Global Credit Crisis

Jes Villa

Chapter 1 in Ethics in Banking, 2015, pp 3-7 from Palgrave Macmillan

Abstract: Abstract The credit crunch that had first manifested itself in August 2007 was accelerating briskly during the summer months in the northern hemisphere, though much of the population outside mainstream finance in America and England was oblivious to this ominous tidal event. By September 2007 the US Federal Reserve Bank had started to slash interest rates so dramatically that economists expressed concern that such action might spark a downturn. The American central bank had taken this action to avert some of the harmful consequences on the economy,1 but even then it could not stop the tidal wave. The economic indicators were worsening. The housing downturn continued to deteriorate with housing starts plummeting to a 12-year low and foreclosures doubling from the previous year. The construction industry was at its bleakest since the 1991 recession.2

Keywords: Mortgage Loan; Credit Crunch; Credit Crisis; Loan Loss Provision; Consumer Debt (search for similar items in EconPapers)
Date: 2015
References: Add references at CitEc
Citations:

There are no downloads for this item, see the EconPapers FAQ for hints about obtaining it.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:pal:pmschp:978-1-137-34028-3_1

Ordering information: This item can be ordered from
http://www.palgrave.com/9781137340283

DOI: 10.1057/9781137340283_1

Access Statistics for this chapter

More chapters in Palgrave Macmillan Studies in Banking and Financial Institutions from Palgrave Macmillan
Bibliographic data for series maintained by Sonal Shukla () and Springer Nature Abstracting and Indexing ().