GLOBAL FINANCIAL CRISIS 2008: A COMPARATIVE STUDY OF MONETARY POLICIES IN SELECTED COUNTRIES: A REVIEW OF LITERATURE

Registration ID: IJNRD_210616

Published ID: IJNRD2312092

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Keerti M Deshpande, Dr M M. Munshi , Dr H N Shivaprasad

Global financial crisis, central bank policy response, monetary policy tool, economic growth, exchange rates, capital flows, interest rates, liquidity rates

The Global Financial Crisis of 2008 also known as a sub-prime mortgage crisis is regarded as the second worst crisis after the first great depression which happened in 1929-1939, almost took a decade for the recovery mode. The present paper is an attempt to explore the devastated second worst global financial crisis 2008 which occurred during the mid of September 2007 leaving a prolonged negative effect on businesses, economic growth, exchange rates, foreign capital flows, created a contagious spillover in rest of the world through an extensive literature review carried out by researchers, economists and academicians to understand the magnitude of the crisis in selected economies. The study focuses on select countries on the basis of their development. United States of America has been studied to represent the developed countries, India to represent the developing countries and Nigeria to represent the Under-developed countries. An extensive review of literature is conducted to provide an effective regulatory framework towards which the authorized (Central Banks) can work on preventing crisis in future. The dependent variables (monetary policy tools) for the study used by the researchers were interest rates, liquidity rates and bank rates to control the inflation as an independent variable. Statistical tools used by various researchers and academicians like econometric models- Vector auto regression, correlation and such were used to analyze the data on the basis of event study, period-wise study and studies involving before and after crisis. The findings from their research reveal lacunae in estimating the effectiveness of the central bank’s policy framework, especially in predicting the crisis as well aftermath. The suggestions from the study form the basis to conduct a thorough and extensive research in future.

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Keerti M Deshpande, Dr M M. Munshi , & Dr H N Shivaprasad (December-2023). GLOBAL FINANCIAL CRISIS 2008: A COMPARATIVE STUDY OF MONETARY POLICIES IN SELECTED COUNTRIES: A REVIEW OF LITERATURE . INTERNATIONAL JOURNAL OF NOVEL RESEARCH AND DEVELOPMENT, 8(12), a754-a764. https://ijnrd.org/papers/IJNRD2312092.pdf

Volume 8 Issue 12, December-2023

Pages : a754-a764

Paper Reg. ID: IJNRD_210616

Published Paper Id: IJNRD2312092

Downloads: 000122256

Research Area: Management

Author Type: Indian Author

Country: Dharwad, Karnataka, India

Published Paper PDF: https://ijnrd.org/papers/IJNRD2312092.pdf

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