Description
The Global Financial Crisis
From US subprime mortgages to European sovereign debt
Author: Zestos George K.
Language: EnglishSubjects for The Global Financial Crisis:
Keywords
Gdp Ratio; Pe Rc; crisis; recession; 2008; downturn; subprime; Eurozone; sovereign debt; GDP Growth; OTC Derivative; EU Leader; Greek Public Debt; Subprime Mortgage Crisis; EA Country; Great Recession; IMF Bailout; Real Gdp Growth; German Government; EU Commission; Great Depression; Emu Member; Shadow Banking; Interest Rate Spreads; Federal Funds Rate; Emu Country; ISIS Leader; Federal Reserve; Emu Membership; IMF Conditionality; Emu Member Country
Publication date: 10-2015
· 15.6x23.4 cm · Hardback
Publication date: 10-2015
· 15.6x23.4 cm · Paperback
Description
/li>Contents
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Although banking and sovereign debt crises are not unusual, the crisis that has unfolded across the world since 2007 has been unique in both its scale and scope. It has also been unusual in being both triggered by, and mainly affecting, developed economies. Starting with the US subprime mortgage crisis, and the recession in 2007-2009, the problem soon erupted into financial crisis in Europe. A few of these countries came to the brink of bankruptcy, and were rescued by the EU and the IMF on the condition they adopt austerity measures. The detrimental social effects of the crisis in both the US and Europe are still emerging.
Although there have been several studies published on the US crisis in particular, there has so far been an absence of an accessible comparative overview of both crises. This insightful text aims to fill this gap, offering a critical overview of causes, policy responses, effects and future implications. Starting with the historical context and mutation of the crisis, the book explores the policies, regulations, and governance reforms that have been implemented to cope with the US subprime mortgage crisis. A parallel analysis considers the causes of the European sovereign debt crisis and the responses of the European Union (EU), examining why the EU is as yet unable to resolve the crisis. This book is supported with eResources that include essay questions and class discussion questions in order to assist students in their understanding.
This uniquely comprehensive and readable overview will be of interest and relevance to those studying financial crises, financial governance, international economics and international political economy.
1. From the Great Depression to the Great Recession 2. Causes of the US subprime mortgage crisis 3. The crisis spreads to Europe 4. Why the European sovereign debt crisis has lasted so long 5. US fiscal and monetary policy to cope with the great recession 6. The role of Germany in the financial crisis 7. Greece: the epicenter of the Eurocrisis 8. Financial struggles in the EU and EA
George K. Zestos is Jean Monnet Chair for European Integration Studies and Professor of Economics at Christopher Newport University, USA.