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Universalization of the US Financial Crisis

In: Critique of the New Consensus Macroeconomics and Implications for India

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  • Dilip M. Nachane

    (Indira Gandhi Institute of Development Research)

Abstract

The crisis which originated in the USA rapidly spreads to other countries. Almost no region of the world escaped from the consequences of the crisis, though the scale of the damage varied considerably across countries, as did the time taken for economies to recover. The transmission of a crisis from one country to others can occur via several channels, and this chapter begins with a brief overview of these channels. Later, we see how the crisis was transmitted to the EU, Latin America, the African continent, China, India and the rest of Asia. For each region, we evaluate the firefighting measures deployed to fight the crisis.

Suggested Citation

  • Dilip M. Nachane, 2018. "Universalization of the US Financial Crisis," India Studies in Business and Economics, in: Critique of the New Consensus Macroeconomics and Implications for India, chapter 0, pages 141-176, Springer.
    • Handle: RePEc:spr:isbchp:978-81-322-3920-8_6
    DOI: 10.1007/978-81-322-3920-8_6
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