Advanced Search
MyIDEAS: Login

Back From The Brink: Year Three Of The Crisis

Contents:

Author Info

  • Maximilian J. B. Hall

    ()
    (Dept of Economics, Loughborough University)

Abstract

With 'green shoots' giving way to more definite signs of recovery in the global economy - most leading nations have already emerged from recession, with the UK being the latest – and with the global financial system back on an even keel (stock markets around the globe have recovered most of the ground lost after the collapse of Lehman Brothers in the Autumn of 2008 and credit markets have thawed out to a degree following the stabilisation of house prices in the West) now is perhaps a good time to bring to a close my survey of the sub-prime-induced credit crunch and the damage it wrought around the World. Internationally-co-ordinated action on the fiscal, monetary and financial fronts and a determination to resist protectionist tendencies appear to have successfully pulled back the World economy from the brink of depression and the financial system from near collapse. Of course, the real recovery is likely to be weak and protracted and unemployment, as a lagging indicator, is likely to continue its remorseless rise, albeit at a slower pace, for some time yet in most parts of the globe, but the worst does seem to be behind us. Wary of damaging the nascent recovery, policymakers are still developing their "exit strategies" – from extraordinary fiscal and monetary stimuli and state intervention in the financial system – rather than implementing them, with much discussion being devoted to how to reform financial regulation with a view to preventing a recurrence of a similar-style systemic collapse. These and other policy issues thus necessarily appear prominently in the analysis below. For now, without being complacent, our political masters can congratulate themselves for having spared their citizens from an even worse maelstrom, but much remains to be done if history is not to repeat itself and taxpayers are to be shielded from the consequences of financial "excess" in the future.

Download Info

If 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.
File URL: http://www.lboro.ac.uk/departments/sbe/RePEc/lbo/lbowps/GlobalDevelopmentsfp.pdf
Download Restriction: no

Bibliographic Info

Paper provided by Department of Economics, Loughborough University in its series Discussion Paper Series with number 2010_06.

as in new window
Length:
Date of creation: Jan 2010
Date of revision: Jan 2010
Handle: RePEc:lbo:lbowps:2010_06

Contact details of provider:
Postal: Loughborough, Leicestershire, LE11 3TU
Phone: +44 (0) 1509 222701
Fax: +44 (0) 1509 223910
Web page: http://www.lboro.ac.uk/departments/sbe/research/economics/index.html
More information through EDIRC

Related research

Keywords:

This paper has been announced in the following NEP Reports:

References

No references listed on IDEAS
You can help add them by filling out this form.

Citations

Lists

This item is not listed on Wikipedia, on a reading list or among the top items on IDEAS.

Statistics

Access and download statistics

Corrections

When requesting a correction, please mention this item's handle: RePEc:lbo:lbowps:2010_06. See general 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: (Huw Edwards).

If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

If references are entirely missing, you can add them using this form.

If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.

If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.

Please note that corrections may take a couple of weeks to filter through the various RePEc services.