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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
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Octavian-Dragomir JORA
Academia de Studii Economice din Bucureşti
Mara Andreea TUDOR
University of Chicago
Cătălin MURARAŞU
Academia de Studii Economice din Bucureşti
Ramona Iulia DIEACONESCU
Academia de Studii Economice din Bucureşti
Maria GHEORGHE (NIŢU)
Academia de Studii Economice din Bucureşti
Sorin-Nicolae CURCĂ
Academia Română
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