StudentShare
Contact Us
Sign In / Sign Up for FREE
Search
Go to advanced search...

The Great Recession 2008 - Term Paper Example

Comments (0) Cite this document
Summary
This paper utilizes an in-depth analysis and review of the financial crisis with emphasis on its causes, policy responses, and consequences. The paper highlights that the global economy was unstable contrary to the suggestion that it was stable prior to the crisis. …
Download full paperFile format: .doc, available for editing
GRAB THE BEST PAPER97.3% of users find it useful
The Great Recession 2008
Read TextPreview

Extract of sample "The Great Recession 2008"

Download file to see previous pages According to the research findings the 2007 global financial crisis has had serious impacts on the economies of many countries, resulting to what economists call the Great Recession. The downturn began initially as an isolated problem with the sub-prime sector in the US housing market, mutating to a serious and fatal recession by the beginning of 2008. Consequently, other nations especially in the European Union followed the US into the crisis by mid-2008. In essence, 2009 was the first recorded year in history that the global economy was actually in recession since the Second World War. Interestingly, the recession came as a surprise to many economists, investor, academics, policy-makers, and multilateral agencies. For instance, Organization for Economic Co-operation Development’s Jean-Philippe Cotis was quoted as speculating further growth in the global economy because of the buoyancy of emerging economies and favoring financial conditions. After the economy drove into recession, the economics profession was under fire for failure to predict the financial downturn. As a result, there were few intellectual conversations taking place between scholars of like minds. Therefore, the underestimation of the severity of the global downturn was not surprising. Indeed, some leading financial forecasters like World Bank and International Monetary Funds revised their initial to their growth forecasts in 2008 and 2009. Nonetheless, there were warnings from a few economists of a brewing economical disaster. A portion of the economist predicted a looming recession based on economic models where the accumulation of the private sector was the central cause. However, their cries were not significant enough for the majority of the lulled individuals. Despite all these, the warning signs were blinking red: loose monetary policy especially in the US, lax in financial regulation, misperception of risk and search for yield, and huge current deficits in UK, US, and other super economies that accumulated huge savings of oil exporters and emerging economies. Events of 2008, with emphasis on the collapse and consequent closure of Lehman Brother, reversed the perceptions of risk-taking banks (Clungston, 2008). However, the complexity and nature mortgage-backed securities left most banks in the dark concerning the exact level of liabilities that was linked to the severing housing sector in the US. Thus, liquidity of most banks dried up, literary bringing the global financial system to a halt. Some critiques were quick to question the survival of the American-style capitalism. Governments in developing and advanced countries were quick to react aggressively, injecting obscene credit amounts into their financial markets, reducing interest rates, nationalizing banks, and unveiling stimulus packages to increase discretionary spending. Most policymakers were determined to avoid mistakes from previous crises, and their response was important avoiding disastrous depression in most countries, ...Download file to see next pagesRead More
Cite this document
  • APA
  • MLA
  • CHICAGO
(“The Great Recession 2008 Term Paper Example | Topics and Well Written Essays - 3000 words”, n.d.)
Retrieved from https://studentshare.org/macro-microeconomics/1395918-the-great-recession-2008
(The Great Recession 2008 Term Paper Example | Topics and Well Written Essays - 3000 Words)
https://studentshare.org/macro-microeconomics/1395918-the-great-recession-2008.
“The Great Recession 2008 Term Paper Example | Topics and Well Written Essays - 3000 Words”, n.d. https://studentshare.org/macro-microeconomics/1395918-the-great-recession-2008.
  • Cited: 0 times
Comments (0)
Click to create a comment or rate a document

CHECK THESE SAMPLES OF The Great Recession 2008

Achilles and Jason: Great Heroes in Greek Mythology

Beye, R,,& Gardner, J., Epic and Romance in the Argonautica of Apollonius.  Carbondale: Southern Illinois University Press, 1982.

 

Cotterill, H.B., Goethe, Milton & Virgil, Ancient Greece: A Sketch of Its Art, Literature & Philosophy.  New York: Frederick A. Stokes Company, 1913.

 

Funk & Wagnalls New Encyclopedia, Vol. 1 Funk and Wagnalls, Inc.

 

Groiler Encyclopedia, New York: Groiler Inc., 1961

Hamilton, E., Mythology, New York:  New American Library, 1943,

 

Howatson, M.C., ed., The Oxford Companion to Classical Literature. Oxford: Oxford U...

7 Pages(1750 words)Term Paper

Analysis of All Changes Great or Small Exploring Approaches to Change and Its Leadership Article by Higgs and Rowland

The change referred to in this context includes a broad array of topics. From an individual perspective, the change may be a new behavior. From a business perspective, the change may be a new business process and/or new technology. From a societal perspective, the change may be a new public policy or the passing of new legislation. Successful change, however, requires more than a new process, technology or public policy. Successful change may require the engagement and participation of the people involved. Change management provides a framework for managing the people side of these changes. The most recent research points to a combination of organizational change management tools and individual change management models for effecti...
13 Pages(3250 words)Article

The Shining as the Great Adaptation

Kubrick was considered as being a master of the tracking shot, the reverse zoom and the painting technique for the film. His adaptation of Stephan King’s horror novel ‘The Shining’ was a great box office success and this means that the film was popular with the audience. Thus, it is very likely that something can be learned from a discussion about the adaptation of Stephan King’s novel for the film by Stanley Kubrick. This essay presents a discussion about the adaptation and the transformation of Stephan King’s novel ‘The Shining’ into the movie by Stanley Kubrick with the same name.
I hereby certify that, except where cited in the text, this work is the result of the research carried...
17 Pages(4250 words)Movie Review

Problem of Economic Recession

...Economic Recession: In the present time, the word recession is being widely used by almost every body to describe the ongoing global economic scenario, which has been experiencing a huge down turn since 2008. All the media across the world is talking about recession every day. Whether it is a news paper, on a news channel on television, or some news bulletin on radio, everywhere people are talking about recession, the methods to recover from the recessionary situation and so on. In short, the economic phenomenon ‘recession’ has been gathering huge attention of people across the world since quite a long time. Recession is actually a macroeconomic phenomenon. The present paper will look into the issue of recession. It will first make...
13 Pages(3250 words)Term Paper

Company Law UK: Non-Executive Directors and the Combined Code 2008

...UK Company law - Non-Executive Directors and the Combined 2008 Introduction: It is seen that the UKM Companies Act has laid lot of emphasis on the matter of duties and responsibilities of directors, especially non-executive directors (NED) in the matters of superintendence, control and management of companies, especially from the outside. Before entering into the deliberations of what NEDs owe the management of the companies in which they function, it is necessary to get an idea of what the Companies Act views NED. According to the Companies Act 1985 and also the new Companies Act 2006, there has been no definition of NED as such, and a lot about duties and responsibilities of NED would vest with the roles they perform. It also needs...
9 Pages(2250 words)Term Paper

Emergency Economic Stabilization Act of 2008 and How It Has Impacted the Financial Markets

Though there were objections from various quarters about the huge amounts of tax payer’s money being used in the bailout of huge corporates, the Act has been successful in moving the downturn towards a flat point and now has started slowly moving towards a recovery stage. The various programs under the EESA 2008 have played a significant role in the financial sector, housing mortgage, and banking institutions to save the institutions from complete disaster.

The Emergency Economic Stabilization Act is a huge taxpayer bailout designed to rescue the financial sector. The amount of money to be used is around $700 billion or $2000 per American citizen (Public mark up). Emergency Economic Stabilization Act of 2008 is al...
10 Pages(2500 words)Research Paper

Great Works of Western Philosophy

...Great Works of Western Philosophy 2 Introduction: Seeking evidences for the existence of a superpower called God has been the epicenter for so many debates and argumentations till date. Arguments for and against the existence of God have been proposed by numerous seekers from various genres including scientists, philosophers, theologians and many others. The concept of God bears ontological argumentations too. This paper addresses the key viewpoints of two great philosophers on the aspect of the existence of God - a) the ontological argument for the existence of God proposed by Anselm of Canterbury, an Italian medieval philosopher, and b) its rejection and criticism by Thomas Aquinas, another Italian philosopher and theologian. The paper...
9 Pages(2250 words)Assignment

The Great Recession and France

Some countries have pushed for an international consensus on issues of concern to all. France, which has suffered severely from the crisis, with an economic contraction and rising unemployment, has tried stand in opposition to the UK and the United States both of which believe minor financial regulations can alter and improve the situation—France would like to see more wide-ranging reforms accomplished through the increased unification of Europe. Efforts to deal with the crisis have led the French government to seek out more partners in Europe and try to push Europe wide reforms and a sort of European (as opposed to American) new capitalism. The government of Sarkozy has criticized British tax cuts and suggested the key to g...
8 Pages(2000 words)Coursework

The History and Scholarship of the Novel The Great Gatsby

... Lecturer: Inner Emptiness in the Great Gatsby Thesis: The Great Gatsby reveals the society of roaring twenties, condemning the inner emptiness of the upper class. Introduction I am conducting a research on the novel The Great Gatsby. The Great Gatsby is a novel written in 1925 by F. Scott Fitzgerald, an American author. The novel involves a follow up on a cast of characters residing in the imaginary town of West Egg on wealthy Long Island during the summer of 1922. The novel is generally a story of a young and enigmatic millionaire Jay Gatsby and his unrealistic desire for the gorgeous woman Daisy Buchanan(Fitzgerald, 2012,pg.10). This research will involve conducting an extensive investigation to acquire all the relevant information...
8 Pages(2000 words)Literature review

Smokers in Great Britain and the USA

...Smokers in Great Britain and USA are Increasingly Treated as Social Pariahs. Introduction. The change witnessed in the attitude towards smoking overthe last three decades is noticeable. In the past smoking especially in the work place was the norm. The habit of leaving a building to smoke outside in the rain had not begun and many people were smokers. Majority of the population were smokers. All over sudden, things began to take a new direction and the government realized the need to educate its citizens on the risks of smoking. This decision was difficult one considering the income in taxes that are collected from sale of cigarettes (Crystal, 2014). However, the cost of handling many health issues caused by use of cigarettes outweighed...
6 Pages(1500 words)Personal Statement
sponsored ads
We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.

Let us find you another Term Paper on topic The Great Recession 2008 for FREE!

Contact Us