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An Historical Perspective on the Crisis of 2007-2008

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  • Michael D. Bordo

Abstract

This paper provides an historical perspective on the crisis of 2007-2008. The crisis is part of a perennial pattern. It has echoes in earlier big international financial crises which were triggered by events in the U.S. financial system. Examples include the crises of 1857, 1893 1907 and 1929-33. This crisis has many similarities to those of the past but also some important modern twists.

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Bibliographic Info

Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 14569.

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Date of creation: Dec 2008
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Handle: RePEc:nbr:nberwo:14569

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  1. Ben S. Bernanke, 2007. "Global imbalances: recent developments and prospects," Speech 317, Board of Governors of the Federal Reserve System (U.S.).
  2. repec:fip:fedgsq:y:2007:i:sep11 is not listed on IDEAS
  3. Fohlin,Caroline, 2007. "Finance Capitalism and Germany's Rise to Industrial Power," Cambridge Books, Cambridge University Press, number 9780521810203, October.
  4. Alistair Milne & Geoffrey E. Wood, 2008. "Banking crisis solutions old and new," Review, Federal Reserve Bank of St. Louis, issue Sep, pages 517-530.
  5. Michael D. Bordo & David C. Wheelock, 2007. "Stock market booms and monetary policy in the twentieth century," Review, Federal Reserve Bank of St. Louis, issue Mar, pages 91-122.
  6. Michael Bordo & Andrew Filardo, 2005. "Deflation and monetary policy in a historical perspective: remembering the past or being condemned to repeat it?," Economic Policy, CEPR & CES & MSH, vol. 20(44), pages 799-844, October.
  7. Michael D. Bordo, 2006. "Sudden Stops, Financial Crises, and Original Sin in Emerging Countries: Déjà vu?," NBER Working Papers 12393, National Bureau of Economic Research, Inc.
  8. Schnabel, Isabel & Shin, Hyun Song, 2001. "Foreshadowing LTCM: The Crisis of 1763," Sonderforschungsbereich 504 Publications 02-46, Sonderforschungsbereich 504, Universität Mannheim & Sonderforschungsbereich 504, University of Mannheim.
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Blog mentions

As found by EconAcademics.org, the blog aggregator for Economics research:
  1. Its Not Me, Its You: the Crisis
    by Martin Ryan in Geary Behaviour Centre on 2009-02-10 01:42:00
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Cited by:
  1. Sergio MASCIANTONIO & Andrea TISENO, 2013. "THE RISE AND FALL OF UNIVERSAL BANKING: UPS AND DOWNS OF A SAMPLE OF LARGE AND COMPLEX FINANCIAL INSTITUTIONS SINCE THE LATE '90s," Journal of Advanced Studies in Finance, ASERS Publishing, vol. 0(1), pages 5-31, July.
  2. Mohammed Dore & Rajiv Singh, 2012. "The Role of Credit in the 2007–09 Great Recession," Atlantic Economic Journal, International Atlantic Economic Society, vol. 40(3), pages 295-313, September.
  3. Bates, Samuel & Vaugirard, Victor, 2009. "Monetary Transmission Channels around the Subprime Crisis : The US Experience," Economics Papers from University Paris Dauphine 123456789/1483, Paris Dauphine University.
  4. Robert L. Hetzel, 2009. "Monetary policy in the 2008-2009 recession," Economic Quarterly, Federal Reserve Bank of Richmond, issue Spr, pages 201-233.
  5. Harrison, Ann & Sepulveda, Claudia, 2011. "Learning from developing country experience : growth and economic thought before and after the 2008-09 crisis," Policy Research Working Paper Series 5752, The World Bank.
  6. Cordelius Ilgmann & Ulrich van Suntum, . "Bad Banks: The Case of Germany," Working Papers 200110, Institute of Spatial and Housing Economics, Munster Universitary.
  7. Apergis, Nicholas & Payne, James E., 2014. "Resurrecting the size effect: Evidence from a panel nonlinear cointegration model for the G7 stock markets," Review of Financial Economics, Elsevier, vol. 23(1), pages 46-53.
  8. Arthur Grimes, 2014. "Four Lectures on Central Banking," Working Papers 14_02, Motu Economic and Public Policy Research.
  9. Jane Dokko & Brian M. Doyle & Michael T. Kiley & Jinill Kim & Shane Sherlund & Jae Sim & Skander Van Den Heuvel, 2011. "Monetary policy and the global housing bubble," Economic Policy, CEPR & CES & MSH, vol. 26(66), pages 233-283, 04.
  10. Michael D. Bordo & Joseph G. Haubrich, 2009. "Credit crises, money, and contractions: A historical view," Working Paper 0908, Federal Reserve Bank of Cleveland.
  11. Romar Correa, 2010. "Regime-Changes in a Stock-Flow-Consistent Model," Interdisciplinary Description of Complex Systems - scientific journal, Croatian Interdisciplinary Society Provider Homepage: http://indecs.eu, vol. 8(1), pages 24-33.
  12. Satish Ranchod, 2010. "Lessons from previous U.S. recessions and recoveries," Reserve Bank of New Zealand Bulletin, Reserve Bank of New Zealand, vol. 73, pages 37-52, March.
  13. R. Gargano & E. Otranto, 2013. "Financial Clustering in Presence of Dominant Markets," Working Paper CRENoS 201318, Centre for North South Economic Research, University of Cagliari and Sassari, Sardinia.
  14. Argandoña, Antonio, 2009. "Can corporate social responsibility help us understand the credit crisis?," IESE Research Papers D/790, IESE Business School.
  15. Adamopoulou, Effrosyni & Tanzi, Giulia M., 2014. "Academic Performance and the Great Recession," MPRA Paper 54913, University Library of Munich, Germany.
  16. Annabelle Mourougane & Davide Furceri, 2010. "Une lecture de la crise à la lumière des crises passées," Économie et Statistique, Programme National Persée, vol. 438(1), pages 19-42.
  17. Gabriel Jimenez & Atif Mian & Jose-Luis Peydro & Jesus Saurina, 2011. "Local versus aggregate lending channels : the effects of securitization on corporate credit supply in Spain," Proceedings 1126, Federal Reserve Bank of Chicago.
  18. Gabriel Jiménez & Atif Mian & José-Luis Peydró & Jesús Saurina, 2011. "Local versus aggregate lending channels: the effects of securitization on corporate credit supply," Banco de Espa�a Working Papers 1124, Banco de Espa�a.
  19. Ulrich Suntum & Cordelius Ilgmann, 2013. "Bad banks: a proposal based on German financial history," European Journal of Law and Economics, Springer, vol. 35(3), pages 367-384, June.
  20. Kenc, Turalay & Dibooglu, Sel, 2010. "The 2007-2009 financial crisis, global imbalances and capital flows: Implications for reform," Economic Systems, Elsevier, vol. 34(1), pages 3-21, March.

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