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dc.contributor.authorClaessens, Stijnen_US
dc.contributor.authorKose, M. Ayhanen_US
dc.contributor.authorTerrones, Marco E.en_US
dc.date.accessioned2010-11-03en_US
dc.date.accessioned2011-05-09T09:35:01Z-
dc.date.available2011-05-09T09:35:01Z-
dc.date.issued2010en_US
dc.identifier.urihttp://hdl.handle.net/10419/45452-
dc.description.abstractThis paper provides a brief analysis of three major questions raised in the context of the recent global financial crisis. First, how similar is the crisis to previous episodes? We argue that the crisis featured some close similarities to earlier ones, including the presence of credit and asset price booms fueled by rapid debt accumulation. Second, how different is it from earlier episodes? We show that, as much as it displayed some similarities with previous cases, it also featured some significant differences, such as the explosion of opaque and complex financial instruments in a context of highly integrated global financial markets. Third, how costly are recessions that followed these types of crises? Although the latest episode took a very heavy toll on the real economy, we argue that this was not a surprising outcome. In particular, historical comparisons indicate that recessions associated with periods of deep financial disruptions result in much larger declines in real economic activity. We discuss the implications of these findings for economic and financial sector policies and future research.en_US
dc.language.isoengen_US
dc.publisherTÜSİAD-Koç University Economic Research Forum Istanbulen_US
dc.relation.ispartofseriesTÜSİAD-Koç University Economic Research Forum working paper series 1011en_US
dc.subject.jelE32en_US
dc.subject.jelE44en_US
dc.subject.jelE51en_US
dc.subject.jelF42en_US
dc.subject.ddc330en_US
dc.subject.keywordGlobal financial crisisen_US
dc.subject.keywordSimilaritiesen_US
dc.subject.keywordDifferencesen_US
dc.subject.keywordCosten_US
dc.subject.keywordRecessionsen_US
dc.subject.stwFinanzmarktkriseen_US
dc.subject.stwInternationaler Finanzmarkten_US
dc.subject.stwVergleichen_US
dc.subject.stwSoziale Kostenen_US
dc.subject.stwMakroökonomischer Einflussen_US
dc.subject.stwWelten_US
dc.titleThe global financial crisis: how similar? How different? How costly?en_US
dc.typeWorking Paperen_US
dc.identifier.ppn638354102en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen_US
Appears in Collections:ERF Working Paper Series, TÜSİAD-Koç University Economic Research Forum (ERF)

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