finance & Banking Studies (2147-4486)
- Vol. 4 (2), 1-10
- https://doi.org/10.20525/ijfbs.v4i2.207
Abstract
The Great Financial Crisis has been touted to be the worst crisis since the Great Depression of 1930; its effect has profound ramifications on the global economy. The nature and the severity of the crisis provoked an unprecedented policy response from policy makers at both global and domestic levels. To address the rampaging crisis, the Bank of England implemented a number of conventional and unconventional policy measures to curtail the economic rot and to stimulate economic growth. There is a broad consensus in the empirical literature and other evidence found in this paper that a number of the policies implemented in the United Kingdom played a significant role in re-directing and stimulating the economy. This paper reviews the various policy measures adopted by the Bank of England from the inception of the financial crisis in 2008 and assesses their effectiveness in bringing back the economy from the brink of collapse. Our review shows that quantitative easing (QE) policy and the expansionary fiscal policy adopted by the Bank of England were effective policy tools used in stimulating economic growth, stemming the effect and shortening the duration of the crisis in the United KingdomKeywords
This publication has 14 references indexed in Scilit:
- What are the Macroeconomic Effects of Asset Purchases?SSRN Electronic Journal, 2014
- Effects of Fiscal and Monetary Policy in the Great RecessionEconomies, 2013
- Using State Pension Shocks to Estimate Fiscal Multipliers since the Great RecessionThe American Economic Review, 2013
- Fiscal Policy after the Great RecessionAtlantic Economic Journal, 2012
- Global ImbalancesOECD Trade Policy Papers, 2011
- The Financial Market Impact of Quantitative EasingSSRN Electronic Journal, 2010
- Automatic Stabilizers and Economic Crisis: US vs. EuropePublished by National Bureau of Economic Research ,2010
- How Effective is Fiscal Policy Response in Systemic Banking Crises?IMF Working Papers, 2009
- Panacea, Curse, or Nonevent? Unconventional Monetary Policy in the United KingdomIMF Working Papers, 2009
- The subprime crisisOECD Journal: Financial Market Trends, 2008