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Reflections on the International Dimensions and Policy Lessons of the U.S. Subprime Crisis

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  • Reinhart, Carmen

Abstract

The financial press has often characterized the 2007-2008 United States subprime mess as a new breed of crisis. Indeed, this view often points to the international repercussions of the U.S.-based crisis as evidence that the globalization of financial portfolios has introduced new channels for spillovers that were never present before. At present, there is also considerable confusion in academic and policy circles as to whether the shaky predicament of the global economy owes to contagion or to shared (common) economic fundamentals. I address these issues, in turn, and discuss some of the questions, as regards regulation of financial institutions, that the current crisis has raised.

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Bibliographic Info

Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 11863.

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Date of creation: Mar 2008
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Handle: RePEc:pra:mprapa:11863

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Keywords: financial crisis; subprime; international;

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  1. Reinhart, Carmen, 2002. "Sovereign Credit Ratings Before and After Financial Crises," MPRA Paper 7410, University Library of Munich, Germany.
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Cited by:
  1. Schlenkhoff, Georg, 2009. "Can Great Depression Theories Explain the Great Recession?," MPRA Paper 19781, University Library of Munich, Germany.
  2. Reinhart, Carmen & Felton, Andrew, 2008. "The First Global Financial Crisis of the 21st Century," MPRA Paper 11862, University Library of Munich, Germany.

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