The First Global Financial Crisis of the 21st Century

Posted: 21 May 2009

See all articles by Laura Alfaro

Laura Alfaro

Harvard University

Renee Kim

Harvard University - Business School (HBS)

Date Written: April 7, 2009

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 was also a chief culprit of the crisis as well. 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.

Suggested Citation

Alfaro, Laura and Kim, Renee, The First Global Financial Crisis of the 21st Century (April 7, 2009). HBS Case Number: 709-057, Harvard Business School BGIE Unit, Available at SSRN: https://ssrn.com/abstract=1406433

Laura Alfaro (Contact Author)

Harvard University ( email )

Cambridge, MA 02138
United States

Renee Kim

Harvard University - Business School (HBS) ( email )

Soldiers Field Road
Morgan 270C
Boston, MA 02163
United States

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