THE SLOW SPREAD OF THE GLOBAL CRISIS

Priscilla Liang (), Thomas D. Willett () and Nan Zhang ()
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Priscilla Liang: Claremont Institute for Economic Policy Studies, USA;
Thomas D. Willett: Claremont Institute for Economic Policy Studies, USA;
Nan Zhang: Claremont Institute for Economic Policy Studies, USA;

Journal of International Commerce, Economics and Policy (JICEP), 2010, vol. 01, issue 01, 33-58

Abstract: We argue that the depth and breadth of the spread of the current crisis from the US subprime market across the globe was due more to the buildup of substantial financial vulnerabilities prior to the crisis than to irrational panic during the crisis. We examine how these developments explain the belated recognition of the severity of the crisis and its slow spread through various channels of contagion. We also discuss lessons for policy and research.

Keywords: Financial crisis; contagion; F32; G15 (search for similar items in EconPapers)
Date: 2010
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DOI: 10.1142/S1793993310000068

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