The Global Crisis: Origins and Arrival in Europe

Phillip J. Bryson

Chapter Chapter 12 in The Economics of Centralism and Local Autonomy, 2010, pp 211-227 from Palgrave Macmillan

Abstract: Abstract In recent years, the global finance system has undergone fundamental change through the development of modern technologies. This change was largely a product of financial innovations in the United States, but those innovations affected markets globally. The effects became painfully apparent when a credit crisis quickly spread across the world economy and became a global recession. That phenomenon is of interest to this book because of its impact on Europe, especially on the Czech and Slovak republics and the intergovernmental fiscal situation in these countries. In this chapter the origins of the crisis and its spread to and impact on Europe are reviewed. In the next two chapters, the specific effects of the crisis on both the Czech Republic and the Republic of Slovakia are addressed.

Keywords: Housing Price; Euro Area; Credit Default Swap; Default Risk; Swiss Franc (search for similar items in EconPapers)
Date: 2010
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-0-230-11201-8_12

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DOI: 10.1057/9780230112018_12

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