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  • April 2009
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The First Global Financial Crisis of the 21st Century

By: Laura Alfaro and Renee Kim
  • Format:Print
  • | Pages:15
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Abstract

The global economy was expected to suffer from negative growth for the full year in 2009, a phenomenon not seen since World War II. While the U.S. subprime mortgage disaster was blamed as the original instigator, it was noted that the "global imbalances" of the U.S. current account deficit funded for many years by other nations such as China were also a chief culprit of the crisis. Policymakers around the world recognized that the scope and scale of the financial crisis required a coordinated global response. Yet there were conflicting views on what kind of action was needed to address the first global financial crisis of the 21st century.

Keywords

Financial Crisis; Mortgages; Globalized Economies And Regions; Policy; International Relations; Business And Government Relations; Conflict And Resolution

Citation

Alfaro, Laura, and Renee Kim. "The First Global Financial Crisis of the 21st Century." Harvard Business School Case 709-057, April 2009.
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About The Author

Laura Alfaro

General Management
→More Publications

More from the Authors

    • March 2021
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    On the Direct and Indirect Real Effects of Credit Supply Shocks

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    Latam Airlines and COVID-19: Seeking Bankruptcy Protection in the United States

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    Reserve Accumulation, Sovereign Debt, and Exchange Rate Policy

    By: Laura Alfaro and Fabio Kanczuk
More from the Authors
  • On the Direct and Indirect Real Effects of Credit Supply Shocks By: Laura Alfaro, Manuel García-Santana and Enrique Moral-Benito
  • Latam Airlines and COVID-19: Seeking Bankruptcy Protection in the United States By: Laura Alfaro
  • Reserve Accumulation, Sovereign Debt, and Exchange Rate Policy By: Laura Alfaro and Fabio Kanczuk
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