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Causes of the Great Recession of 2007-9: The Financial Crisis is the Symptom not the Disease!

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  • Ravi Jagannathan
  • Mudit Kapoor
  • Ernst Schaumburg

Abstract

Globalization has made it possible for labor in developing countries to augment labor in the developed world, without having to relocate, in ways not thought possible only a few decades ago. We argue that this large increase in the developed world’s effective labor supply, triggered by geo-political events and technological innovations, coupled with the inability of existing institutions in the US and developing nations themselves to cope with this shock set the stage for the great recession. The financial crisis in the US was but the first acute symptom.

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Bibliographic Info

Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 15404.

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Date of creation: Oct 2009
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Publication status: published as Jagannathan, Ravi, Mudit Kapoor and Ernst Schaumburg. 2013. Causes of the Great Recession of 2007-9: The Financial Crisis Was the Symptom Not the Disease! . Journal of Financial Intermediation. 22(1): 4-29.
Handle: RePEc:nbr:nberwo:15404

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Cited by:
  1. Amato, Amedeo & Consigliere, Isabella, 2010. "Globalisation and Development in the Encyclical Caritas in Veritate - Globalizzazione e sviluppo nell’enciclica Caritas in Veritate," Economia Internazionale / International Economics, Camera di Commercio di Genova, vol. 63(2), pages 143-167.
  2. Fabio C. Bagliano & Claudio Morana, 2010. "The Great Recession: US dynamics and spillovers to the world economy," Working papers 17, Former Department of Economics and Public Finance "G. Prato", University of Torino.
  3. Ross Levine, 2010. "An Autopsy of the U.S. Financial System," NBER Working Papers 15956, National Bureau of Economic Research, Inc.
  4. Acharya, Viral V & Naqvi, Hassan, 2012. "The Seeds of a Crisis: A Theory of Bank Liquidity and Risk-Taking over the Business Cycle," CEPR Discussion Papers 8851, C.E.P.R. Discussion Papers.
  5. Fligstein, Neil & Goldstein, Adam, 2012. "The Transformation of Mortgage Finance and the Industrial Roots of the Mortgage Meltdown," Institute for Research on Labor and Employment, Working Paper Series qt2zx8r7fb, Institute of Industrial Relations, UC Berkeley.
  6. Christophe André, 2010. "A Bird's Eye View of OECD Housing Markets," OECD Economics Department Working Papers 746, OECD Publishing.

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