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CAUSES OF THE FINANCIAL CRISIS 2007 – 2009
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- 2014 год
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In the middle 2007 a lack of management mechanisms of globalization process made cracks in the stability of economy. The inflation was rising from year to year and in 2007-2008 was extremely high. That time policy makers were not able to fix macroeconomic balances that led to the high prices on the livelihood. The regulation started only in 2008 but some events happened with institutions on Wall Street in September 2008 that shocked the world and altered radically the fate and course of our globalized economies altogether.
The crisis started in the USA in 2007 with the sudden cutting of several funding and brought about the changes in economy of the whole world.
The financial rate was falling down till the point “zero”, the inflation and prices were rising, the position of dollar wasn’t such important anymore as before.
The Financial Crisis 2007-2009 was caused by the line of causes including bank failures, changes of income, increase in public debt, a lot of loans and some global consequences.
The author makes a conclusion that the main cause of the crisis was the combination of the credit boom and house bubble.
List of illustrations
1. Introduction
2. General representation of the factors leading to Crisis
2.1. Chronology of the Financial Crisis
2.2. Main figures
2.3. The Government’s response to the Financial Crisis
3. An essence of the Financial Crisis
3.1. Bank failures
3.2. Changes of income
3.3. Increase in Public Debt
3.4. Global forces behind the Crisis
4. Conclusion
Annex
Bibliography
The problem under discussion is the causes of Financial Crisis 2007-2009.
The assignment opens a short pre-crisis history. From the 2000s the USA became the largest debtor of a world managing current account balances, which led to the global financial crisis in 2007-2008.
Literature
AERC Biannual Workshop, Nairobi, December 2008.
Belke, A., W. Orthand R. Setzer (2008), 'Global liquidity and house prices: a VAR analysis for OECD countries', University of Duisberg-Essen Working Paper.
Cali M. and I. Massa and D.W. te Verde (2008), “The Global Financial Crisis: Financial Flows to Developing Countries set to Fall by One Quarter”, Mimeo, ODI, London.
IMF (2009), World Economic Outlook(2009) April 2009.
Laeven, Luc, and Fabian Valencia, 2008, “Systemic Banking Crises: A New Database,” IMF Working Paper No. 08/224, Washington, DC.
Miller Marcus and Lei Zhang (2007), “Fear and Market Failure: Global Imbalances and Self Insurance”, CSGR Working Paper No. 216/07.
Nissanke Machiko (2009), “Commodity Market Structures, Evolving Governance and Policy Issues” Chapter 4 in M. Nissanke and G. Mavrotas (eds.), Commodities, Governance and Economic Development under Globalization, Palgrave/Macmillan Press, 2009 (forthcoming).
Nissanke Machiko and Howard Stein (2003), “Financial Globalization and Economic Development: Towards an Institutional Foundation”, Eastern Economic Journal, vol. 29, No.2, pp. 287-308.
Press Release, Bd. of Governors of the Fed. Reserve Sys., Federal Reserve Board Discount Rate Action (Aug. 17, 2007), available at http://www.federalreserve.gov/ newsevents/press/monetary/ 20070817a.htm.
Senbet Lemma (2008), “The 2008 Financial Crisis: Diagnosis and Policy Responses”, presented
Internet sources:
Stoxx:
accessed on 10.11.2014
www.stoxx.com
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