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The Great Crash of 2008: Causes and Consequences (Report)

The Cato Journal, 2010, Spring-Summer, 30, 2

The Cato Journal

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Description

In the early 1980s, I was working as the research administrator at the World Bank, while the Third World was engulfed by a debt crisis. The current global financial crisis has eerie similarities, but different outcomes. Why? First, both the crises arose because there was a surplus of savings in a number of countries--the oil producers in the 1970s, the Asian economies and commodity exporters today--which was recycled through the international banking system. Second, highly liquid banks imprudently funneled cheap credit to uncreditworthy borrowers: the fiscally challenged and inflation-prone countries of Latin America and Africa ha the 1970s, the ninja (those with no income, no jobs, no assets) subprime mortgagees of the current crisis. Third, there was a rise in commodity prices and a worsening of the terms of trade of the OECD, posing the stagflation dilemma for their central banks, having aided and abetted the earlier asset boom. Fourth, the imprudent banks sought bailouts from taxpayers, claiming their demise would fatally damage the world's financial system.

The Great Crash of 2008: Causes and Consequences (Report)
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  • 2,99 €
  • Available on iPhone, iPad, iPod touch, and Mac.
  • Category: Politics & Current Affairs
  • Published: 22 March 2010
  • Publisher: Cato Institute
  • Print Length: 19 Pages
  • Language: English
  • Requirements: To view this book, you must have an iOS device with iBooks 1.3.1 or later and iOS 4.3.3 or later, or a Mac with iBooks 1.0 or later and OS X 10.9 or later.

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