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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
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    Distributional Consequences of Monetary Policy Across Races: Evidence from the U.S. Credit Register

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    El Salvador: Launching Bitcoin as Legal Tender

    By: Laura Alfaro, Carla Larangeira and Ruth Costas
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    Can Evidence-Based Information Shift Preferences Towards Trade Policy?

    By: Laura Alfaro, Maggie X. Chen and Davin Chor
More from the Authors
  • Distributional Consequences of Monetary Policy Across Races: Evidence from the U.S. Credit Register By: Laura Alfaro, Ester Faia and Camelia Minoiu
  • El Salvador: Launching Bitcoin as Legal Tender By: Laura Alfaro, Carla Larangeira and Ruth Costas
  • Can Evidence-Based Information Shift Preferences Towards Trade Policy? By: Laura Alfaro, Maggie X. Chen and Davin Chor
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