As the crisis developed into genuine recession in many major economies, economic stimulus meant to revive economic growth became the most common policy tool. After having implemented rescue plans for the banking system, major developed and emerging countries announced plans to relieve their economies. In particular, economic stimulus plans were announced in China , the United States , and the European Union. The Federal Reserve, Treasury, and Securities and Exchange Commission took several steps on September 19, to intervene in the crisis. The exceptions would expire on January 30, , unless extended by the Federal Reserve Board.
The Securities and Exchange Commission announced termination of short-selling of financial stocks, as well as action against naked short selling , as part of its reaction to the mortgage crisis. On September 15, , China cut its interest rate for the first time since Indonesia reduced its overnight rate, at which commercial banks can borrow overnight funds from the central bank, by two percentage points to The stimulus package was invested in key areas such as housing, rural infrastructure, transportation, health and education, environment, industry, disaster rebuilding, income-building, tax cuts, and finance.
Later that month, China's export driven economy was starting to feel the impact of the economic slowdown in the United States and Europe despite the government already cutting key interest rates three times in less than two months in a bid to spur economic expansion. On November 28, , the Ministry of Finance of the People's Republic of China and the State Administration of Taxation jointly announced a rise in export tax rebate rates on some labour-intensive goods.
These additional tax rebates took place on December 1, The stimulus package was welcomed by world leaders and analysts as larger than expected and a sign that by boosting its own economy, China is helping to stabilise the global economy. News of the announcement of the stimulus package sent markets up across the world.
However, Marc Faber claimed that he thought China was still in recession on January In Taiwan, the central bank on September 16, , said it would cut its required reserve ratios for the first time in eight years. In developing and emerging economies, responses to the global crisis mainly consisted in low-rates monetary policy Asia and the Middle East mainly coupled with the depreciation of the currency against the dollar.
There were also stimulus plans in some Asian countries, in the Middle East and in Argentina. Until September , European policy measures were limited to a small number of countries Spain and Italy. In both countries, the measures were dedicated to households tax rebates reform of the taxation system to support specific sectors such as housing. At the beginning of , the UK and Spain completed their initial plans, while Germany announced a new plan. The German government bailed out Hypo Real Estate.
The plan comprises three parts. The second part will consist of the state government increasing the capital market within the banks. From , the United Kingdom began a fiscal consolidation program to reduce debt and deficit levels while at the same time stimulating economic recovery. Most political responses to the economic and financial crisis has been taken, as seen above, by individual nations.
Some coordination took place at the European level, but the need to cooperate at the global level has led leaders to activate the G major economies entity.
A first summit dedicated to the crisis took place, at the Heads of state level in November G Washington summit. The G countries met in a summit held on November in Washington to address the economic crisis. Apart from proposals on international financial regulation, they pledged to take measures to support their economy and to coordinate them, and refused any resort to protectionism.
Another G summit was held in London on April Finance ministers and central banks leaders of the G met in Horsham , England, on March to prepare the summit, and pledged to restore global growth as soon as possible.
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They decided to coordinate their actions and to stimulate demand and employment. They also pledged to fight against all forms of protectionism and to maintain trade and foreign investments. They also committed to maintain the supply of credit by providing more liquidity and recapitalising the banking system, and to implement rapidly the stimulus plans. As for central bankers, they pledged to maintain low-rates policies as long as necessary. Finally, the leaders decided to help emerging and developing countries, through a strengthening of the IMF.
The IMF stated in September that the financial crisis would not end without a major decrease in unemployment as hundreds of millions of people were unemployed worldwide. The IMF urged governments to expand social safety nets and to generate job creation even as they are under pressure to cut spending.
The IMF also encouraged governments to invest in skills training for the unemployed and even governments of countries, similar to that of Greece, with major debt risk to first focus on long-term economic recovery by creating jobs. The Bank of Israel was the first to raise interest rates after the global recession began.
On October 6, , Australia became the first G20 country to raise its main interest rate, with the Reserve Bank of Australia moving rates up from 3. On November 2, the Bank of England raised interest rates for the first time since March from 0. On April 17, , the then head of the IMF Dominique Strauss-Kahn said that there was a chance that certain countries may not implement the proper policies to avoid feedback mechanisms that could eventually turn the recession into a depression.
Such synchronized recessions were explained to last longer than typical economic downturns and have slower recoveries. Olivier Blanchard , IMF Chief Economist, stated that the percentage of workers laid off for long stints has been rising with each downturn for decades but the figures have surged this time.
The last time that the wealth gap reached such skewed extremes was in — From Wikipedia, the free encyclopedia. For background on financial market events beginning in , see Financial crisis of — Not to be confused with the Great Depression during the s. Early 21st-century global economic decline. Main article: Causes of the Great Recession. Further information: Financial crisis of — Further information: Real estate bubble. Main article: Effects of the Great Recession.
Main article: Timeline of the Great Recession. When quarterly change is calculated by comparing quarters with the same quarter of last year, this results only in an aggregated -often delayed- indication, because of being a product of all quarterly changes taking place since the same quarter last year. Currently there is no seasonal adjusted qoq-data available for Greece and Macedonia, which is why the table display the recession intervals for these two countries only based upon the alternative indicative data format. Main article: National fiscal policy response to the Great Recession.
See also: —09 Keynesian resurgence. Main article: United States policy responses to the Great Recession. Economics portal Money portal. Retrieved December 19, World Economic Situation and Prospects trade paperback 1st ed. United Nations. The Wall Street Journal. Retrieved September 17, Box 1. April 24, December National Bureau of Economic Research. Retrieved June 13, Retrieved March 14, Hulbert, Mark July 15, Keilis-Borok et al.
The Concise Encyclopedia of The Great Recession - Jerry M. Rosenberg - Google книги
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SearchWorks Catalog Stanford Libraries. The concise encyclopedia of the great recession Responsibility Jerry M. Edition Rev. Imprint Lanham, Md. Rosenberg ISBN: Soucek ISBN: Energetic Materials Encyclopedia by Thomas M. Mertens; Micki M. Encyclopedia of Special Education by Cecil R. Reynolds Editor ; Kimberly J.