Incomplete crisis responses: socio-economic costs and policy implications
Fuente:
Organización Internacional del Trabajo (OIT)
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| Format: | Artículo científico |
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International Labour Organization
2010
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| _version_ | 1874525361336745989 |
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| author | Raymond Torres |
| author_facet | Raymond Torres Raymond Torres |
| contents | Incomplete crisis responses: socio-economic costs and policy implications Raymond Torres This article examines the perverse effects of incomplete crisis responses. Initial emphasis on the role of government – through coordinated fiscal measures to stimulate the economy, cushion job losses and support vulnerable groups – was effective in averting another Great Depression, despite widening public deficits. However, a policy mistake was made by bailing out banks without reforming the dysfunctional financial system that triggered the crisis: concern over the financial markets’ reaction to growing public indebtedness has shifted policy towards a more traditional, market-oriented approach focusing on fiscal consolidation, smaller government and weak social protection. The risks are greater inequities and economic instability. 10.1111/j.1564-913X.2010.00085.x DOI https://doi.org/10.1111/j.1564-913X.2010.00085.x publication.journalArticle |
| format | Artículo científico |
| id | ilo_995218852002676 |
| institution | Organización Internacional del Trabajo (OIT) |
| publishDate | 2010 |
| publisher | International Labour Organization |
| spellingShingle | Incomplete crisis responses: socio-economic costs and policy implications Raymond Torres Incomplete crisis responses: socio-economic costs and policy implications Raymond Torres This article examines the perverse effects of incomplete crisis responses. Initial emphasis on the role of government – through coordinated fiscal measures to stimulate the economy, cushion job losses and support vulnerable groups – was effective in averting another Great Depression, despite widening public deficits. However, a policy mistake was made by bailing out banks without reforming the dysfunctional financial system that triggered the crisis: concern over the financial markets’ reaction to growing public indebtedness has shifted policy towards a more traditional, market-oriented approach focusing on fiscal consolidation, smaller government and weak social protection. The risks are greater inequities and economic instability. 10.1111/j.1564-913X.2010.00085.x DOI https://doi.org/10.1111/j.1564-913X.2010.00085.x publication.journalArticle |
| title | Incomplete crisis responses: socio-economic costs and policy implications |
| url | https://researchrepository.ilo.org/esploro/outputs/journalArticle/Incomplete-crisis-responses-socio-economic-costs-and/995218852002676 |