Causes of the great recession of 2007-2009: The financial crisis was the symptom not the disease!

Jagannathan, R and Kapoor, M and Schaumburg, E (2013) Causes of the great recession of 2007-2009: The financial crisis was the symptom not the disease! Journal of Financial Intermediation, 22 (1). pp. 4-29.

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Abstract

Globalization has increasingly made it possible for labor in developing countries to augment labor in the developed world, without having to relocate, in ways not thought possible only a few decades ago. We argue that this large increase in the developed world's effective labor supply, triggered by geo-political events and technological innovations, coupled with the inability of existing institutions in the US and developing nations themselves to cope with this shock, set the stage for the great recession. The financial crisis in the US was but the first acute symptom.

ISB Creators:
ISB CreatorsORCiD
Kapoor, MUNSPECIFIED
Item Type: Article
Uncontrolled Keywords: Financial crisis; Global imbalance; Globalization; Labor supply shock
Subjects: Finance
Depositing User: LRC ISB
Date Deposited: 01 Nov 2014 09:45
Last Modified: 01 Nov 2014 09:45
URI: http://eprints.exchange.isb.edu/id/eprint/107
Publisher URL: http://dx.doi.org/10.1016/j.jfi.2012.06.002
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