The international financial crisis: Theoretical debates, economic policies, and lessons

  • Juan E. Santarcángelo Consejo Nacional de Investigaciones Científicas y Técnicas
    PhD in Economics (New School University, USA), investigador adjunto del Consejo Nacional de Investigaciones Científicas y Técnicas (CONICET) y de la Universidad Nacional de General Sarmiento (UNGS). jsantar@gmail.com
  • Roberto Lampa Universidad de Buenos Aires
    Doctor en Economía (Università degli Studi di Macerata, Italia), docente de Macroeconomía en la Universidad de Buenos Aires (UBA). robertolampa@gmail.com
Keywords: crisis, economic theory, Europe

Abstract

The global financial crisis has had a strong impact on most European countries. While at first the massive injection of resources helped the financial system not to collapse, the austerity policies implemented throughout the continent have not brought the expected economic growth. Interestingly, the type of intervention undertaken is rooted in the neoclassical tradition, which entails a specific understanding of the functioning of the financial system and the economy. In this context, the objectives of this paper are firstly, to analyze the main theoretical assumptions and the specific way in which the crisis is understood and the applied economic policies are developed under this tradition; and secondly, to account for the social and economic impact of the policies applied, and the different margins of action that each European country still has.

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How to Cite
Santarcángelo, J. E., & Lampa, R. (2013). The international financial crisis: Theoretical debates, economic policies, and lessons. Economia, 36(72), 9-34. Retrieved from https://revistas.pucp.edu.pe/index.php/economia/article/view/7698