Munich Personal RePEc Archive

The impacts of the global financial crisis on the real economy, economic policies and academic debates.

Alfazema, Antonio (2020): The impacts of the global financial crisis on the real economy, economic policies and academic debates.

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Abstract

The years preceding the crisis were characterized by strong global growth and relatively stable and low inflation in most countries. Growth was driven by significant increases in productivity in many countries, which, combined with the further integration of developing countries into the global economy and a strong expansion of trade, allowed prices to remain relatively stable for several years. The Article presents a summary of the facts that guided the global financial crisis, affecting the growth of the economy as a whole. Academics are unanimous in stating that the contours of the crisis stem from several combined factors, in the failure to comply with some basic rules, as the crisis can be relatively manageable if assets and liabilities are denominated in the country's currency.

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