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The First-World Debt Crisis of 2007-2010 in Global Perspective

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  • Robert Wade

Abstract

We do not yet know how bad the current credit crisis will get. But we do know that policies in rich nations, dominated by the United States, were often the opposite of corrective. As the author writes in this incisive review of the events that led to the crisis, while boom times rolled on, the cost of credit fell, generating pro-cyclical momentum that made matters worse. A new regulatory apparatus is needed, he argues, one that is more aggressive than is currently being discussed.

Suggested Citation

  • Robert Wade, 2008. "The First-World Debt Crisis of 2007-2010 in Global Perspective," Challenge, Taylor & Francis Journals, vol. 51(4), pages 23-54.
    • Handle: RePEc:mes:challe:v:51:y:2008:i:4:p:23-54
    DOI: 10.2753/0577-5132510402
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    Cited by:

    1. Alberto Bucci & Simone Marsiglio, 2019. "Financial development and economic growth: long‐run equilibrium and transitional dynamics," Scottish Journal of Political Economy, Scottish Economic Society, vol. 66(3), pages 331-359, July.
    2. M. Zharikov & М. Жариков, 2018. "Инструменты реформы мировой валютной системы: интернационализация валют стран БРИКС // The Instruments to Reform the World System of Currencies: Internationalising the Currencies of the BRICS," Review of Business and Economics Studies // Review of Business and Economics Studies, Финансовый Университет // Financial University, vol. 6(3), pages 19-28.
    3. Alex Izurieta, 2009. "Forum 2009," Development and Change, International Institute of Social Studies, vol. 40(6), pages 1153-1190, November.
    4. Yanovskiy Konstantin & Zhavoronkov Sergey, 2016. "Конституционная Экономика: Защита Частной Собственности Примеры Того, Как Конституция Может Защищать Права Собственности И Способствовать Долгосрочному Процветанию," Working Papers wpaper-2016-273, Gaidar Institute for Economic Policy, revised 2016.
    5. Banu Esra Aslanertik, 2010. "Fair Value Considerations during the Current Financial Crisis," Acta Universitatis Danubius. OEconomica, Danubius University of Galati, issue 1(1), pages 99-109, March.
    6. M. Zharikov & М. Жариков В., 2018. "Российский рубль в региональной и глобальной динамике // The Russian Rouble in the Regional and Global Dynamics," Review of Business and Economics Studies // Review of Business and Economics Studies, Финансовый Университет // Financial University, vol. 6(4), pages 6-17.
    7. Ernesto Screpanti, 2010. "La grande crisi e l’imperialismo globale," Department of Economics University of Siena 590, Department of Economics, University of Siena.
    8. Virginie Mamadouh & Luiza Bialasiewicz & Alun Jones & Julian Clark, 2016. "Contemporary Geopolitical Positionings of Iceland Towards ‘Europe’ and the Nordic States," Tijdschrift voor Economische en Sociale Geografie, Royal Dutch Geographical Society KNAG, vol. 107(2), pages 147-161, April.
    9. M. Zharikov & М. Жариков, 2019. "Москва как новый офшорный центр юаня // Moscow to be a New Offshore Centre of the Yuan," Review of Business and Economics Studies // Review of Business and Economics Studies, Финансовый Университет // Financial University, vol. 7(1), pages 6-18.
    10. Ana Cristina Fernandes & Andreas Novy, 2010. "Reflections on the Unique Response of Brazil to the Financial Crisis and its Urban Impact," International Journal of Urban and Regional Research, Wiley Blackwell, vol. 34(4), pages 952-966, December.
    11. Luci Ellis, 2010. "The Housing Meltdown: Why Did It Happen in the United States?," International Real Estate Review, Global Social Science Institute, vol. 13(3), pages 351-394.
    12. Gkanoutas-Leventis, Angelos & Nesvetailova, Anastasia, 2015. "Financialisation, oil and the Great Recession," Energy Policy, Elsevier, vol. 86(C), pages 891-902.
    13. Antoniades, Andreas, 2013. "Recasting the Power Politics of Debt: Structural Power, Hegemonic Stabilisers and Change," MPRA Paper 47015, University Library of Munich, Germany.

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