Search by keyword: economic recession

Financial crisis: causes and consequences

In the author's opinion, the origin of the economic recession taking place in most countries resides in the house price crashes happened in the USA's and UK's housing markets. The financial crisis has been caused by many factors, which are analysed here. Some ways of how to manage the crisis are presented too.

Phelps E. esp2@columbia.edu

Keywords: economic recession financial crisis financial crisis economy housing market employment banks credit

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