Abstract

  


 



The Slow Spread of the Global Crisis


Thomas D. Willett


Claremont Colleges - Robert Day School of Economics and Finance

Priscilla Liang


Claremont Institute for Economic Policy Studies (CIEPS)

Nan Zhang


Claremont Colleges - Claremont Graduate University
April 1, 2010

Journal of International Commerce, Economics and Policy, Vol. 1, No. 1, pp. 35-58, April 2010

Abstract:     
We argue that the depth and breadth of the spread of the current crisis from the US subprime market across the globe was due more to the buildup of substantial financial vulnerabilities prior to the crisis than to irrational panic during the crisis. We examine how these developments explain the belated recognition of the severity of the crisis and its slow spread through various channels of contagion. We also discuss lessons for policy and research.

Keywords: Financial Crisis, Contagion

Accepted Paper Series


Date posted: June 1, 2010 ; Last revised: May 30, 2011

Suggested Citation

Willett, Thomas D., Liang, Priscilla and Zhang, Nan, The Slow Spread of the Global Crisis (April 1, 2010). Journal of International Commerce, Economics and Policy, Vol. 1, No. 1, pp. 35-58, April 2010. Available at SSRN: http://ssrn.com/abstract=1618696

Contact Information

Thomas D. Willett (Contact Author)
Claremont Colleges - Robert Day School of Economics and Finance ( email )
500 E. Ninth St.
Claremont, CA 91711-6420
United States
Priscilla Liang
Claremont Institute for Economic Policy Studies (CIEPS) ( email )
Claremont, CA
United States
Nan Zhang
Claremont Colleges - Claremont Graduate University ( email )
150 E. Tenth Street
Claremont, CA 91711
United States
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