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. ISSN 1096-0473

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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.

Item Type: Article
Subjects: Finance
Date Deposited: 01 Nov 2014 09:45
Last Modified: 11 Jul 2023 18:10
URI: https://eprints.exchange.isb.edu/id/eprint/107

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