A historical perspective on the crisis of 2007-08
The current international financial crisis is part of a perennial pattern. Today’s events echo earlier big international financial crises that were triggered by events in the U.S. financial system. Examples include the crises of 1857 1893 1907 and 1929–33. This crisis has many similarities to those...
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Banco Central de Chile
2019
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| Acceso en línea: | https://hdl.handle.net/20.500.12580/3787 |
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oai-20.500.12580-37872021-04-24T11:06:25Z A historical perspective on the crisis of 2007-08 Bordo, Michael D. CRISIS FINANCIERA CRISIS ECONÓMICA 2008 The current international financial crisis is part of a perennial pattern. Today’s events echo earlier big international financial crises that were triggered by events in the U.S. financial system. Examples include the crises of 1857 1893 1907 and 1929–33. This crisis has many similarities to those of the past but also some important modern twists. The crisis started in the United States with the collapse of the subprime mortgage market in early 2007 and the end of a major housing boom. It occurred following two years of rising policy interest rates. Its causes include major changes in regulation lax oversight relaxation of normal standards of prudent lending and a prolonged period of abnormally low interest rates. Defaults on mortgages spread to investment banks and commercial banks in the United States and across the world via an elaborate network of derivatives. 2019-11-01T00:04:55Z 2019-11-01T00:04:55Z 2010 Artículo 978-956-7421-34-3 https://hdl.handle.net/20.500.12580/3787 eng Series on Central Banking Analysis and Economic Policies no. 15 Attribution-NonCommercial-NoDerivs 3.0 Chile http://creativecommons.org/licenses/by-nc-nd/3.0/cl/ .pdf Sección o Parte de un Documento p. 11-27 application/pdf ESTADOS UNIDOS Banco Central de Chile |
| institution |
Banco Central |
| collection |
Banco Central |
| language |
eng |
| topic |
CRISIS FINANCIERA CRISIS ECONÓMICA 2008 |
| spellingShingle |
CRISIS FINANCIERA CRISIS ECONÓMICA 2008 Bordo, Michael D. A historical perspective on the crisis of 2007-08 |
| description |
The current international financial crisis is part of a perennial pattern. Today’s events echo earlier big international financial crises that were triggered by events in the U.S. financial system. Examples include the crises of 1857 1893 1907 and 1929–33. This crisis has many similarities to those of the past but also some important modern twists. The crisis started in the United States with the collapse of the subprime mortgage market in early 2007 and the end of a major housing boom. It occurred following two years of rising policy interest rates. Its causes include major changes in regulation lax oversight relaxation of normal standards of prudent lending and a prolonged period of abnormally low interest rates. Defaults on mortgages spread to investment banks and commercial banks in the United States and across the world via an elaborate network of derivatives. |
| format |
Artículo |
| author |
Bordo, Michael D. |
| author_facet |
Bordo, Michael D. |
| author_sort |
Bordo, Michael D. |
| title |
A historical perspective on the crisis of 2007-08 |
| title_short |
A historical perspective on the crisis of 2007-08 |
| title_full |
A historical perspective on the crisis of 2007-08 |
| title_fullStr |
A historical perspective on the crisis of 2007-08 |
| title_full_unstemmed |
A historical perspective on the crisis of 2007-08 |
| title_sort |
historical perspective on the crisis of 2007-08 |
| publisher |
Banco Central de Chile |
| publishDate |
2019 |
| url |
https://hdl.handle.net/20.500.12580/3787 |
| work_keys_str_mv |
AT bordomichaeld ahistoricalperspectiveonthecrisisof200708 AT bordomichaeld historicalperspectiveonthecrisisof200708 |
| _version_ |
1718346810244726784 |