Abstract
The recent financial crisis saw large-scale, globally coordinated bank bailouts by governments aiming to stabilize the financial system. The USA, EU and UK provided government and central bank support to their financial systems of approximately $15 trillion in total, or 73% of GDP for the USA, 88% of GDP for the UK and 18% of GDP for the European Union, respectively. These significant rescue packages by governments around the world were aimed at limiting the economic distortions caused by the crisis, such as a negative impact on economic growth and employment.
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