Camino Real Award The Camino Real Award was introduced in 2012, coinciding with the 25th anniversary of the establishment of the Institute (1987), to recognize the professional work of Spaniards who prominently and exemplary project and enhance the positive image of Spain in the United States. Read more >
Spanish Migration to the United States, 1880-1940 The main objective of this project is to study the Spanish migration to the United States between 1880 and 1940 from the exploitation of the microdata from the United States censuses carried out between these dates. This data has recently been digitalized and harmonized by the University of Minnesota. Read More >
Francisco Sáez de Adana, nuevo director del Instituto Franklin-UAH En las elecciones celebradas el pasado jueves 25 de abril de 2019, el Consejo Académico del Instituto Franklin-UAH eligió por unanimidad al Dr. Francisco Sáez de Adana Herrero, catedrático del Departamento de Ciencias de la Computación de la Universidad de Alcalá, como nuevo director del Instituto Franklin-UAH. Leer más >

Transatlantic Relation Area

Global financial crisis

Financing: €10,000

Research on the anatomy of the global financial crisis (causes, consequences, sectoral impacts, transmission channels, interdependencies between markets, effects of global imbalances, designing appropriate exit strategies, coordination of economic policies and exit strategies, etc.) is vital to assess the monetary and tax policies implemented in order to mitigate the effects of the crisis and promote a more rapid exit thereof, and to determine the extent of structural reforms and regulatory policies that should be implemented globally in order to prevent it from happening again.

The main objective of this research project is to study the causes, consequences and strategies out of the current crisis, in the light of the relevant economic theory, taking into account the lessons to be drawn from the analysis of financial crises experienced earlier by the world economy.

First phase. Analysis of the role to be played by fiscal policy in a financial crisis of global reach. Is fiscal policy a truly effective tool to deal with recessions in open economies with high capital mobility? Is it possible to establish general rules on the composition, intensity and duration of public deficits to facilitate pulling out of the recession?

Second phase. To study the extent of unorthodox monetary policies, such as the so-called “quantitative expansion” and / or “qualitative” in the balance sheets of central banks, which apply when the economy is already in a liquidity trap situation (in which cuts in official interest rates are no longer possible or have lost much of its effectiveness) may be useful to avoid the threat of deflation, clean up the financial system and help pull the economy out of recession.

Third phase. To analyze the relationship between financial restructuring and recovery of real economic activity, and the optimal “sequence” of both factors in overcoming the crisis, based on the evidence provided by other financial crises (the case of Japan can also be of great interest for this purpose).

Fourth phase. T study the problem of coordination of monetary and fiscal policies globally

  • Principal Investigator (PI): Gonzalo Rodríguez Prada (UAH)
  • Saturnino Aguado (UAH)

Aguado Sebastián S. and G. Rodríguez Prada. La crisis financiera y la gran recesión en Estados Unidos. Colección Biblioteca Benjamin Franklin. Alcalá de Henares: Instituto Franklin-UAH, 2013. Print.

We use cookies to improve our services. You can change the settings or get more information on our cookies policy

The cookie settings on this website are set to "allow cookies" to give you the best browsing experience possible. If you continue to use this website without changing your cookie settings or you click "Accept" below then you are consenting to this.

Close