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The Slow Spread Of The Global Crisis

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  • PRISCILLA LIANG

    ()
    (Claremont Institute for Economic Policy Studies, USA; California State University, Channel Islands, USA)

  • THOMAS D. WILLETT

    ()
    (Claremont Institute for Economic Policy Studies, USA; Claremont Graduate University and Claremont McKenna College, USA)

  • NAN ZHANG

    ()
    (Claremont Institute for Economic Policy Studies, USA; Claremont Graduate University, USA)

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    Abstract

    We argue that the depth and breadth of the spread of the current crisis from the US subprime market across the globe was due more to the buildup of substantial financial vulnerabilities prior to the crisis than to irrational panic during the crisis. We examine how these developments explain the belated recognition of the severity of the crisis and its slow spread through various channels of contagion. We also discuss lessons for policy and research.

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    Bibliographic Info

    Article provided by World Scientific Publishing Co. Pte. Ltd. in its journal Journal of International Commerce, Economics and Policy.

    Volume (Year): 01 (2010)
    Issue (Month): 01 ()
    Pages: 33-58

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    Handle: RePEc:wsi:jicepx:v:01:y:2010:i:01:p:33-58

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    Related research

    Keywords: Financial crisis; contagion; F32; G15;

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    References

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    1. Dwyer, Gerald P. & Tkac, Paula, 2009. "The financial crisis of 2008 in fixed-income markets," Journal of International Money and Finance, Elsevier, vol. 28(8), pages 1293-1316, December.
    2. Nathaniel Frank & Heiko Hesse, 2009. "Financial Spillovers to Emerging Markets during the Global Financial Crisis," Czech Journal of Economics and Finance (Finance a uver), Charles University Prague, Faculty of Social Sciences, vol. 59(6), pages 507-521, December.
    3. George A. Akerlof, 2009. "How Human Psychology Drives the Economy and Why It Matters," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 91(5), pages 1175-1175.
    4. Reinhart, Carmen & Rogoff, Kenneth, 2009. "This Time It’s Different: Eight Centuries of Financial Folly-Chapter 1," MPRA Paper 17452, University Library of Munich, Germany.
    5. Tao Sun & L. Effie Psalida, 2009. "Spillovers to Emerging Equity Markets," IMF Working Papers 09/111, International Monetary Fund.
    6. Andrew Berg & Eduardo Borensztein & Catherine Pattillo, 2005. "Assessing Early Warning Systems: How Have They Worked in Practice?," IMF Staff Papers, Palgrave Macmillan, vol. 52(3), pages 5.
    7. Barry Eichengreen & Ashoka Mody & Milan Nedeljkovic & Lucio Sarno, 2012. "How the Subprime Crisis Went Global: Evidence from Bank Credit Default Swap Spreads," Working papers 21, National Bank of Serbia.
    8. Graciela L. Kaminsky & Carmen M. Reinhart & Carlos A. V�gh, 2003. "The Unholy Trinity of Financial Contagion," Journal of Economic Perspectives, American Economic Association, vol. 17(4), pages 51-74, Fall.
    9. Saleem, Kashif, 2008. "International linkage of the Russian market and the Russian financial crisis: A multivariate GARCH analysis," BOFIT Discussion Papers 8/2008, Bank of Finland, Institute for Economies in Transition.
    10. Reinhart, Carmen & Rogoff, Kenneth, 2009. "This Time It’s Different: Eight Centuries of Financial Folly-Preface," MPRA Paper 17451, University Library of Munich, Germany.
    11. Prema-chandra Athukorala & Archanun Kohpaiboon, 2009. "East Asian Exports in the Global Economic Crisis: The Decoupling Fallacy and Post-crisis Policy Challenges," Departmental Working Papers 2009-13, The Australian National University, Arndt-Corden Department of Economics.
    12. Milne,Alistair, 2009. "The Fall of the House of Credit," Cambridge Books, Cambridge University Press, number 9780521762144, April.
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