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

  • Ravi Jagannathan
  • Mudit Kapoor
  • Ernst Schaumburg

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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File URL: http://www.nber.org/papers/w15404.pdf
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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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  1. F. A von Hayek, 1932. "A Note on the Development of the Doctrine of "Forced Saving"," The Quarterly Journal of Economics, Oxford University Press, vol. 47(1), pages 123-133.
  2. Edward N. Wolff, 2007. "Recent Trends in Household Wealth in the United States: Rising Debt and the Middle-Class Squeeze," Economics Working Paper Archive wp_502, Levy Economics Institute.
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