New paradigms imposed by the global financial crisis

Abstract

The global financial crisis that erupted in 2008 was a welter of complex phenomena, some of them unprecedented. The amplitude of the crisis and its impact on the real economy caused major unprecedented problems in public finance. Therefore, the confidence in government`s ability of management and financing was weakened, especially in the European countries. The paper analyzes several paradigm shifts imposed by the negative effects of the crisis felt both in the financial system and in the real economy.

Keywords

• financial system
• financial crisis
• paradigm
• theory of efficient markets
• deregulation