The Cultural Roots of the Credit Crisis

M. S. S. Namaki

Chapter 6 in Strategic Thinking for Turbulent Times, 2014, pp 60-64 from Palgrave Macmillan

Abstract: Abstract Naked facts conceal a strong cultural dimension of the credit crisis. Cold data on the volume of credit default swaps (CDSs) or collateralized debt obligations (CDOs) convey a harsh economic reality but little in terms of the cultural roots of the decisions that have led to these ominous events. Suggested solutions focusing on the need for a change in patterns of saving and consumption in one country or the other again ignore the possibly invisible and at times inflexible forces leading to consumption or a saving decision.

Keywords: Interest Rate; Gross Domestic Product; Cultural Root; Credit Default Swap; Consumption Expenditure (search for similar items in EconPapers)
Date: 2014
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-1-137-41400-7_7

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DOI: 10.1057/9781137414007_7

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