The Slow Spread of the Global Crisis
Thomas D. Willett
Claremont Colleges - Robert Day School of Economics and Finance
Claremont Institute for Economic Policy Studies (CIEPS)
Claremont Colleges - Claremont Graduate University
April 1, 2010
Journal of International Commerce, Economics and Policy, Vol. 1, No. 1, pp. 35-58, April 2010
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, ContagionAccepted Paper Series
Date posted: June 1, 2010 ; Last revised: May 30, 2011
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