Coping with Crisis: Government Reactions to the Great Recession

Index

399 Abe, Shinzō, 275 accounting standards, 37, 80 Ackum, Susanne, 242, 243 activation strategies, 362, 364, 365, 366–74, 389 active labor market policies (ALMPs): EU strategy, 372–74; generosity of, 370–74, 385, 386; importance of, 364–65; Sweden, 242, 243; U.K., 389; and unemployment-poverty relationship , 365–66, 372, 373, 380–82, 384–85, 389–90 affordable housing, 307 Agricultural Fund for Rural Development (EU), 98 agriculture, 307–9, 315–16 AIG (American International Group), 14 Aldrich-Vreeland Act (U.S.), 206 Allan, James, 370 All Workers Militant Front (PAME), 17 ALMPs (active labor market policies). See active labor market policies (ALMPs) Alternative Minimum Tax (AMT), 218 American International Group (AIG), 14 American Recovery and Reinvestment Index Boldface numbers refer to figures and tables. Act (ARRA) (2009) (U.S.): enactment of, 91–92, 217, 233, 255, 334; impact of, 203, 218–19; legislative history, 215–17; public support for, 28, 217–18 Amyx, Jennifer, 269, 270 André, Christophe, 103 Ansell, Ben W., 14, 16, 18, 21, 26, 327 Aoki, Masahiko, 270 Armingeon, Klaus, 7–8, 22, 162, 241, 288, 318n1, 338 ARRA (American Recovery and Reinvestment Act). See American Recovery and Reinvestment Act (ARRA) (2009) (U.S.) Asahi survey, 276 Asian financial crisis (1997–1998), 72, 75, 76, 165 asset dominance, 26, 330–31 asset price bubble in Japan, 267–70, 357 asset-wealth effect, 309 Atkinson, Tony, 361, 362 Atterhog, Mikael, 344 austerity policy: alternatives to, 180–88; criticisms of, 255; in Greece, 170–71; in Ireland, 172–74, 288, 290; in Italy, 189; in Portugal, 175–77; 400    Index austerity policy (cont.) public support for, 176–77; Sarkozy on, 145; in Spain, 180 Australia: financial regulation and government support of financial sector, 353; fiscal response to crisis, 290, 350–51; housing boom, 350–51; unemployment, 384; workfare, 368, 371, 386 Austria: automatic stabilizers, 104; economic contraction (2007–2010), 96; economic recovery, 121; financial regulation and government support of financial sector, 353; fiscal response to crisis, 108, 109, 114, 121, 290; unemployment, 384; workfare, 368, 371, 386 auto industry, 13, 137–38, 221, 243 automatic stabilizers: definition of, 9, 102–3; economic growth impact, 118; French vs. German approach, 139–44; Nordic countries, 241, 242; research issues, 362; size and impact of, 103–5, 107, 111–12, 119 automatic-stabilizer stimulus, 388 Baccaro, Lucio, 7–8, 22, 162, 288, 318n1 bailout loans: auto industry, 13, 138; Fannie Mae and Freddie Mac, 73; financial sector, 14, 73, 291–92; Greece, 126n18, 147–48, 163, 169–71; Hungary , 126n19; international cooperation, 67–68; Ireland, 126n18, 163, 173–74, 291–92; Latvia, 126n18; Portugal, 163, 175 balanced trade agreements, 59–62 balance of payments, 49–59, 68 Bank for International Settlements (BIS), 37, 67, 77 banks and banking: credit expansion, 294–96, 309–10; financial crisis role, 42; investment banking, 38–40, 42, 63, 223, 227; Irish crisis, 171–72, 173, 288, 291–92; Japanese crisis, 261, 268–70; Panic of 1907, 206; recapitalization initiative, 67–68, 291–92; regulation of, 37, 79, 80, 82, 145; U.K. crisis, 291–92 bank tax, 222, 223 Barber, Tony, 147–48 Barclays, 67 Barnes, Lucy, 9, 16, 22, 172, 287 Barroso, José Manuel, 65, 150 Bartels, Larry, 227 Basel Committee on Banking Supervision (BCBS), 77 Basel II, 37, 79, 145 Basel III, 79, 80, 82 BCBS (Basel Committee on Banking Supervision), 77 Beattie, Alan, 65 Beck, Thorsten, 318n4 Belgium: automatic stabilizers, 104; economic contraction (2007–2010), 96; economic recovery, 121; financial regulation and government support of financial sector, 353; fiscal response to crisis, 109, 114, 121, 290; unemployment, 384; workfare, 368, 371, 386 Bernanke, Ben, 24, 36, 202, 328 bipartisanship, 215, 224, 226 BIS (Bank for International Settlements ), 37, 67, 77 Blanchard, Olivier, 388 Blinder, Alan, 363 Boehner, John, 203 bond market, 163, 170, 182, 185 Boxer, Barbara, 228n6 Bretton Woods, 74 Bretton Woods II, 74, 75–76 British Election Study, 311, 313 Brown, Gordon, 85, 87n1 Brown, Scott, 22, 218, 220, 221, 222 Index   401 budgetary position, 15–16, 101–2, 111–17, 122, 167, 218 budget deficits. See deficits, budget budget surpluses, 15, 101–2, 111–17, 122, 167 Bulgaria: economic contraction (2007– 2010), 96; fiscal response to crisis, 109 Bundestag, 134–35, 136, 147, 233 Bush (George W.) administration: economic stimulus package, 213–15; homeownership expansion policies, 204; tax cuts, 225–26; Treasury secretaries , 213 business cycle, 328 business expenditures, 42–43 Byrd, Robert, 222 Calmfors...