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Evidence of Six Crises

In: Six Crises of the World Economy

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  • José A. Tapia

    (Drexel University)

Abstract

A variety of economic indicators are presented to provide evidence that the global economy went through crisis conditions six times in the past five decades, specifically in the years 1975, 1980–1982, 1991–1993, 2001–2002, 2008–2009, and 2020. Total gross capital formation and gross fixed capital formation are the main indicators to date the crises; other indicators such as the rate of growth of the world output (world GDP), the proportion of all national economies in recession, unemployment rates, monetary aggregates, a chemical index—global emissions of CO2—, and indices of profitability provide additional layers of evidence to show that the proposed chronology is consistent and robust. The stylized facts of the business cycle are discussed in relation to the world economy.

Suggested Citation

  • José A. Tapia, 2023. "Evidence of Six Crises," Springer Books, in: Six Crises of the World Economy, chapter 0, pages 9-42, Springer.
    • Handle: RePEc:spr:sprchp:978-3-031-38735-7_2
    DOI: 10.1007/978-3-031-38735-7_2
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