Working Paper: NBER ID: w14569
Authors: Michael D. Bordo
Abstract: This paper provides an historical perspective on the crisis of 2007-2008. The crisis is part of a perennial pattern. It has echoes in earlier big international financial crises which were triggered by events in the U.S. financial system. Examples include the crises of 1857, 1893 1907 and 1929-33. This crisis has many similarities to those of the past but also some important modern twists.
Keywords: No keywords provided
JEL Codes: N10
Edges that are evidenced by causal inference methods are in orange, and the rest are in light blue.
| Cause | Effect |
|---|---|
| collapse of the subprime mortgage market (F65) | financial crisis (G01) |
| rising policy interest rates (E43) | collapse of the subprime mortgage market (F65) |
| housing market boom (R31) | collapse of the subprime mortgage market (F65) |
| defaults on subprime mortgages (G21) | liquidity crisis (G01) |
| regulatory changes and lax oversight (G18) | financial crisis (G01) |