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The World Credit Crisis: Understanding It, and What To Do

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  • W. Max Corden

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    (Department of Economics, The University of Melbourne)

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    Abstract

    This paper expounds a story in four stages to explain the world credit crisis, namely: (1) too much credit - an international perspective, (2) too much risk - reaction to low real interest rate, (3) the fatal flaw - the new complex financial instruments, and (4) the panic- bank lending dries up. The paper also discusses the relationship of this crisis to the often-expected crisis of the global imbalances, and it outlines various policy implications.

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    File URL: http://www.melbourneinstitute.com/downloads/working_paper_series/wp2008n25.pdf
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    Bibliographic Info

    Paper provided by Melbourne Institute of Applied Economic and Social Research, The University of Melbourne in its series Melbourne Institute Working Paper Series with number wp2008n25.

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    Length: 23 pages
    Date of creation: Dec 2008
    Date of revision:
    Handle: RePEc:iae:iaewps:wp2008n25

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    Postal: Melbourne Institute of Applied Economic and Social Research, The University of Melbourne, Victoria 3010 Australia
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    Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
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    1. W. Max Corden, 2007. "Those Current Account Imbalances: A Sceptical View -super-1 ," The World Economy, Wiley Blackwell, vol. 30(3), pages 363-382, 03.
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    Cited by:
    1. Richard Pomfret, 2009. "The Financial Sector and the Future of Capitalism," School of Economics Working Papers 2009-05, University of Adelaide, School of Economics.

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