The economic and financial crisis of 2008-2010: the international dimension

Singh, Ajit (2011): The economic and financial crisis of 2008-2010: the international dimension. Published in: The Oxford handbook of the Political Economy of Financial Crisis (13 February 2013): pp. 213-229.

Abstract

My remit in this paper is to examine specifically the international dimensions of the current economic and financial crisis in order to help understand its dynamics. This crisis has been truly international and has affected countries around the globe. It might have started as a relatively minor disturbance in the US property and financial markets (the bursting of the sub-prime mortgage bubble), but it soon spread to most countries, rich as well as poor. One purpose of this paper is to analyse this process of globalisation of the crisis, which as will be explained below is closely linked to financial globalization.

• Item Type: MPRA Paper
• Language: English
• Keywords: financial crisis, globalisation, sub-prime mortgage, dynamics, international dimension
• Subjects: F - International Economics > F0 - General; F - International Economics > F6 - Economic Impacts of Globalization; G - Financial Economics > G0 - General

References

Bibliography

Aiginger, K. 2009. “The Current Economic Crisis: Causes, Cures and Consequences”, WIFO

Working Papers No. 431, August, Osterreichisches Institut für Wirtshaftschung.

Andrews, Edmund L. 2008. “Greenspan Concedes Error on Regulation”, NewYork Times, October 23.

Arestis and Singh (2009) Blanchard (2008) Blanchard (2009)

Baker, D. 2010. False Profits. Recovering from the bubble Economy. Sausalito: PoliPointPress.

Cripps, Francis, Izurieta, Alex and Singh, Ajit. (forthcoming, 2011) ‘Global imbalances, under-consumption and over-borrowing: the state of the world economy and future policies’ Development and Change

Economist, Economic and Financial Indicators, May 1, 2010

Felix, D. (2002). ‘The Economic Case against Free Mobility’ in Leslie Elliott Armijo (ed), Debating the Global Financial Architecture. State of University of New York Press, Albany.

Galbraith, James. 2010. “In Defense of Deficits”. The Nation, March 4 2010

Greenspan, Alan. 2005. “Consumer Finance.” Speech given at the Federal Reserve System’s Fourth Annual Community Affairs Research Conference, April 8, Federal Reserve Board, Washington, D.C.

Greenspan, Alan. 2010. Evidence given to the U.S. Congress Financial Crisis Inquiry Committee (established to investigate the sub-prime mortgage crisis), U.S. Government, Washington D.C.

Keynes, J. M. 1980. The Collected Writings of John Maynard Keynes, Vol. 25, Cambridge, UK, Cambridge University Press

IMF (International Monetary Fund). 2008a. World Economic Outlook. Housing and the Business Cycle. February. IMF, Washington D.C.

--------- IMF 2008b. World Economic Outlook - Financial Stress, Downturns and Recovery. October 2008. IMF Washington D.C.

---------. IMF. 2009a. World Economic Outlook Update. Contractionary Forces Receding But Weak Recovery Ahead. July 8. IMF, Washington D.C.

---------. IMF. 2009b. World Economic Outlook – Crisis and Recovery, April. IMF, Washington D.C.

---------. 2009c. World Economic Outlook. Sustaining the Recovery. October 15. IMF, Washington D.C.

--------. 2010a. World Economic Outlook. A policy-Driven, Multispeed Recovery. January 26. IMF, Washington D.C.

--------. 2010b. World Economic Outlook, Rebalancing Growth. April 21. IMF, Washington D.C.

Izurieta, A. and A. Singh. 2010. ‘Does Fast Growth in India and China help or Harm US Workers?’ Journal of Human Development and Capabilities. Vol. 11, No. 1, February, pp. 115-142.

Keynes, J.M. (1980) The Collected Writings of John Maynard Keynes, Vol. 25, Cambridge University Press

Krugman, P. 2008 “The Big Meltdown”, New York Times, March 2

Krugman, P. 2010. “Goldman Sachs, salaried looters”, The Indian Express, Chandigarh, April 24.

Maddison, A. (1985) Two Crises: Latin America and Asia, 1929-38 and 1973-83, OECB Paris

Mayer, J. 2010 “Global Rebalancing: Effects on Trade Flows and Employment” UNCTAD Discussion Paper No. 200 September

Nurkse, R., (1944), International Currency Experience: Lessons of the Interwar Period. Princeton: League of Nations.

Ormerod, Paul. 2010. “The Current Crisis and the Culpability of Macroeconomic Theory”, 21st Century Society, Journal of the Academy of Social Sciences, Vol. 5, No. 1, 5-18.

Romer, Christina. 2009. Back from the Brink. Address given on September 24 at the Federal Reserve Bank of Chicago, Chicago, Illinois.

Skidelsky, R. 2011 ‘The relevance of Keynes’ Cambridge Journal of Economics, Vol. 35, 1-13

Solow, R. 2009. “How to Understand the Disaster”, The New York Review of Books, May 14.

Stiglitz, J.E. 2010 “Contagion, Liberalization and the Optimal Structure of Globalization” Journal of Globalization and Development Vol. 1, Issue 2 p. 1-45

UNCTAD (United Nations Conference on Trade and Development).

------------ . 2008. Trade and Development Report, United Nations, Geneva.

------------- .2009. Trade and Development Report, United Nations, Geneva.

------------ . 2010. Trade and Development Report, United Nations, Geneva.

UNDESA (United Nations Department of Economic and Social Affairs).

----------- . 2008. Global Economic Outlook, May. United Nations, New York.

----------- . 2009. Global Economic Outlook, May. United Nations, New York.

----------- . 2010. Global Economic Outlook, May. United Nations, New York.

US Council of Economic Advisers. 2010. Annual Report of the Council of Economic Advisers. US Government Printing Office, Washington D.C.

Wolf (2007)

Wolf, Martin. 2008. “The world wakes from the wish-dream of decoupling”, Financial Times, October 22.