The United States subprime mortgage crisis and its implications for the Caribbean

The bursting of the property bubble – subprime mortgage crisis – in 2007 in the United States has engendered panic, recession fears and turmoil in the global financial system. Although the United States economy grew by 0.6 per cent in the last quarter of 2007, down from 4.9 per cent in the previo...

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Otros Autores:	NU. CEPAL. Sede Subregional para el Caribe
Formato:	Texto
Lenguaje:	English
Publicado:	ECLAC, Subregional Headquarters for the Caribbean 2015
Materias:	DESARROLLO ECONOMICO CRISIS ECONOMICA CRISIS FINANCIERA PRESTAMOS HIPOTECARIOS POLITICA ECONOMICA COMERCIO INTERNACIONAL ECONOMIC DEVELOPMENT ECONOMIC CRISIS FINANCIAL CRISIS MORTGAGE LOANS ECONOMIC POLICY INTERNATIONAL TRADE
Acceso en línea:	http://hdl.handle.net/11362/38719
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spelling	oai-11362-387192016-06-30T21:14:51Z The United States subprime mortgage crisis and its implications for the Caribbean NU. CEPAL. Sede Subregional para el Caribe DESARROLLO ECONOMICO CRISIS ECONOMICA CRISIS FINANCIERA PRESTAMOS HIPOTECARIOS POLITICA ECONOMICA COMERCIO INTERNACIONAL ECONOMIC DEVELOPMENT ECONOMIC CRISIS FINANCIAL CRISIS MORTGAGE LOANS ECONOMIC POLICY INTERNATIONAL TRADE The bursting of the property bubble – subprime mortgage crisis – in 2007 in the United States has engendered panic, recession fears and turmoil in the global financial system. Although the United States economy grew by 0.6 per cent in the last quarter of 2007, down from 4.9 per cent in the previous quarter, day by day worsening scenarios emerge, from escalating oil prices, to a depreciating dollar and financial institutions’ bailout by the Federal Reserve. Many economists and policy makers share the view that a subprime-led recession – i.e. two consecutive quarters with negative growth – is inevitable and will be much deeper and longer than the 2001 dot-com downturn. Moreover, the critical situation of the financial system has driven some analysts to argue that should the monetary policy response fails to restore confidence among investors, the outcome would be the worst crisis seen since the Great Depression. This pessimism is not only among specialists. Indeed, in late March 2008 the Consumer Confidence Index in the United States recorded its lowest level since February 1992. A recession in the United States will undoubtedly have an important impact on the world economy, despite the continuous rapid growth experienced by emerging economies, particularly China and India. The purpose of this article is threefold: first, to characterize the current situation in the United States economy; second, to discuss the economic policy responses; and finally, to elaborate on how Caribbean economies may be affected. .--Introduction.--The nature of the crisis.--Economic policy responses.--Implications for the Caribbean.--Trade.--Tourism.--Remittances.--Finance and FDI.--Policy recommendations.--Conclusion.--References. 2015-07-29T11:38:54Z 2015-07-29T11:38:54Z 2008-04-09 Texto Documento Completo http://hdl.handle.net/11362/38719 CDCC-22/7 LC/CAR/L.164 en .pdf application/pdf CARIBE CARIBBEAN REGION ECLAC, Subregional Headquarters for the Caribbean
institution	Cepal
collection	Cepal
language	English
topic	DESARROLLO ECONOMICO CRISIS ECONOMICA CRISIS FINANCIERA PRESTAMOS HIPOTECARIOS POLITICA ECONOMICA COMERCIO INTERNACIONAL ECONOMIC DEVELOPMENT ECONOMIC CRISIS FINANCIAL CRISIS MORTGAGE LOANS ECONOMIC POLICY INTERNATIONAL TRADE
spellingShingle	DESARROLLO ECONOMICO CRISIS ECONOMICA CRISIS FINANCIERA PRESTAMOS HIPOTECARIOS POLITICA ECONOMICA COMERCIO INTERNACIONAL ECONOMIC DEVELOPMENT ECONOMIC CRISIS FINANCIAL CRISIS MORTGAGE LOANS ECONOMIC POLICY INTERNATIONAL TRADE The United States subprime mortgage crisis and its implications for the Caribbean
description	The bursting of the property bubble – subprime mortgage crisis – in 2007 in the United States has engendered panic, recession fears and turmoil in the global financial system. Although the United States economy grew by 0.6 per cent in the last quarter of 2007, down from 4.9 per cent in the previous quarter, day by day worsening scenarios emerge, from escalating oil prices, to a depreciating dollar and financial institutions’ bailout by the Federal Reserve. Many economists and policy makers share the view that a subprime-led recession – i.e. two consecutive quarters with negative growth – is inevitable and will be much deeper and longer than the 2001 dot-com downturn. Moreover, the critical situation of the financial system has driven some analysts to argue that should the monetary policy response fails to restore confidence among investors, the outcome would be the worst crisis seen since the Great Depression. This pessimism is not only among specialists. Indeed, in late March 2008 the Consumer Confidence Index in the United States recorded its lowest level since February 1992. A recession in the United States will undoubtedly have an important impact on the world economy, despite the continuous rapid growth experienced by emerging economies, particularly China and India. The purpose of this article is threefold: first, to characterize the current situation in the United States economy; second, to discuss the economic policy responses; and finally, to elaborate on how Caribbean economies may be affected.
author2	NU. CEPAL. Sede Subregional para el Caribe
author_facet	NU. CEPAL. Sede Subregional para el Caribe
format	Texto
title	The United States subprime mortgage crisis and its implications for the Caribbean
title_short	The United States subprime mortgage crisis and its implications for the Caribbean
title_full	The United States subprime mortgage crisis and its implications for the Caribbean
title_fullStr	The United States subprime mortgage crisis and its implications for the Caribbean
title_full_unstemmed	The United States subprime mortgage crisis and its implications for the Caribbean
title_sort	united states subprime mortgage crisis and its implications for the caribbean
publisher	ECLAC, Subregional Headquarters for the Caribbean
publishDate	2015
url	http://hdl.handle.net/11362/38719
_version_	1718442641704615936

The United States subprime mortgage crisis and its implications for the Caribbean

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