Dlaczego tylko odkrywać? Lekcje z obecnego kryzysu  dla ekonomii i polityki gospodarczej

Marek  Belka

Published : 2024-02-19

Vol. 53 No. 4 (2013)

Why merely discover? Lessons from the current crisis for economics and economic policy

Marek Belka

Abstract

The more progressive of current trends in economics and policymaking outlined in the paper reflect a welcome shift away from the entrenched practice of positing and proving abstruse macroeconomic models and articulating the anticipated consequences of policy decisions, and towards an approach that sets out to more rigorously identify the causality underlying economic phenomena and, more importantly, contribute in a meaningful way to resolving pressing practical problems. This is cause for guarded optimism because as the ongoing debate on the causal factors behind the current, persistent crisis continues to expose the gaps and inadequacies of mainstream economic models and concepts, so too is a re-examination of the State’s regulatory impact on the financial sector taking place. Notable in this regard is questioning the validity of such pre-crisis legislation-shaping assumptions
as financial market efficiency, as well as positing that banking sector regulations should be differentiated across varying categories of bank operating models, or applying to the introduction of new financial instruments procedures modeled after regulatory mechanisms that govern the pharmaceutical industry’s marketing of drugs. The caveat downgrading the degree of optimism comprises such factors as the lethargic pace of introduction of the European banking union, regulatory divergence between the US and Europe, as well as the sluggish pace and varied scope of adopting Basel III solutions across jurisdictions.

Keywords:

crisis, cause of the crisis, post-crisis macroeconomics

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Marek Belka, The Need for Macroprudential Supervision , Safe Bank: Vol. 47 No. 2 (2012): Bezpieczny Bank/Safe Bank

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Belka, M. . (2024). Why merely discover? Lessons from the current crisis for economics and economic policy. Safe Bank, 53(4), 7–18. Retrieved from https://ojs.bfg.pl/index.php/bb/article/view/390

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