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Crisis inmobiliaria, recesión y endeudamiento masivo, 2002-2011

Miguel Ángel Rivera Ríos ()
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Miguel Ángel Rivera Ríos: Universidad Autónoma de México, http://www.unam.mx/

No 21, Estudios Regionales en Economía, Población y Desarrollo. Cuadernos de Trabajo de la Universidad Autónoma de Ciudad Juárez. from Cuerpo Académico 41 de la Universidad Autónoma de Ciudad Juárez

Abstract: The global financial crisis of the first decade of the 21st century had its origin in the creation and diversification of financial instruments backed by mortgages that eventually returned on high risk derivatives. As part of the shocks of the crisis a temporary restriction of credit was one of the main causes of global recession in 2009. However, an over-indebtedness process was extended throughout the developed world, affecting the most vulnerable economies of the European Union with particular virulence. Iceland, Ireland, Portugal. Greece and Spain, are countries where the crisis followed a similar pattern: collapse of the real estate sector, bank failures, its rescue with public funds, over-indebtedness, reduction of the fiscal deficit, unemployment, increased taxes and devaluation of sovereign bonds.

Keywords: Global crisis; financial markets; capitalism (search for similar items in EconPapers)
JEL-codes: E42 F62 P17 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-mac
Date: 2014, Revised 2014
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