Causes of the great recession of 2007-2009: The financial crisis was the symptom not the disease!

被引：25

作者：

Jagannathan, Ravi ^{[1
,2
]}

Kapoor, Mudit ^{[3
]}

Schaumburg, Ernst ^{[4
]}

机构：

[1] Northwestern Univ, Evanston, IL 60208 USA

[2] NBER, Evanston, IL 60208 USA

[3] Indian Sch Business, Hyderabad 500032, Andhra Pradesh, India

[4] Fed Reserve Bank New York, New York, NY 10045 USA

来源：

JOURNAL OF FINANCIAL INTERMEDIATION | 2013年 / 22卷 / 01期

关键词：

Globalization; Financial crisis; Global imbalance; Labor supply shock;

D O I：

10.1016/j.jfi.2012.06.002

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

Globalization has increasingly made it possible for labor in developing countries to augment labor in the developed world, without having to relocate, in ways not thought possible only a few decades ago. We argue that this large increase in the developed world's effective labor supply, triggered by geo-political events and technological innovations, coupled with the inability of existing institutions in the US and developing nations themselves to cope with this shock, set the stage for the great recession. The financial crisis in the US was but the first acute symptom. (C) 2012 Elsevier Inc. All rights reserved.

引用

页码：4 / 29

页数：26

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