Credit Crunch Chronology: April 2007–September 2009
AbstractThe global financial crisis that began in mid-2007 and exploded in the fall of 2008 shocked most economists. Some had raised concerns about the rapid growth in the housing market in developed countries, especially to “sub-prime,” high-risk borrowers. Others had been concerned about large banks being “Too Big to Fail,” worrying that such banks might take inordinate risk since they had an implicit government backstop. But the typical economist–even the typical macroeconomic forecaster–was not predicting a massive global recession over the 2007–2008 period. Thus, the crisis was a genuine surprise.While economists have theories to help explain and understand recessions, bubbles, manias and crashes, only by taking these theories to the data will we learn which models are relevant and which are mere theoretical curiosities. The chronology below should help refresh reader’s memories about the world-shaking events surrounding the crisis while also reminding them of some of less-famous but possibly still crucial moments from the 2007 to 2009 period. Many of the events, institutions, and concepts below are discussed in full-length articles elsewhere in the Dictionary.
Download InfoIf you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
As the access to this document is restricted, you may want to look for a different version under "Related research" (further below) or search for a different version of it.
This chapter was published in: Steven N. Durlauf & Lawrence E. Blume (ed.) , , pages , 2011, 1st quarter update.
This item is provided by Palgrave Macmillan in its series The New Palgrave Dictionary of Economics with number v:5:year:2011:doi:3843.
Contact details of provider:
Web page: http://www.palgrave-journals.com/
Find related papers by JEL classification:
- N12 - Economic History - - Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations - - - U.S.; Canada: 1913-
- N14 - Economic History - - Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations - - - Europe: 1913-
- N22 - Economic History - - Financial Markets and Institutions - - - U.S.; Canada: 1913-
- N24 - Economic History - - Financial Markets and Institutions - - - Europe: 1913-
- E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
You can help add them by filling out this form.
reading list or among the top items on IDEAS.Access and download statisticsgeneral information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Sheeja Sanoj).
If references are entirely missing, you can add them using this form.