What was the timeframe of the Great Recession?

The Great Recession was a period of market decline that occurred globally from late 2007 to mid-2009. This period overlapped with the 2008 financial crisis, and the specific timing and scale of the recession varied by country.

How did the International Monetary Fund (IMF) characterize the Great Recession at the time?

The International Monetary Fund (IMF) concluded that the Great Recession was the most severe economic and financial meltdown since the Great Depression.

What were the primary triggers for the Great Recession?

The Great Recession was triggered by a combination of vulnerabilities in the financial system and specific events, notably the bursting of the United States housing bubble starting in 2005-2012. This led to falling housing prices and increased mortgage defaults, which in turn devalued mortgage-backed securities held by investment banks.

What was the subprime mortgage crisis?

The subprime mortgage crisis was the phase of the Great Recession occurring in 2007-2008, characterized by the collapse or bailout of several investment banks due to declining values of mortgage-backed securities. These securities were often backed by subprime mortgages, which became problematic when housing prices fell and homeowners defaulted.

When did the Great Recession officially begin and end in the United States?

The recession officially began in the U.S. in December 2007 and ended in June 2009, lasting for approximately nineteen months. This technical definition is based on periods of contraction in Gross Domestic Product (GDP).

Did all economies experience the Great Recession with the same severity?

No, the recession's impact varied significantly across the globe. While developed economies in North America, South America, and Europe faced severe and sustained downturns, many developing economies, particularly in Asia like China and India, experienced substantial economic growth during this period. Oceania also saw minimal impact.

What are the two main definitions of an economic recession?

An economic recession can be defined generally as a period of reduced economic activity and ongoing hardship. More technically, in economics, it is defined operationally as the contraction phase of a business cycle marked by two or more consecutive quarters of negative GDP growth.

How did Robert Kuttner describe the economic situation of the decade, differing from the term 'Great Recession'?

Robert Kuttner argued that 'The Great Recession' was a misnomer, suggesting that the decade's stagnant economy was more accurately described as 'The Lesser Depression' or 'The Great Deflation' due to a continuing deflationary trap, rather than a typical, self-correcting recession.

What criteria did the IMF use to define a global recession, and how did the Great Recession fit?

The IMF defines a global recession by a decline in annual real world GDP per capita. The Great Recession met this criterion only in the calendar year 2009, although quarterly data showed contractions earlier, from Q3 2008 to Q1 2009, which more accurately reflect the global recessionary period.

What characterized the years leading up to the Great Recession?

The years preceding the crisis were marked by a significant rise in asset prices and a corresponding boom in economic demand. Additionally, the U.S. shadow banking system, comprising non-depository institutions like investment banks, grew substantially without the same regulatory oversight as traditional banks, making it vulnerable.

How did mortgage-backed securities contribute to the crisis?

Mortgage-backed securities (MBS), which offered higher yields than government bonds, were widely marketed globally. These securities, often backed by subprime mortgages, lost value when the U.S. housing bubble burst, leading to widespread defaults and financial instability.

What happened in the inter-bank loan market following the collapse of Lehman Brothers?

Following the collapse of Lehman Brothers in September 2008, a major panic erupted in the inter-bank loan market. This led to a run on the shadow banking system, causing many large investment and commercial banks in the U.S. and Europe to suffer significant losses and face bankruptcy, necessitating massive government financial assistance.

What were the immediate consequences of the global recession that followed?

The global recession resulted in a sharp decline in international trade, a rise in unemployment rates, and a slump in commodity prices. Some economists predicted a recovery might not occur until 2011 and feared the recession could be the worst since the Great Depression.

How did government and central banks respond to the recession?

Governments and central banks implemented fiscal and monetary policy initiatives to stimulate their national economies and reduce financial system risks. This period saw a resurgence of interest in Keynesian economic ideas for combating recessionary conditions.

What happened to income inequality and household wealth in the U.S. during the recovery period?

In the United States, income inequality increased during the post-2008 economic recovery, with inequality growing from 2005 to 2012 in most metropolitan areas. Median household wealth also fell significantly, by 35% between 2005 and 2011.

What were the main findings of the U.S. Financial Crisis Inquiry Commission (FCIC) regarding the causes of the crisis?

The FCIC's majority report concluded that the crisis was avoidable and caused by failures in financial regulation, breakdowns in corporate governance leading to excessive risk-taking, excessive borrowing by households and Wall Street, and the unpreparedness of key policymakers. Dissenting reports offered alternative primary causes, such as U.S. housing policy.

What specific government policies did Peter J. Wallison blame for the crisis?

Peter J. Wallison, in his dissent to the FCIC report, primarily blamed U.S. housing policy, including the actions of Fannie Mae and Freddie Mac, for the crisis. He argued that these policies encouraged lax lending standards and high-risk loans, which failed in large numbers as the housing bubble deflated.

What causes did the G20 leaders cite in their November 2008 declaration?

G20 leaders cited a period of strong global growth, growing capital flows, and prolonged stability earlier in the decade, during which market participants sought higher yields without adequate risk appreciation and failed to exercise due diligence. They also noted weak underwriting standards, unsound risk management, complex financial products, excessive leverage, and inadequate policy-maker oversight.

What vulnerabilities in the private sector did Ben Bernanke identify as contributing to the crisis?

Ben Bernanke identified several private sector vulnerabilities, including financial institutions' reliance on unstable short-term funding (like repurchase agreements), deficiencies in corporate risk management, excessive use of leverage, and inappropriate use of derivatives for excessive risk-taking.

What vulnerabilities in the public sector did Ben Bernanke mention?

Bernanke pointed to public sector vulnerabilities such as statutory gaps and conflicts between regulators, ineffective use of regulatory authority, and inadequate crisis management capabilities.

What is the 'shadow banking system' and why was it significant in the crisis?

The shadow banking system refers to non-depository financial institutions like investment banks. It had grown to rival the traditional banking system in scale but lacked the same regulatory safeguards, making it vulnerable to runs and disrupting credit flows, which was a fundamental cause of the crisis.

How did the U.S. housing bubble contribute to the recession?

The bursting of the U.S. housing bubble led to a significant drop in private residential investment (housing construction) and slowed down consumption that was fueled by bubble-generated housing wealth. This created a large gap in annual demand that the U.S. government did not fully offset.

What is a 'balance sheet recession' as it relates to household debt?

A balance sheet recession occurs when high levels of household debt accumulated over years lead consumers to prioritize paying off debt over spending or investing, especially when asset prices (like housing) fall. This deleveraging process slows down the economy for an extended period.

What role did house flippers play according to one narrative of the crisis?

One narrative suggests that wealthy and middle-class house flippers, often with good credit scores, created a speculative bubble in house prices. They then contributed to the crisis by defaulting on their debt en masse after the bubble burst, damaging local housing markets and financial institutions.

How did income inequality and wage stagnation potentially fuel the housing bubble?

Growing income inequality and wage stagnation may have encouraged families to increase household debt to maintain their living standards, thereby fueling the housing bubble. Increased income for the wealthy also amplified their political power, leading to deregulation of the shadow banking system.

What was the argument regarding the impact of foreign savings on the U.S. housing bubble?

The inflow of foreign savings, particularly from East Asia and the Middle East, was seen as a major cause of the housing bubble and financial crisis. This influx of capital, driven by a large U.S. trade deficit, flowed into the mortgage market, contributing to overvalued housing prices.

What was the role of derivatives, such as credit default swaps (CDS), in the crisis?

Derivatives like credit default swaps were largely unregulated. They allowed speculators to bet on mortgage security defaults, creating a stacked-betting scenario similar to insuring the same house multiple times. When defaults occurred, sellers like AIG, unable to meet obligations, faced collapse, requiring taxpayer bailouts.

What action by Brooksley E. Born regarding derivatives was met with opposition from key government officials?

Brooksley E. Born, as head of the Commodity Futures Trading Commission (CFTC), proposed regulations for derivatives. However, officials like Alan Greenspan (Federal Reserve Chairman) and Robert Rubin (Treasury Secretary) pressured her to withdraw the proposal and lobbied Congress to prevent the CFTC from regulating derivatives.

How did the Federal Reserve's monetary policy potentially contribute to the crisis?

Some theorists, particularly Austrian economists, argue that the Federal Reserve's lowering of the federal funds rate to 1% for over a year injected excessive 'easy' credit into the financial system, creating an unsustainable economic boom that contributed to the crisis. This action might have been motivated by a desire to counter the recession following the dot-com bubble, effectively postponing rather than averting the crisis.

What was the significance of the Gramm-Leach-Bliley Act (1999) in relation to the crisis?

The Gramm-Leach-Bliley Act reduced the regulation of banks by allowing the merger of commercial and investment banks. Nobel Prize-winning economist Joseph Stiglitz, among others, has blamed this act for contributing to the crisis.

What did the IMF recommend in September 2010 regarding unemployment and government spending?

The IMF urged governments to expand social safety nets and generate job creation, even amidst pressure to cut spending. They recommended investing in skills training for the unemployed and prioritizing long-term economic recovery through job creation, even in heavily indebted countries like Greece.

Which countries were noted for avoiding recession during the Great Recession?

Several countries avoided recession, including Poland (the only EU member to do so), India, Uzbekistan, China, Iran, South Korea (narrowly avoiding it), and Australia. Many developing countries were also less affected due to less integration into the global market or prior experience with crises.

What factors contributed to Poland avoiding recession?

Poland's avoidance of recession was attributed to factors such as low levels of bank lending, a small mortgage market, increased demand for Polish goods due to EU trade barrier dismantling, EU funding, fiscal responsibility, a large internal market, a free-floating currency (zloty), foreign direct investment, and prior austerity measures.

How did the Great Recession impact political stability in various countries?

The economic downturn contributed to democratic backsliding in several nations. Countries like Bangladesh, Ukraine, Honduras, Guatemala, Palestine, and Hong Kong saw shifts towards authoritarianism or mixed regimes, while Madagascar, The Gambia, Ethiopia, Russia, and Fiji moved from mixed to authoritarian systems.

What were the major U.S. government policy responses to the crisis?

Key U.S. responses included the Emergency Economic Stabilization Act of 2008 (establishing TARP with $700 billion for financial institutions), the American Recovery and Reinvestment Act of 2009 ($787 billion stimulus package), and the Federal Reserve's actions of lowering interest rates and expanding the money supply.

What was the Troubled Asset Relief Program (TARP)?

TARP was a program established by the Emergency Economic Stabilization Act of 2008, allocating $700 billion to purchase troubled assets from financial institutions. A significant portion, $205 billion, was used in the Capital Purchase Program to lend funds to banks in exchange for preferred stock.

What stimulus package did President Obama sign in February 2009?

President Barack Obama signed the American Recovery and Reinvestment Act of 2009, a $787 billion stimulus package that included spending and tax cuts, with over $75 billion specifically allocated to help struggling homeowners through the Homeowner Affordability and Stability Plan.

How did China respond to the financial crisis in November 2008?

China announced a RMB 4 trillion ($586 billion) stimulus package by the end of 2010, investing in infrastructure, social welfare, housing, transportation, health, education, and industry. This stimulus was significant for global recovery and helped retool China's domestic infrastructure.

What actions did European countries take in response to the crisis?

European countries implemented various measures, including partial nationalization of banks (e.g., Fortis), government bailouts of financial institutions (e.g., Hypo Real Estate), and proposed stimulus plans at the EU level. Many countries later adopted austerity programs to reduce budget deficits.

What was the UK government's bank rescue package in October 2008?

The British government announced a bank rescue package of approximately £500 billion ($850 billion), which included providing liquidity to banks, increasing capital markets within banks, and offering government guarantees for eligible lending between British banks.

What was the G20's role in managing the crisis?

The G20 major economies became a significant forum for managing the crisis. Summits in November 2008 (Washington) and April 2009 (London) addressed international financial regulation, pledged economic support, committed to fighting protectionism, and agreed to maintain credit supply and low interest rates.

What policy recommendations did the IMF make regarding job creation?

The IMF recommended that governments focus on job creation and expanding social safety nets, even when facing pressure to cut spending. They advised investing in skills training for the unemployed to foster long-term economic recovery.

Which central banks were among the first to raise interest rates after the global recession began?

The Bank of Israel was among the first to raise interest rates in August 2009. Australia followed in October 2009, and Norges Bank (Norway) and the Reserve Bank of India raised rates in March 2010.

How did the Great Recession compare to the Great Depression in terms of synchronization and duration?

While the Great Recession was severe, the IMF noted that unlike the Great Depression, this recession was synchronized globally due to market integration. Such synchronized downturns tend to last longer and have slower recoveries.

What was the IMF's observation about long-term unemployment during the Great Recession?

The IMF observed that the percentage of workers laid off for extended periods surged during the Great Recession, reaching levels not seen since the Great Depression, with half the unemployed in the U.S. being out of work for over six months.

What connection did the IMF suggest between rising inequality and deflating demand?

The IMF suggested a potential link between rising income inequality within Western economies and deflating demand. They noted that the wealth gap had reached similarly skewed extremes only in the years leading up to the Great Depression (1928-1929).

What was the impact of the Great Recession on political discourse and movements in the U.S. and Europe?

In the U.S., anger over bank bailouts contributed to a political shift rightward, fueling the rise of the Tea Party movement. In Europe, austerity measures led to protests and social unrest, and in Spain, economic difficulties increased support for secession movements. The recession's aftermath has also been linked to the rise of populist sentiment in elections.

What specific government actions were cited as potentially encouraging lax lending standards in the U.S.?

The Housing and Community Development Act of 1992, which mandated increasing percentages of affordable housing loan purchases by Fannie Mae and Freddie Mac, is cited by some as encouraging lax lending. Additionally, the SEC's relaxation of lending standards for top investment banks in 2004 is seen as a more proximate cause for increased risk-taking and subprime lending.

What was the 'Kipper und Wipper' crisis?

The 'Kipper und Wipper' was a financial crisis in the Holy Roman Empire during the Thirty Years' War (1621-1623), involving currency debasement and speculative bubbles, which led to widespread economic disruption.

What is the 'Minsky Moment' in the context of financial crises?

A 'Minsky Moment' refers to a point where prolonged stability leads to increased risk-taking and leverage, eventually causing a sudden collapse in asset values. This concept, named after economist Hyman Minsky, is relevant to understanding how periods of apparent prosperity can sow the seeds of a financial crisis.

What was the 'Great Bullion Famine'?

The Great Bullion Famine, occurring roughly from 1400 to 1500, was a period of severe shortage of precious metals, particularly silver, in Europe. This scarcity impacted trade and economic activity, contributing to financial instability.

Great Recession Wiki: The Global Economic Quake: Understanding the Great Recession

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Overview

Defining the Period

The Great Recession was a significant period of economic contraction experienced globally from late 2007 to mid-2009. This downturn coincided with, and was largely driven by, the 2008 financial crisis. The International Monetary Fund (IMF) characterized it as the most severe economic and financial meltdown since the Great Depression.^[1]^[2]^[3]

Global Impact and Variation

While the recession was a worldwide phenomenon, its intensity and duration varied considerably by country. Developed economies in North America, South America, and Europe were particularly hard-hit, experiencing severe and sustained downturns. Conversely, many emerging economies, such as China and India, demonstrated resilience, continuing to grow substantially during this period.^[3]^[16]

Economic Contraction

Technically, the recession in the United States began in December 2007 and concluded in June 2009, spanning approximately 18 months. This period saw a sharp decline in Gross Domestic Product (GDP) and a significant increase in unemployment.^[4]^[5] The recession's impact was profound, leading to widespread economic hardship and a re-evaluation of financial systems and policies.

Causes

Housing Bubble and Subprime Mortgages

A primary catalyst for the Great Recession was the bursting of the United States housing bubble, which began around 2005-2012. This led to a decline in mortgage-backed securities, many of which were backed by subprime mortgages. As homeowners defaulted in increasing numbers starting in 2007, the value of these securities plummeted, triggering the subprime mortgage crisis.^[1]^[20]

Financial System Vulnerabilities

The crisis exposed significant weaknesses within the financial system. These included limited financial regulation, the growth of an unregulated shadow banking system, and the widespread use of complex and opaque financial products like derivatives (e.g., credit default swaps). Failures in corporate governance and excessive leverage among financial institutions amplified these vulnerabilities.^[33]^[72]

Policy and Regulation Failures

A consensus emerged from various analyses, including reports from the Financial Crisis Inquiry Commission (FCIC), that widespread failures in financial regulation were a key cause. Regulators, including the Federal Reserve, were criticized for not adequately addressing the build-up of risks and keeping pace with financial innovation. Dissenting reports also highlighted the role of government housing policies in encouraging lax lending standards.^[33]^[34]

Debt and Trade Imbalances

High levels of private debt, particularly household debt, accumulated in the preceding decades. This debt burden made consumers more vulnerable to economic shocks and contributed to a "balance sheet recession" as individuals focused on debt repayment rather than spending. Furthermore, significant trade deficits, financed by foreign capital inflows, are argued by some to have fueled asset bubbles.^[41]^[48]

Effects

Unemployment and GDP Decline

The recession led to a substantial increase in unemployment globally. In the United States, the unemployment rate peaked at 10.0% in October 2009, and it took years for the labor market to recover to pre-recession levels. Real GDP experienced a significant contraction, with the U.S. economy shrinking by approximately 4.3% from its pre-recession peak.^[95]^[93]

Wealth Reduction and Austerity

Household net worth, reflecting asset values like stocks and housing, declined sharply. In the U.S., median household wealth fell by over 35% between 2005 and 2011. In response to the crisis and subsequent debt accumulation, many European nations implemented austerity measures, which involved reducing government spending and increasing taxes, often exacerbating economic stagnation.^[94]^[182]

Political Ramifications

The economic fallout had significant political consequences. Widespread public anger over bank bailouts and perceived lack of accountability contributed to political shifts, including the rise of populist movements in various countries. Social unrest and protests became more common as citizens reacted to economic hardship and austerity policies.^[102]^[150]

Policy Responses

Fiscal and Monetary Stimulus

Governments and central banks worldwide implemented extensive fiscal and monetary policies to counteract the recession. This included large-scale stimulus packages, interest rate reductions, and quantitative easing (expanding the money supply). Notable examples include the U.S. Troubled Asset Relief Program (TARP) and the American Recovery and Reinvestment Act, as well as significant stimulus measures in China and the European Union.^[163]^[169]

Financial System Interventions

Emergency interventions were crucial to stabilize financial systems. These included bank bailouts, capital injections, and liquidity provisions to prevent systemic collapse. The Federal Reserve, for instance, expanded its balance sheet significantly by purchasing Treasury and mortgage-backed securities to support lending.^[167]^[171]

Global Coordination

The crisis highlighted the need for international cooperation. The G-20 major economies played a more prominent role, holding summits to coordinate responses, pledge economic support, and commit to avoiding protectionism. These coordinated efforts aimed to stabilize the global economy and foster recovery.^[184]

Global Resilience

Poland's Exception

Notably, Poland was the sole member of the European Union to avoid a GDP recession during the Great Recession. Analysts attributed this resilience to factors such as low levels of bank lending, a relatively small mortgage market, strong demand for Polish goods following EU trade barrier dismantling, fiscal responsibility, and a large domestic market.^[120]

Asian Growth

Several Asian economies, including China, India, and Uzbekistan, experienced slowing growth but managed to avoid outright recession. Their relative stability was partly attributed to less integration into global financial markets and, in some cases, stringent banking regulations or strong domestic demand.^[127]

Australian Stability

Australia also demonstrated notable resilience, narrowly avoiding a technical recession by experiencing only one quarter of negative growth. This stability was supported by strong commodity prices and effective policy responses, including monetary stimulus.^[125]

Timeline of Effects

Recessionary Waves

The recession unfolded in waves across different countries. While the U.S. recession began in December 2007, numerous other nations entered recession in early to mid-2008. By the first quarter of 2009, a peak was reached with 59 out of 71 surveyed countries experiencing recession. Recovery was gradual, with some nations facing subsequent crises, particularly in Europe.^[16]

Lingering Impacts

The recovery period was protracted, with key economic indicators like GDP, employment, and household net worth taking several years to return to pre-recession levels in many developed economies. This prolonged period of adjustment was partly due to deleveraging by households and businesses, and restrained government spending in some regions.^[94]^[98]

Long-Term Consequences

The Great Recession's legacy includes increased awareness of systemic financial risks, debates over regulatory reform, and significant political shifts. The economic hardship fueled social discontent and contributed to the rise of populist sentiments globally, influencing electoral outcomes and policy debates for years to come.^[102]

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References

FRED-Private Residential Investment â Retrieved March 3, 2019

The Warning| Frontline

Peter J. Wallison, "Cause and Effect: Government Policies and the Financial Crisis", Washington, DC: American Enterprise Institute, November 2008.

FRED-All Employees Total Nonfarm Payrolls-Retrieved July 7, 2018

NPR article "Economic Crisis Poses Threat To Global Stability" by Tom Gjelten

E. Shadrina et al. "Russia and the "Great Recession", International Affairs: A Russian Journal of World Politics, Diplomacy & International Relations (2010), 56#2, pp 113â129.

A full list of references for this article are available at the Great Recession Wikipedia page

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This content has been generated by Artificial Intelligence, drawing upon publicly available data from Wikipedia. While efforts have been made to ensure accuracy and comprehensiveness, the information is presented on an "as is" basis and may not be entirely up-to-date or exhaustive. It is intended for educational and informational purposes only.

This is not financial or economic advice. The information provided herein should not be considered a substitute for professional consultation with qualified economists, financial advisors, or policy experts. Always seek the advice of appropriate professionals for specific financial or economic matters.

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The Global Economic Quake

💡 Dive in with Flashcard Learning! 💡

Overview 📊

🗓️ Defining the Period

🌍 Global Impact and Variation

📉 Economic Contraction

Causes ⚙️

🏠 Housing Bubble and Subprime Mortgages

🏦 Financial System Vulnerabilities

⚖️ Policy and Regulation Failures

📈 Debt and Trade Imbalances

Effects 💥

💼 Unemployment and GDP Decline

💰 Wealth Reduction and Austerity

🏛️ Political Ramifications

Policy Responses 🏛️

💸 Fiscal and Monetary Stimulus

🏦 Financial System Interventions

🤝 Global Coordination

Global Resilience 🌍

🇵🇱 Poland's Exception

🇨🇳 Asian Growth

🇦🇺 Australian Stability

Timeline of Effects ⏳

➡️ Recessionary Waves

⏳ Lingering Impacts

⚖️ Long-Term Consequences

Teacher's Corner 🧑‍🏫

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❓ Test Your Knowledge! ❓

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References

📜 References

Feedback & Support 👍

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Disclaimer ⚠️

📜 Important Notice

Dive in with Flashcard Learning!

Overview

Defining the Period

Global Impact and Variation

Economic Contraction

Causes

Housing Bubble and Subprime Mortgages

Financial System Vulnerabilities

Policy and Regulation Failures

Debt and Trade Imbalances

Effects

Unemployment and GDP Decline

Wealth Reduction and Austerity

Political Ramifications

Policy Responses

Fiscal and Monetary Stimulus

Financial System Interventions

Global Coordination

Global Resilience

Poland's Exception

Asian Growth

Australian Stability

Timeline of Effects

Recessionary Waves

Lingering Impacts

Long-Term Consequences

Teacher's Corner

True or False?

Test Your Knowledge!

Gamer's Corner

Discover other topics to study!

References

Feedback & Support

Disclaimer

Important Notice