A Financial Crisis Manual: Reflections and the Road Ahead by Dimitrios D. Thomakos, Platon Monokroussos, Konstantinos I.

By Dimitrios D. Thomakos, Platon Monokroussos, Konstantinos I. Nikolopoulos

This booklet presents a radical evaluate of the hot monetary concern from the point of view of either practitioners and teachers specialising within the area.

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IV, US authorities, in the review document, highlighted their efforts to “raise public spending on infrastructure, job training, research and innovation, pre-school education and to pass pro-work tax cuts” in order to achieve a potential growth rate of about 2¼% in the medium term. In Europe, Jean-Claude Juncker, when setting out his aims as EC president, announced a €315bn public-private investment program dubbed EFSI (European Fund for Strategic Investments) to revive Europe’s economy, and promised more detailed initiatives by February 2015 for investment in energy, transport, broadband networks and industry clusters.

As above, it also highlights that public investment has not been playing its expected mitigating role, with a shortfall now estimated around €25bn. 2 (a) Public sector investment (% of GDP) and (b) private sector investment (% of GDP) Source: EC (Ameco Database), author’s calculations. 34 ● ● ● Fabrice Montagné conditions for private investment rather than crowding it out. Public investment in infrastructure, for example, facilitates and improves the efficiency of private investment. Public investment can offset market failures in some areas.

From the Asian financial crisis back in 1997–1998: Nor did we learn the right lessons about how to respond when crisis strikes. In fact, not only have we been making many of the same mistakes this time around, in important ways we’re actually doing much worse now than we did then. So our aspiration is for some lessons to be learned from this effort, and for it to be used as a reference point before and when the next crisis strikes ... because it most definitely will unless we can put now into effect the right policies to prevent it!

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