Varieties of policy reactions to the recent financial and economic crises and national systems of policies

The fi nancial crisis that started in the United States in 2007 and rapidly spread to most global economies has developed into a serious economic crisis, although a number of active policies have been implemented. The global economic system, especially the wide use of information technology and fi nancial derivatives, has become highly interdependent and complex as well as accordingly fragile. In addition, the current crisis is much more severe-and its recovery more fragilethan thought before.