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The Great Financial Crisis: How Effective is Macroeconomic Policy Response in the United Kingdom?

International Journal of Finance & Banking Studies

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Title The Great Financial Crisis: How Effective is Macroeconomic Policy Response in the United Kingdom?
 
Creator Akinsoyinu, Clements; Krakow University of Economics
 
Subject Finance, Banking, Economics, Accounting
Policy rates, expansionary fiscal policy, recession, financial crisis, deficit, , zero lower-bound, quantitative easing (QE), macroeconomics, public debt, monetary policy
 
Description 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 Kingdom
 
Publisher SSBFNET
 
Contributor —
 
Date 2015-06-12
 
Type info:eu-repo/semantics/article
info:eu-repo/semantics/publishedVersion
Peer-reviewed Article
 
Format application/pdf
 
Identifier http://www.ssbfnet.com/ojs/index.php/ijfbs/article/view/415
 
Source International Journal of Finance & Banking Studies (ISSN: 2147- 4486); Vol 4, No 2 (2015): April; 1-10
2147-4486
 
Language eng
 
Relation http://www.ssbfnet.com/ojs/index.php/ijfbs/article/view/415/411
 
Rights Copyright (c) 2015 International Journal of Finance & Banking Studies (ISSN: 2147- 4486)
http://creativecommons.org/licenses/by/4.0