Article language: English.
Abstract
This paper is devoted to the discussion of the principles of the US Federal Reserve System, the central bank of the largest economy in the world, and its contribution to the emergence of the financial crisis of 2008. At first, in Part II, the paper focuses on the general overview of the Federal Reserve System and its activities. The discussion, then, shifts to the structure of the Federal Reserve System and focuses on its key structural components that maintain the proper functioning of the U.S. central bank. The Part III will examine the history of past events preceding to the financial crisis, and analyze factors, including the Federal Reserve System’s failures, which determined the growth of subprime mortgage bubble and its painful collapse. The Part IV (Conclusion) will summarize the regulatory failures of the Federal Reserve System, clarify the chronology of mistakes, and propose possible alternative approach.
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