The Great Recession of 2008-2010 was caused by a combination of factors that led to instability in the US housing and financial markets. Cheap credit and low interest rates fueled a housing bubble as borrowers took on risky subprime mortgages. When borrowers began to default, it sparked a financial crisis as institutions holding these mortgages faced losses. Global trade imbalances and weak lending practices exacerbated the issues. While all countries were affected, the crisis revealed the US's growing economic dependence on countries like China and raised questions about US economic dominance going forward.
The Causes of the 2007-08 Financial Crisis: Investigative StudyPhil Goldney
A comprehensive study of the causes of the 2007-08 global Banking Crisis, incorporating primary research from industry professionals. The study amounts to approximately 6000 words. Please contact me for the extensive and comprehensive bibliography.
In a speech following the September 11, 2001, terrorist attacks and in the midst of the accompanying U.S. recession, Federal Reserve Chairman Alan Greenspan made a declaration that turned the world of the investment bankers upside down. Greenspan declared that the FOMC (Federal Open Markets Committee) stood prepared to maintain a highly accommodative policy stance for as long as needed to promote satisfactory economic performance. Translated from central banker speak, what Greenspan meant is that he is willing to inflate the money supply and hence lower interest rates for as long as necessary to “revive” the economy and repair it from the shock it received on that fateful day. What this meant for investors in the U.S. Treasury bond market is that they were not going to make any money on U.S. treasury securities for a very long time. Smart investors, diverted from the bond market, scanned Wall Street for a similar low-risk, high-return investment that could take the place of U.S. Treasury securities, and they fell in love with residential mortgages. On September 18, 2008, after months of economic anxiety and several massive bailouts of distressed firms by the government, the stock market had its largest single-day drop since September 11, 2001. Officials and commentators declared an economic emergency and moved on two fronts. The Department of the Treasury and Federal Reserve Board ("Fed") dusted off a 1932 statute and invoked the Fed's authority to stabilize failing firms by lending them money, although some were allowed to fail.
The Causes of the 2007-08 Financial Crisis: Investigative StudyPhil Goldney
A comprehensive study of the causes of the 2007-08 global Banking Crisis, incorporating primary research from industry professionals. The study amounts to approximately 6000 words. Please contact me for the extensive and comprehensive bibliography.
In a speech following the September 11, 2001, terrorist attacks and in the midst of the accompanying U.S. recession, Federal Reserve Chairman Alan Greenspan made a declaration that turned the world of the investment bankers upside down. Greenspan declared that the FOMC (Federal Open Markets Committee) stood prepared to maintain a highly accommodative policy stance for as long as needed to promote satisfactory economic performance. Translated from central banker speak, what Greenspan meant is that he is willing to inflate the money supply and hence lower interest rates for as long as necessary to “revive” the economy and repair it from the shock it received on that fateful day. What this meant for investors in the U.S. Treasury bond market is that they were not going to make any money on U.S. treasury securities for a very long time. Smart investors, diverted from the bond market, scanned Wall Street for a similar low-risk, high-return investment that could take the place of U.S. Treasury securities, and they fell in love with residential mortgages. On September 18, 2008, after months of economic anxiety and several massive bailouts of distressed firms by the government, the stock market had its largest single-day drop since September 11, 2001. Officials and commentators declared an economic emergency and moved on two fronts. The Department of the Treasury and Federal Reserve Board ("Fed") dusted off a 1932 statute and invoked the Fed's authority to stabilize failing firms by lending them money, although some were allowed to fail.
Bubble spotting - Subprime Mortgage crisis / Housing bubble 2007-2008Benjamin Van As
In the early to mid 2000s a housing bubble was created due to easy access to credit. The fall-out once investment bubble popped nearly brought the banking sector to its knees
This short presentation (part of a series on bubbles) explained what happened
Read this Sample Report on "A Study on Subprime Mortgage Crisis", written by a professional writer of Instant Assignment Help. We offer free assignment samples to the students drafted by academic experts. We provide top quality assignments to the scholars which helps them in achieving perfect grades in their academics. If you are facing any problem in writing your assignments then contact us to get the best assignment help online in UK. Place your order now to get upto 50% discount + 5% cash back.
After the storm- Global Financial Crisis 27 aug 2010Gaurav Sharma
Global Financial Order - Reasons for Crisis, Current Status, The BIG Shifts- Public Debt, Global De-leverage, Wealth Concetration & Creation.
Talk Delivered at Fore School Of Management, new Delhi
Presentation at Texas Christian University\'s AddRan Festival Of Undergraduate Scholarship and Creativity, April 2009 and winner of TCU\'s Economic Department Award to Best Presentation in Economics.
The global financial crisis, brewing for a while, really started to show its effects in the middle of 2008. Around the world stock markets have fallen, large financial institutions have collapsed or been bought out, and governments in even the wealthiest nations have had to come up with rescue packages to bail out their financial systems.
On the one hand many people are concerned that those responsible for the financial problems are the ones being bailed out, while on the other hand, a global financial meltdown will affect the livelihoods of almost everyone in an increasingly inter-connected world. The problem could have been avoided, if ideologues supporting the current economics models weren’t so vocal, influential and inconsiderate of others’ viewpoints and concerns.
This presentation provides an overview of the crisis with links for further, more detailed, coverage at the end.
A crisis so severe, the world financial system is shaken…
Attached is a wonderful presentation by the wizard financial analyst and writer Arif Anees. Hope you'd all relish this rare stuff..
Bubble spotting - Subprime Mortgage crisis / Housing bubble 2007-2008Benjamin Van As
In the early to mid 2000s a housing bubble was created due to easy access to credit. The fall-out once investment bubble popped nearly brought the banking sector to its knees
This short presentation (part of a series on bubbles) explained what happened
Read this Sample Report on "A Study on Subprime Mortgage Crisis", written by a professional writer of Instant Assignment Help. We offer free assignment samples to the students drafted by academic experts. We provide top quality assignments to the scholars which helps them in achieving perfect grades in their academics. If you are facing any problem in writing your assignments then contact us to get the best assignment help online in UK. Place your order now to get upto 50% discount + 5% cash back.
After the storm- Global Financial Crisis 27 aug 2010Gaurav Sharma
Global Financial Order - Reasons for Crisis, Current Status, The BIG Shifts- Public Debt, Global De-leverage, Wealth Concetration & Creation.
Talk Delivered at Fore School Of Management, new Delhi
Presentation at Texas Christian University\'s AddRan Festival Of Undergraduate Scholarship and Creativity, April 2009 and winner of TCU\'s Economic Department Award to Best Presentation in Economics.
The global financial crisis, brewing for a while, really started to show its effects in the middle of 2008. Around the world stock markets have fallen, large financial institutions have collapsed or been bought out, and governments in even the wealthiest nations have had to come up with rescue packages to bail out their financial systems.
On the one hand many people are concerned that those responsible for the financial problems are the ones being bailed out, while on the other hand, a global financial meltdown will affect the livelihoods of almost everyone in an increasingly inter-connected world. The problem could have been avoided, if ideologues supporting the current economics models weren’t so vocal, influential and inconsiderate of others’ viewpoints and concerns.
This presentation provides an overview of the crisis with links for further, more detailed, coverage at the end.
A crisis so severe, the world financial system is shaken…
Attached is a wonderful presentation by the wizard financial analyst and writer Arif Anees. Hope you'd all relish this rare stuff..
O uso da webquest e podcasting na criação de material didático para o ensino ...Vanessa Bohn
GT : O livro didático e a produção de materiais e recursos pedagógicos (impressos ou virtuais) para o ensino e aprendizagem de língua estrangeira
Coordenação: profª Drª Reinildes Dias
Slide thuyết trình triển vọng kinh tế Việt Nam 2016 do TS. Nguyễn Xuân Thành thuyết trình trong sự kiện oulook 2016 triển vọng thị trường Bất động sản, Lưu Minh Ngọc chia sẻ cho các bạn quan tâm.
La mayoría de empresas al crecer crean jerarquías y departamentos funcionales. Esto hace, por un lado, que para entregar valor a un cliente tengan que participar varios equipos con diferentes objetivos causando flujos de comunicación complejos, esperas y conflictos de priorización entre los diferentes equipos. Al final el producto acaba siendo más complejo de lo necesario, menos adecuado al usuario final y el tiempo de entrega más largo de lo necesario. Así que el objetivo primordial de la empresa (entregar valor a sus clientes y recibir dinero a cambio) no se ha maximizado. Y por otro lado, la complejidad de comunicación y los conflictos de priorización van en contra de la felicidad de los empleados. Proponemos una forma diferente de escalar las empresas: creando equipos multifuncionales y enfocados a un objetivo de negocio. Trabajando cerca de su cliente y autonomía para tomar las decisiones necesarias y satisfacer sus necesidades sin depender de otros equipos. Explicaremos cómo lo hicimos en InfoJobs. Cómo conseguimos recuperar aquel espíritu de start-up que teníamos al principio en una compañía con más de 200 trabajadores usando Hoshin Kanri, Lean Startup, Customer Development y Agile para asegurar que aunque los equipos tengan plena autonomía la alineación con los objetivos de la empresa sea total.
Kunta10-tutkimuksen mukaan johtaminen kunnissa on parantunut. Tutkimuksessa ovat mukana Helsinki, Espoo, Vantaa, Turku, Tampere, Oulu, Raisio, Naantali, Nokia, Valkeakoski ja Virrat. Helsinki on mukana toista kertaa. Työterveyslaitoksen johtama Kunta10 tehdään joka toinen vuosi alkaen 2008.
1..the Term Great Recession suggests that the continual decline with.docxbraycarissa250
1..the Term Great Recession suggests that the continual decline within the economic climate also as likewise it's primarily caused by the US. Because of the Great Recession, the United States has actually skilled many of the monetary problems and additionally led to several debts. There are additionally many components for the basic reason for the Great Recession that elements could also be actually straight or perhaps secondary. There are literally also many risks related to financial issues. As it is mentioned that various changes develop as a result of the upper recession as well as additionally a lot of the people lost their work and conjointly encountered many troubles that are literally market was actually due and implausibly low thereto variety of the monetary problems develop within the US authority's policies(Yagan, 2019).
As a result of the Terrific Recession several of the individuals terminated up being unwell and likewise several of the young individuals are actually experiencing additional difficulties. The author additionally explicit that as a result of the Great Recession various of the worker's practicality of higher cognitive process at the work has actually been actually reduced step by step and also their complete satisfaction at their work is really additionally lowered. Fundamental requirements are visiting additionally be actually less delighted, associated this resulted in coping with many issues (Margerison-Zilko et al., 2016).
The Greater recession the author explicit that Greater Recession is actually terribly severe also as likewise as a result of there's an improved at leisure as well as likewise decreased operating hours. The portion of labor is literally additionally lowered slowly thanks to that. Much of the individual lives are actually altered and also earnings have been decreased. Because of the lessened economic situation, a number of the folks lost their tasks. The downtrend within the economic state of affairs is about to differ for the varied teams (Yagan, 2019).
References
Margerison-Zilko, C., Goldman-Mellor, S., Falconi, A., & Downing, J. (2016). Health impacts of the great recession: a critical review.
Current epidemiology reports
,
3
(1), 81-91.
Yagan, D. (2019). Employment hysteresis from the great recession.
Journal of Political Economy
,
127
(5), 2505-2558.
2.
The great recession of 2009 is the most severe economic crisis because of the great depression. A study conducted by author Katkov claimed that during the great recession, the real GDP (Gross Domestic Product) has declined by about 3.7 percentage. From the secondary research method, Katkov stated that the real estate market is considered as a major cause of the great recession. Also, change in the national macroeconomic policy from demand and supply support strategies are other causes of the decision. Subprime mortgage loans are one of the major causes of the recession. That is, the amounts of up to 100% of the value of homes .
A growing number of indicators suggest that the U.S. economy is heading for ‘stagflation’, i.e. a period of economic stagnation coupled with inflation. Personal consumption expenditures, which comprise almost three-quarters of gross domestic product (GDP), are expected to recede, as implied by sharply declining indexes based on consumer spending plans.
The current economic slowdown can only partially be attributed to longterm cyclical corrections. Without doubt, the proliferation of economic pessimism stems mainly from the severe liquidity and market risk crises in the financial system.
Authored by: Lucian Orlowski
Published in 2008
World crisis of 2008 and its economic, social and geopolitical consequencesFernando Alcoforado
This article aims to identify the causes of the global economic and financial crisis of 2008, tracing the economic and social scenarios and global geopolitical changes resulting from the crisis. The methodology consisted in the analysis of publications related to the global economic and financial crisis and its consequences. The result of the studies indicated that the global economic and financial crisis of 2008 will be prolonged and that it may result in the advent of a new world order, the decline of the US and the rise of China as a major economic power in the world.
1. The causes of the Great Recession of 2008-10
Introduction
The 2008 global financial recession remains one of the world’s worst financial crisis
in the recent past. According to Taylor (2009), the combined effects of a number of economic
factors lead to the crisis. Analysts see this as a shift of power from US to China, an indication
of the loss of value of the US dollar to the Chinese Yuan. While addressing the 2008-10
financial recession, this paper will discuss the causes and effects of the financial recession,
especially on the US economy. The collapse of financial institutions, particularly the collapse
of the mortgage sector was the main cause of the crisis. Ripple effects of this saw the collapse
of the SME sector, and loss of employment, reduced sales from manufacturing industries, and
the construction industry. Feeling the extending heat of the crisis, the US government had to
bail out majority of these organizations, plunging itself into a huge debt. However, although
the crisis affected all countries, American institutions remain the worst hit, with some of the
countries reporting mild effects, such as China. Following this recession, questions as to the
ability of US to avert such crises and at the same time, its economic power, both internally
and externally arose. This paper will discuss the causes of the 2008-2010 global financial
crisis. It will also address the how this recession marked a shift of economic power from US
to China.
Causes of the 2008-2010 financial crisis
The instability of the US markets
The market instability, coupled with the mortgage sector are the major causes of the
2008-2010 financial recession. However, experts hold that other factors too were critical in
Shalveen Kumar
2. fanning up the crisis. Market instability, created by the inability of the financial sector to
create new lending lines that would replenish the dried up financial system crippled the entire
system (Kenc and Dibooglu, 2010). Mainly, the United States is a credit-based economy and
as such, the housing boom triggered the crisis when majority of borrowers could not meet
their credit obligations. The government provided banks and financial institutions with cheap
money. With the cheap money, more people could afford mortgages and as such, the boom of
the housing sector saw more people seek up house financing. Interest rates flopped, leading to
massive losses from lenders. Mainly, the collapse of various United States sub-prime
mortgage lenders caused immense shock across the globe, the ripples spreading to other
continents. Many of these lenders did not consider credit worthiness of their borrowers, but
instead offered credit at their own discretion. The financial position of many of these
borrowers could not service their mortgages, yet lenders gave those mortgages.
Global trade imbalances
Globalization and trade imbalances saw an increase in money inflows in the United
States from high saving countries as the government borrowed funds to finance its public
projects (Acharya and Richardson, 2009). The availability of disposable incomes increased
consumption levels among the people, thus creating the housing bubble in the US markets.
Notably, majority of the people did not finance their lifestyles using savings or investment
profits, but rather, borrowed money, readily available from the financial institutions. Between
1990 and 2007, the household debt relative to disposable income rose from 77% to 127%
(Brian and Patrick, 2010). Since the 1980s, there was a steady increase in the number of
export oriented countries, among them Japan, Asia and China. The entry of these countries,
especially because of their low production costs created by low wages and heavy
technological production shifted the global supply and demand forces. Americans demanded
more and produced less, because imported goods were cheaper than domestically produced
3. goods (Berkmen, et al., 2009). By early 2000s, excess labor supplies, capital, and productive
demand shifted the global demand forces. The collapse of the consumer credit, coupled with
the housing price bubble brought this trend to a halt, leaving US with a massive debt. For
instance, the US deficit grew by $650 billion from 1.5% to 5.8% between 1996 and 2004
(Brian and Patrick, 2010). To finance these deficits, the country had to borrow huge sums of
money from abroad. To finance its imports, the country used the borrowed funds from the
heavy saving countries. China was one of these lenders, as it had huge savers, some with as
high as 40% in personal savings (Brian and Patrick, 2010). These borrowings crippled the
economy as the government struggled to maintain the high demand for funds to finance the
consumption rates of its people.
Weak underwriting policies
Weak underwriting practices were yet another cause of the crisis. According to
Berkmen, at al (2009) majority of the mortgages purchased during the housing boom were
defective. This means that their underwriting process did not comply with the underwriting
policies. Some did not even have the necessary documents. The greedy nature of mortgage
lenders saw them took shortcuts in the lending process, in an effort to make more money
from the boom. Some placed too much trust on the credit bureaus, some of which did not
have updated information on the borrowers. Since much of these loans were unsecured, when
people could not repay their loans, these institutions ran into losses. One of the worst
mistakes that the banks did was rather than lending all the money they had, they repackaged
the loans into collateralized debt obligations, passing them to other lenders (Cetorelli and
Goldberg, 2012). Consequently, the lender does not have the opportunity to analyze the
creditworthy of the borrower. A big section of analysts believes that the lax underwriting
standards played a big role in the high rate of nonprime loan delinquencies during this period.
Cetorelli and Goldberg (2012) points out that although credit purchasers have the obligation
4. of assessing the creditworthiness of borrowers, many of the borrowers did not appreciate the
level of risk in their portfolios during this housing boom. Further the fact that the investors
relied too much on the judgments of credit rating agencies on credit worthiness of the
borrowers.
The 2001 mild recession
Historical development of the crisis posits that the US economy in 2001 experienced a
mild and short-lived recession, whose effects were not as adverse as the 2008-2010 crisis
(Kenc and Dibooglu, 2010). In fact, many economists warned of a possible financial crisis,
especially fuelled by the mortgage sector. The mortgage sector relies on the policies set by
the government and in the absence of these policies, open market operations prompt investors
to misbehave. Owing to the warning sings by analysts on an imminent crisis, the Federal
Reserve Bank sought measures to stop the crisis from taking place. As such, the Federal
Reserve embarked on a strategy of increasing the liquidity in the economy. Subsequently, it
sliced the Federal Reserve rates by 11 times from 6.5% in May 2000 to 1.75% in December
2001 (Cetorelli and Goldberg, 2012). This plan however worked against the strategy of
averting the crisis. This is because the cheaper the money, the more people misuse it. When it
lands in the hands of greedy bankers and borrowers who previously did not have any forms of
income, job, or assets, ended up putting it into uneconomic use. Contrary to investing the
money into income generating projects, many borrowers took this as an opportunity to
owning homes, fully financed by borrowed funds. The overall effect was an increase in
demand for mortgages, as the number of homebuyers increased.
Availability of cheap money
According to the law of demand and supply, an increase in house demand leads to an
increase in the price levels (Balke and Zeng, 2013). This demand pushed the prices of homes
higher as more people demanded homes. The overall effect of cheap credit was an increase in
5. home prices, consequently increasing the demand for high yielding subprime mortgages
(Balke and Zeng, 2013). Perhaps, because of the low inflationary rates in the country, the
Federal Reserve continued slashing lending rates, and in 2003, it lowered interest rates to 1%.
The entire financial market started selling credit at huge discounts without asking for any
down payments from the borrowers (Scott, et al., 2010). As such, people borrowed and were
to repay later, without any form of investments or down payments for the credit.
Unfortunately, the lenders did not warn these people of the imminent danger of such market
operations.
Interest rates
With the increased amount of money within the economy, interest rates remained low
for the high-end housing. This coupled with the ease of financing with funds from the
Russian debt crisis and the Asian financial crisis pushed the demand high. The government’s
strategy of creating cheap credit targeted at increasing the liquidity and increasing people’s
ability to borrow for investment. Baker (2008) points out that most of the people committed
themselves to a mortgage arrangement of heavy credit borrowings that only went into the
same use of financing housing. There was no diversity in investment of the borrowed funds.
The tremendous growth of the housing sector in the United States placed significant hopes on
people that it was the best form of investment (Scott, et al., 2010). Unfortunately, the boom in
the housing sector, triggered by the cheap funds culminated to inflationary levels. The
availability of the cheap funds automatically pushed consumer prices, not just the prices of
homes. Following the inflation, the credit wells dried up and the price of the houses started
dropping gradually (Sim, Schoenle, Zakrajsek and Gilchrist, 2013: 4). Due to the high
amounts borrowed and the dropping house prices, the mortgage holders were unable to
service the mortgages due to lack of an incentive and the realization that contrary to the
6. actual market rates of mortgage then, mortgage providers had in fact overcharged them
(Laeven and Valencia, 2010: 45).
Does the crisis represent a shift in the centre of global economic power from the
United States to China?
Since the financial crisis of 2008-2010, U.S faces a major crisis due to the economic
challenges created by the crisis. The country now faces stiff competition in global market
with China threatening to overtake its super power status. Analysts projected that by 2014
China GDP would have surpassed that of U.S. The crisis revealed a number of important
issues facing the economy of the United States. The high deficit levels during the crisis prove
that the country is not self-reliant economically and relies on other countries for lending. This
shows that the country is losing its grip in the global market, especially if the numbers of
heavy lenders in the country are anything to go by. Interestingly, as the global demand and
supply shifts changed, China was one of the biggest lenders to the United States. China,
compared to United States is a net exporter, whilst America is a net importer of consumer
products. Additionally, the consumption levels of China remain higher than the United States.
For a country to have a high GDP, it should have high production levels. This translates to
high exports and increased output. If a country imports much of its consumer products, then
its GDP is likely to remain low. This is the main problem facing the United States.
When the financial recession hit the globe and US became the worst hit country,
questions as to the ability of the country to avert such economic crises arose. Analysts sought
to find answers on the main reasons why the country could not stop the crisis, yet it was
aware of its imminent occurrence. The inability of the country to control its economy is
perhaps the biggest cause of the loss of power to China. To measure the superiority of a
country economically, a number of factors are very important. Its economic policies and
performance are very critical. US’s economic policy currently relies on debt financing,
7. reducing its self-sufficiency levels. Debt financing means that the country will have to
borrow to meet its financial obligations, among them the consumer goods. The net effect of
this is that the country has a weak financial muscle compared to one that does not use debt to
finance its operations. As such, US cannot influence global economics, owing to its
dependency nature on other countries.
Currently, the US dollar is the global base currency and used in the international trade
as well as the global reserve asset. As the base currency, all other international currencies
base their exchange rates against the dollar. All international trade is based on the dollar, with
all business transactions being expressed in terms of the dollar. In international trade,
countries and people issuing a reserve currency can make cross boarder borrowing and
purchase imports at a relatively lower price than other countries. This is because they do not
need to exchange currencies to either borrow or pay for imports. On the other hand,
governments hold the US dollar as the reserve currency asset, as part of their foreign
exchange reserve funds. The main reason for holding reserve funds is preventing the
country’s currency against speculative outflows. Foreign countries not only buy the American
treasury as an investment, but also to have dollar dominated asset reserves. Currently, the US
dollar, being the most dominant reserve currency has made it easy for Americans to borrow at
lower rates than the rest of the world. Additionally, the country’s imports are lower than the
rest of the world as it does not need to change the currency into any other currency to conduct
international trade.
However, a number of factors affect the future of the American dollar as the
international trade currency and the reserve asset. The recent budget crisis, the heavy debt,
and downgrade of the country’s credit rating makes the US currency extremely shaky
compared to other currencies. In future, the US dollar will lose its value against the Chinese
Yuan. As China gains more economic power, it will have influence over global interest rates.
8. A high GDP means that China exports more products than any other country globally. As a
net exporter, more currencies will trade against the Yuan compared to the dollar. This will
become the global base currency, where all other currencies will be measured against.
Conclusion
A number of factors lead to the 2008-2010 financial recession. Among these, include
the mortgage crisis of the United States where the country slashed its borrowing rates to
increase liquidity levels within the economy. However, rather than people putting these
investment projects, people decided to buy homes. This pushed the demand for homes, and
thus increasing the interest rates. When people lost their ability to repay, mortgage lenders
made losses, leading to the crisis. Weak lending policies too, especially where there was no
adherence to underwriting policy were yet another cause of the crisis. The increase of the
interest rates on the mortgage borrowers too contributed to the crisis. Finally, the shift in
global demand and supply balances also increased the US debt ratio. The effects of this was a
shift in global economic power from the united states to china as the world develops more
trust on the Chinese economy, being one of the biggest lenders to the US government during
the crisis. This blurs the future of the US dollar as the Chinese Yuan threatens to surpass its
value mainly because China is a net exporter and that the country does not use debt to finance
its public expenditure.
References
Acharya, V. V., & Richardson, M. (2009). Causes of the financial crisis. Critical
Review, 21(2-3), 195-210.
Baker, D. (2008). The housing bubble and the financial crisis. Real-world economics
review, 46, 73-81.
9. Balke, N. S., & Zeng, Z. (2013). Credit demand, credit supply, and economic
activity. The BE Journal of Macroeconomics, 13(1), 643-680.
Berkmen, P., Gelos, G., Rennhack, R. K., & Walsh, J. P. (2009). The global financial
crisis: Explaining cross-country differences in the output impact. IMF Working Papers, 1-19.
Brian, K., & Patrick, L. (2010). OECD Insights From Crisis to Recovery The Causes,
Course and Consequences of the Great Recession: The Causes, Course and Consequences of
the Great Recession. OECD Publishing.
Cetorelli, N., & Goldberg, L. S. (2012). Liquidity management of US global banks:
Internal capital markets in the great recession. Journal of International Economics, 88(2),
299-311.
Kenc, T, & Dibooglu, S 2010, 'The 2007–2009 financial crisis, global imbalances and
capital flows: Implications for reform', Economic Systems, 34, 1, pp. 3-21, Business Source
Premier, EBSCOhost, viewed 18 October 2014.
Laeven, L., & Valencia, F. (2010). Resolution of banking crises: The good, the bad,
and the ugly. International Monetary Fund.
Scott, F, Shih-Chuan, T, & Cheung, W 2010, 'Global capital market interdependence
and spillover effect of credit risk: evidence from the 2007-2009 global financial
crisis', Applied Financial Economics, 20, 1/2, pp. 85-103, Business Source Premier,
EBSCOhost, viewed 18 October 2014.
Sim, J, Schoenle, R, Zakrajsek, E, & Gilchrist, S 2013 ‘Inflation Dynamics During the
Financial Crisis’ In 2013 Meeting Papers (No. 826), Society for Economic Dynamics.
Taylor, J. B. (2009). The financial crisis and the policy responses: An empirical
analysis of what went wrong (No. w14631). National Bureau of Economic Research.