IDEAS home Printed from https://ideas.repec.org/p/pra/mprapa/76297.html
   My bibliography  Save this paper

The Global Economic Crisis - What Should NOT be Forgotten

Author

Listed:
  • Trenovski, Borce
  • Tashevska, Biljana
  • Makreshanska, Suzana

Abstract

The global economic crisis opened a new chapter in economic policy and awakened economic science. Its severity, the various negative financial and economic shocks and the impotence of the economic policy response revealed new questions about the background and the causes of the economic crisis – what led to the emergence of the global economic crisis, are the causes new or already known, are there similarities with previous crises? The great number of analyses regarding these questions reveals different aspects that complete the whole picture of the causes, factors and lessons about the crisis that need to be remembered. This paper tries to offer an analysis of the causes and factors that contributed to the global economic distress by analyzing the global economic events that accumulated in the pre-crisis period. The main purpose is to synthesize and define the key direct and indirect economic events and developments that need to be considered by economic science and policy and that must not be forgotten in further analyses of the global economic development in the future.

Suggested Citation

  • Trenovski, Borce & Tashevska, Biljana & Makreshanska, Suzana, 2015. "The Global Economic Crisis - What Should NOT be Forgotten," MPRA Paper 76297, University Library of Munich, Germany, revised Jun 2015.
  • Handle: RePEc:pra:mprapa:76297
    as

    Download full text from publisher

    File URL: https://mpra.ub.uni-muenchen.de/76297/1/MPRA_paper_76297.pdf
    File Function: original version
    Download Restriction: no

    File URL: https://mpra.ub.uni-muenchen.de/76323/1/MPRA_paper_76323.pdf
    File Function: revised version
    Download Restriction: no

    Other versions of this item:

    References listed on IDEAS

    as
    1. Golmohammadpoor Azar, Kamran, 2011. "2008 Economic Crisis Analysis: The Macroeconomic Approach," EconStor Conference Papers 49648, ZBW - Leibniz Information Centre for Economics.
    2. Eric Tymoigne, 2009. "Securitization, Deregulation, Economic Stability, and Financial Crisis, Part I--The Evolution of Securitization," Economics Working Paper Archive wp_573_1, Levy Economics Institute.
    3. Paul S. Mills & John Kiff, 2007. "Money for Nothing and Checks for Free; Recent Developments in U.S. Subprime Mortgage Markets," IMF Working Papers 2007/188, International Monetary Fund.
    4. anonymous, 2000. "Financial services strategic plan," Financial Update, Federal Reserve Bank of Atlanta, vol. 13(Oct), pages 1-3.
    5. Trenovski Borce & Tashevska Biljana, 2014. "Monetary Response To The Global Economic Crisis In A Small, Open Economy With Fixed Exchange Rate - The Case Of The Republic Of Macedonia," Journal Articles, Center For Economic Analyses, pages 23-35, June.
    6. Borce Trenovski & Biljana Tashevska, 2014. "The Transmission Mechanism And Consequences From The Global Economic Crisis For The Macedonian Economy," Journal Articles, Center For Economic Analyses, pages 55-69, December.
    7. Serven, Luis & Nguyen, Ha, 2010. "Global imbalances before and after the global crisis," Policy Research Working Paper Series 5354, The World Bank.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Borce Trenovski & Biljana Tashevska, 2019. "Lessons learned from the global recession - redesigned framework of key macroeconomic policies," International Journal of Business and Globalisation, Inderscience Enterprises Ltd, vol. 22(4), pages 468-489.
    2. Borce Trenovski & Biljana Tashevska, 2014. "The Transmission Mechanism And Consequences From The Global Economic Crisis For The Macedonian Economy," Journal Articles, Center For Economic Analyses, pages 55-69, December.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Roy, Saktinil & Kemme, David M., 2012. "Causes of banking crises: Deregulation, credit booms and asset bubbles, then and now," International Review of Economics & Finance, Elsevier, vol. 24(C), pages 270-294.
    2. Crowe, Christopher & Dell’Ariccia, Giovanni & Igan, Deniz & Rabanal, Pau, 2013. "How to deal with real estate booms: Lessons from country experiences," Journal of Financial Stability, Elsevier, vol. 9(3), pages 300-319.
    3. Correia, Ricardo & Población, Javier, 2015. "A structural model with Explicit Distress," Journal of Banking & Finance, Elsevier, vol. 58(C), pages 112-130.
    4. Bussière, Matthieu & Karadimitropoulou, Aikaterini E. & León-Ledesma, Miguel A., 2021. "Current Account Dynamics And The Real Exchange Rate: Disentangling The Evidence," Macroeconomic Dynamics, Cambridge University Press, vol. 25(1), pages 28-58, January.
    5. Michal Jurek & Pawel Marszalek, 2014. "Subprime mortgages and the MBSs in generating and transmitting the global financial crisis," Working papers wpaper40, Financialisation, Economy, Society & Sustainable Development (FESSUD) Project.
    6. Abdulnasser Hatemi-J & Eduardo Roca, 2010. "The Impact of the US Real Estate Market on Other Major Markets During Normal and Crisis Periods," Discussion Papers in Finance finance:201003, Griffith University, Department of Accounting, Finance and Economics.
    7. Alberto Martin & Jaume Ventura, 2015. "Financial Reforms and Capital Flows: Insights from General Equilibrium," Central Banking, Analysis, and Economic Policies Book Series, in: Ricardo J. Caballero & Klaus Schmidt-Hebbel (ed.),Economic Policies in Emerging-Market Economies Festschrift in Honor of Vittorio Corbo, edition 1, volume 21, chapter 7, pages 109-137, Central Bank of Chile.
    8. Anna Grodecka-Messi, 2019. "Subprime borrowers, securitization and the transmission of business cycles," Canadian Journal of Economics, Canadian Economics Association, vol. 52(4), pages 1600-1654, November.
    9. Heiko Hesse & Nathaniel Frank & Brenda Gonzalez-Hermosillo, 2008. "Transmission of Liquidity Shocks; Evidence from the 2007 Subprime Crisis," IMF Working Papers 2008/200, International Monetary Fund.
    10. Botta, Alberto & Caverzasi, Eugenio & Tori, Daniele, 2020. "The Macroeconomics Of Shadow Banking," Macroeconomic Dynamics, Cambridge University Press, vol. 24(1), pages 161-190, January.
    11. Hatemi-J, Abdulnasser & Roca, Eduardo & Al-Shayeb, Abdulrahman, 2014. "How integrated are real estate markets with the world market? Evidence from case-wise bootstrap analysis," Economic Modelling, Elsevier, vol. 37(C), pages 137-142.
    12. P. Forsyth & K. Vetzal & R. Zvan, 2002. "Convergence of numerical methods for valuing path-dependent options using interpolation," Review of Derivatives Research, Springer, vol. 5(3), pages 273-314, October.
    13. Kessler, Oliver, 2009. "Towards an economic sociology of the subprime crisis?," economic sociology_the european electronic newsletter, Max Planck Institute for the Study of Societies, vol. 10(2), pages 11-16.
    14. John Kiff, 2009. "Canadian Residential Mortgage Markets; Boring But Effective?," IMF Working Papers 2009/130, International Monetary Fund.
    15. Yap, Josef T., 2011. "The Political Economy of Reducing the US Dollar’s Role as a Global Reserve Currency," ADBI Working Papers 302, Asian Development Bank Institute.
    16. Martin Hellwig, 2009. "Systemic Risk in the Financial Sector: An Analysis of the Subprime-Mortgage Financial Crisis," De Economist, Springer, vol. 157(2), pages 129-207, June.
    17. Petar Stankov, 2018. "Deregulation, Economic Growth and Growth Acceleration," Journal of Economic Development, Chung-Ang Unviersity, Department of Economics, vol. 43(4), pages 21-40, December.
    18. Maria Grazia Miele, 2013. "The effects of capital requirements on real economy:a cointegrated VAR approach for US commercial banks," Working Papers 163, University of Rome La Sapienza, Department of Public Economics.
    19. Projektgruppe Gemeinschaftsdiagnose, 2007. "Aufschwung legt Pause ein," ifo Schnelldienst, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, vol. 60(20), pages 03-58, October.
    20. William Lang & Julapa Jagtiani, 2010. "The Mortgage and Financial Crises: The Role of Credit Risk Management and Corporate Governance," Atlantic Economic Journal, Springer;International Atlantic Economic Society, vol. 38(2), pages 123-144, June.

    More about this item

    Keywords

    global economic crisis; financial system; global economic imbalances; real estate bubble.;
    All these keywords.

    JEL classification:

    • E6 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook
    • E61 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Policy Objectives; Policy Designs and Consistency; Policy Coordination
    • E65 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Studies of Particular Policy Episodes

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:pra:mprapa:76297. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Joachim Winter). General contact details of provider: http://edirc.repec.org/data/vfmunde.html .

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service hosted by the Research Division of the Federal Reserve Bank of St. Louis . RePEc uses bibliographic data supplied by the respective publishers.