Global Globalization _ Crises

Global - Global Globalization ECON 0424 Fall 2009 Professor Leticia Arroyo Abad Business cycle transmission Artis Okubo(2008 Identified business

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Global Globalization ECON 0424 Fall 2009 Professor Leticia Arroyo Abad
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Business cycle transmission – Identified business cycles and their synchronization in the two globalization periods – Computed bilateral cross-correlation coefficients of the cyclical deviates – Sample: developed countries – Data: Maddison annual GDP – Results: • Correlation highest for the second globalization, followed by the first, and lowest for the deglobalization period.
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Crises in the global economy • Stresses and setbacks in financial markets are similar today as in the past (to some extent) • Tulip mania of 1637 • The Latin American debt crisis in 1825 • The Barings crisis of 1890 • The Wall Street crash of 1929 • The 1990s crises • The Great Recession
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The Latin American debt crisis of 1825 • Financing the new Latin American republics • Used to finance the independence wars • Default was lifted only 50 years later
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The Barings crisis
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The Wall Street crash of 1929 • Increasingly stringent US monetary policy
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This note was uploaded on 04/19/2010 for the course ECON 0430 taught by Professor Arroyoabad during the Fall '10 term at Middlebury.

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Global - Global Globalization ECON 0424 Fall 2009 Professor Leticia Arroyo Abad Business cycle transmission Artis Okubo(2008 Identified business

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