Multi-Dimensional Policy Framework for Analyzing and Responding to Global Economic Crises

Scholedge International Journal of Business Policy & Governance, 2017, vol. 4, no. 3, pp. 12-23.

13 Pages Posted: 20 Apr 2019

See all articles by Octavian Moldovan

Octavian Moldovan

Babes-Bolyai University - Faculty of Political, Administrative and Communication Sciences

David J. Barnes

University of Delaware

Date Written: March 19, 2017

Abstract

This paper builds a Holistic Evaluative Model (or HEM) to analyze crises responses, focusing on multiple narratives (explanations) from fields as varied as economics, political science, finance and public policy. A broader framework equips policymakers with more options to shape responses to crises which routinely occurred during the last 75 years of heightened globalization. A HEM reflects the actual process of policy evaluation by combining data across different fields with a valid approach clear enough to discuss increasing opportunities to ameliorate crisis impacts. Even if they are identified, policymakers may not directly influence the causes of crises, which for 2007-2009 included (a) limited market corrections; (b) regulation deficiencies (c) systemic risks; (d) irrational behaviors; (e) informational complexities and (f) cultural failings (that exacerbated these inefficiencies), but they can focus on developing and implementing adequate policy responses. As such, HEMs increase options over a siloed approach by incorporating multiple theoretical tools, dynamic ripple-effects and diverse stakeholders – simultaneously evaluating monetary-fiscal policy, actor rationality, systematic risk and the cultural context.

Keywords: Holistic Evaluative Model, economic crisis, policy model, globalization

JEL Classification: G01, G18, H12

Suggested Citation

Moldovan, Octavian and Barnes, David J., Multi-Dimensional Policy Framework for Analyzing and Responding to Global Economic Crises (March 19, 2017). Scholedge International Journal of Business Policy & Governance, 2017, vol. 4, no. 3, pp. 12-23.. Available at SSRN: https://ssrn.com/abstract=3355471

Octavian Moldovan (Contact Author)

Babes-Bolyai University - Faculty of Political, Administrative and Communication Sciences ( email )

Str. Traian Mosoiu, Nr. 71
Cluj-Napoca, RO- 400132
Romania
0040-744891466 (Phone)

HOME PAGE: http://www.apubb.ro/

David J. Barnes

University of Delaware ( email )

DE
United States

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