The paper illustrates how the Government role has recently evolved, specifically focusing on the 2008 financial crisis. First, we analyze the Government responsibilities in triggering the crisis, by bloating the supply of credit. We discuss emerging countries' expansionary monetary policy, in...

The paper analyzes the effects of the international crisis triggered by the subprime mortgages on the real business cycle. The author explores the feedbacks between financial and real economy, primarily focusing on the impact of a financial crisis on the real sectors. He then examines the...