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DP secured funding. DP and CS developed the search strategy and extracted data from included
studies. As a non-profit organization, our public servants have the mission of losing as much of your
money and mine in the shortest period of time. As the demand for these derivatives grew, so did the
banks' demand for more and more mortgages to back the securities. Impact of unemployment
variations on suicide mortality in Western European countries (2000-2010). That testimony was later
included in FCIC's 662-page report, which was released to the public in January 2011. While central
bankers responded to the 1929 crash timidly and even by tightening monetary policy, Bernanke's Fed
knew better. The EU (ALDE 2008) identified the causes of the crisis as increased innovation in
structured financial products, willingness to take excessive risks, low interest rates and the greed of
investors. Health inequality between immigrants and natives in Spain: the loss of the healthy
immigrant effect in times of economic crisis. The author mentions that the Financial Crisis of 2008,
also known as the great recession is considered by a number of economists as being the worst
financial crisis after the Great Depression in 1930. They argued the need to improve transparency,
resolve conflicts of interest and achieve close cooperation among market participants and supervisory
systems. Stiglitz (2010) identified the failure of markets in managing risk, flawed financial models,
and the mixed motivations of rating agencies that led to information asymmetries negating the
spread of risk from securitization (people had no idea what they were buying). However, the extent
of success in the implementation of this economic strategy is greatly inclined to the amount spent by
the government after reducing taxes. This paper then addresses the following research questions:
What caused the 2008 financial crisis and what are its implications on stakeholders of the global
economies. Eiriksdottir VH, Valdimarsdottir UA, Asgeirsdottir TL, et al. The quantitative and
qualitative data were analyzed to understand the causal, relational and descriptive aspects of the
research question: 1. In another article, Saving Private Savings, or, The God That Failed he discusses
at length the plausible reasons reasons for the current economic crisis. Scharfstein. “Bank Lending
During the Financial Crisis of 2008.” EFA 2009 Bergen Meetings Paper, (July 30, 2009). Home
prices fell 33% from their peak in April 2006 to their low point in March 2011. In this way, we
decided on the final list of papers to be included for analysis. The “Dodd-Frank Wall Street Reform
and Consumer protection Act” sought to prevent possible of outbreak of such financial crisis in the
future. In October 2008, questions emerged regarding the issue of bank solvency, downturn in
availability of credit to citizens and the destroyed investors confidence which had a negative
influence on the world stock markets especially in the US and Europe where securities experienced
massive losses in 2008. It is significant to note that banks and other financial bodies had they acted
in moral or ethical manner; they could have avoided the unethical behaviors. Economist Barry
Eichengreen recommends the best books on the euro. The Return of Depression Economics and the
Crisis of 2008. Rising property values and easy mortgages attracted a lot of people to avail of home
loans. And if there’s less production then people are poorer and therefore buy less real estate, causing
a further fall in real estate prices, and you have a downward spiral. So it’s really focusing on the
credit aspects and trying to measure that, particularly by looking at patterns in interest rates.”. The
ensuing moral hazard rested on the belief that government could always rely on taxpayers to foot the
bill, which happened with the bail-out of private (AIG, Goldman Sachs) and public (Freddie Mac
and Fannie Mae) institutions. Impact of 2008 global economic crisis on suicide: time trend study in
54 countries. Rose et al (2009) used a Multiple Indicator Multiple Cause (MIMC) model to study a
cross-section of 85 countries with international trade and financial linkages to trace where the crisis
originated (the U.S. was a most likely natural origin, although they identified six other sources) and
how it spread through other economies via holdings of American securities, financial channels, or
trade channels.
To browse Academia.edu and the wider internet faster and more securely, please take a few seconds
to upgrade your browser. An exploratory study is a valuable way of discovering new insights, asking
questions and assessing phenomena in a new light to find out what is happening. Blanchard, Olivier
J. “The Crisis: Basic Mechanisms, and Appropriate Policies.” IMF Working Paper. Washington, DC:
International Monetary Fund, April 2009. Taylor argued for tighter financial market regulation since
the problem was more of a counterparty risk. Zavras D, Tsiantou V, Pavi E, Mylona K, Kyriopoulos
J. Self rated health Twelve studies focused on the impact of the crisis on self rated health, finding
mixed results depending on the country and group analysed. First, laws should protect everyone, not
just the capitalists, bankers and businessmen who have greater political influence and advantage over
the common shareholders and consumers. As a robustness check, we looked at studies that were
published in Greek, Spanish, Italian, and Portuguese (113 studies) that were excluded from our
analysis on the basis of language, only to confirm that these papers did not meet our other selection
criteria. The funder was not involved in the research and preparation of the article, including study
design; collection, analysis, and interpretation of data; writing of the article; nor in the decision to
submit it for publication. The legislation ensured that companies that had troubles in managing their
finances would be coerced to sell their assets. Download Free PDF View PDF A systematic review
of risk management in innovation-oriented firms A systematic review of risk management in
innovation-oriented firms Ana Paula B S Etges Innovation and risk are inseparable. Thus, gradually,
the local financial crisis have propagated at the level of the world financial system. This review
process followed the preferred reporting items for systematic reviews and meta-analyses (PRISMA)
guidelines (the PRISMA checklist is available on request). 12 Data extraction and analysis We
extracted data using a standardised data extraction form. Medical supplies shortages and burnout
among greek health care workers during economic crisis: a pilot study. Federal Reserve Chairman
Alan Greenspan and former Treasury Secretary Larry Summers also lobbied for the bill’s passage.
That trapped homeowners who couldn't afford the payments, but couldn't sell their houses either. We
also focused only on English language papers and those that were published in full text. Cecchetti
argued that liquidity was the central problem and injection of liquidity was the solution. We use
cookies to create the best experience for you. These lessons are simple, but our human nature
oftentimes makes it difficult, if not almost impossible, to be satisfied with reasonable profits. The
Financial Crisis Inquiry Report, Official Government Edition: Final Report of the National
Commission on the Causes of the Financial and Economic Crisis in the United States. The bank is in
the business of investing its depositors’ money in such projects. Enron wanted to engage in
derivatives trading using its online futures exchanges. If it is primarily a distorted expectations and
beliefs problem, preventative measures would include implementing macroprudential, financial-
stability polices, and improving information transparency. To browse Academia.edu and the wider
internet faster and more securely, please take a few seconds to upgrade your browser. Changes in
consumer patterns as a result of major economic events have been researched from many different
vantage points: volume of consumption, nature of consumer expectations, overall consumer
confidence, and advertising budgets. The most pertinent ethical issue in the financial crisis of 2008
was evident in the actions and behaviors of the financial institutions and banks that gave easy loans
to borrowers without verification if they were worth or not. Obstfeld et al (2009) looked at dollar
reserves of U.S. trading partners. The remaining question, both asked, is the severity of the recession
that would depend on what the government, especially the Fed, would do. The council had to ensure
that discipline prevailed in the financial market by eliminating perceptions from traders that the
government would protect them from making losses in case their business collapsed. This is
consistent with previous studies that showed worse effects on groups that lack social protection. 58
Finally, some evidence suggests that the crisis increased social inequalities in health,
disproportionately affecting immigrants, 37 those who were less educated, and those living in certain
regions. 52 Further, from a policy perspective, most studies failed to capture the mechanisms that
affect health outcomes.
The resulting increase in demand inflated asset prices that came in the form of over-priced home
prices, over-valued financial instruments, over-paid bankers and over-priced lifestyles. The payments
were cheaper because their interest rates were based on short-term Treasury bill yields, which are
based on the fed funds rate. He identified the deregulation in the 1980s and 1990s and the belief of
the Fed in self-regulation as the seeds of financial crisis. These first three predictions hinged on two
basic causes: more risk-taking by consumers and financial markets because the U.S. and global
economies were enjoying sensational growth. He showed how the crisis spread to other assets,
institutions, to Europe and emerging countries through amplification mechanisms that need
regulatory and policy measures to limit these mechanisms. Cecchetti (2008) and Taylor (2008)
blamed the Federal Reserve that encouraged imprudent risk-taking through mistaken monetary
policies and then, when the crisis hit, hesitated in providing short-term liquidity to solvent financial
institutions in need. And its job is to place restrictions on what the banks can do. Fiscal policy Fiscal
policy means the changes made about taxes and expenditure of the federal government with the
main purpose of contracting or expanding aggregate demand level. Fed's Cook: need more
confidence on inflation before cutting rates 4. However, there has been no systematic effort to
identify and categorize risks that potentially impact businesses based on innovation. The study refers
to a sample of ten selected countries and through an empirical analysis of selected indicators, such as
market capitalization, turnover, share p. This is an Open Access article distributed in accordance with
the Creative Commons Attribution Non Commercial (CC BY-NC 3.0) license, which permits others
to distribute, remix, adapt, build upon this work non-commercially, and license their derivative
works on different terms, provided the original work is properly cited and the use is non-
commercial. See:. References ? Cylus J, Pearson M. But from the way you’re talking, it seems there
are existing models that predict that these crises will happen, and it’s a question of how you respond.
Deregulation in the financial industry was the primary cause of the 2008 financial crash. Impact of
economic crisis and other demographic and socio-economic factors on self-rated health in Greece.
The findings of the Financial Crisis Inquiry Commission (FCIC 2011) in January 2011 and the U.S.
Senate Permanent Subcommittee on Investigations (USS 2011) in April 2011 run parallel. This
decision was unethical and it encouraged financial firms to continue with the behaviors. Results
Figure 1 ? shows the results of the review process. The subprime mortgage was activated by the
influx of funds from private sector, the predatory lending behaviors of the mortgage providers and
the banks entering into the mortgage markets. Rising property values and easy mortgages attracted a
lot of people to avail of home loans. There were only two studies that were rated as having a low risk
of bias. Available on April 25, 2011 from SSRN: Fidrmuc, Jarko and Jikka Korhonen. “The Financial
Crisis of 2008-09: Origins, Issues and Prospects.” Journal of Asian Economics. 21.3 (June 2010):
293-303. It was basically risk-free for the bank and the hedge fund. If I’m highly leveraged, I stand
to profit greatly if my bet pays off, and so some probability of collapse may be tolerable. Results 41
studies met the inclusion criteria, and focused on suicide, mental health, self rated health, mortality,
and other health outcomes. Fannie Mae and Freddie Mac reassured banks that they would securitize
these subprime loans. The search was limited to empirical, quantitative papers and excluded
qualitative studies, opinion papers, commentaries, and systematic literature reviews. Cordoba-Dona
JA, San Sebastian M, Escolar-Pujolar A, Martinez-Faure JE, Gustafsson PE. Like the others we’ve
discussed, this model says a lot about the present financial crisis. The Kiyotaki-Moore model
assumes, with some justification, that borrowers can be induced to repay loans only if those loans are
backed up by collateral of at least equal value: only the threat of losing the collateral provides the
borrower with the incentive to repay. This is consistent with previous studies that showed worse
effects on groups that lack social protection. 58 Finally, some evidence suggests that the crisis
increased social inequalities in health, disproportionately affecting immigrants, 37 those who were
less educated, and those living in certain regions. 52 Further, from a policy perspective, most studies
failed to capture the mechanisms that affect health outcomes.
What Caused the Economic Crisis of 2008? - Moolanomy. In the 1930s, it was the greed of the
common man that led to the Recession, while in 2008, it was the greed of the investment bankers
and other financial wizards that led to the recession. That had been imploding from 1929 through to
the trough, early in 1933. The lead authors affirm that this manuscript is an honest, accurate, and
transparent account of the study being reported; that no important aspects of the study have been
omitted; and that any discrepancies from the study as planned (and, if relevant, registered) have been
explained. First, economists have long known that distorted beliefs have important effects on prices
of financial assets, e.g. risk-free rate and stock prices, but they still find it wanting to understand
why the distorted beliefs can cause massive default in 2008; second, understanding what caused the
financial crisis helps to create effective changes in policy. Obstfeld et al (2009) looked at dollar
reserves of U.S. trading partners. The remaining question, both asked, is the severity of the recession
that would depend on what the government, especially the Fed, would do. The public health effect
of economic crises and alternative policy responses in Europe: an empirical analysis. We also focused
only on English language papers and those that were published in full text. Studies focusing on
mortality seemed to show a different picture, with overall mortality not being affected or even
declining during the crisis years. Enron wanted to engage in derivatives trading using its online
futures exchanges. Krugman considered the crisis a recurrence of the economic mistakes in the past.
Gao, Pengjie and Yun Hayong, “Commercial Paper, Lines of Credit, and the Real Effects of the
Financial Crisis of 2008: Firm-Level Evidence from the Manufacturing Industry.” (June 2009).
Available on April 24, 2011 from SSRN: Ivashina, Victoria and David S. The hedge fund then
bundles your mortgage with a lot of other similar mortgages. Impact of 2008 global economic crisis
on suicide: time trend study in 54 countries. At the end of October 2008, BEA announced that the
US was in recession. Taylor, John B. “The Financial Crisis and the Policy Responses: An Empirical
Analysis of What Went Wrong.” Global Markets Working Group Working Paper. A Warner Bros.
Discovery Company. All Rights Reserved. These extracted data included: country, period examined,
definition of the crisis period, crisis indicator, data and population, study design and methods, main
findings, and health outcome examined. It didn't get much attention from the media or economists at
the time. Here, Pratchett biographer Marc Burrows highlights five of Terry Pratchett's best books.
Which seems counter-intuitive, because it incentivises banks to take bigger risks, to get bigger
rewards and get big bonuses. Banks hit hard by the 2001 recession welcomed the new derivative
products. Politicians and government leaders such as parliamentarians and legislators, executives and
members of the judiciary system must design and implement laws that protect the good of all, and
not just those of a privileged few. The Balance is part of the Dotdash Meredith publishing family.
The world economy is currently at its worst with most countries hit by the pinching global recession.
Furthermore, depending on what investigators believe about topics that are socially and politically
sensitive, the published evidence may be affected by allegiance and confirmation biases. The two
movies shows real events that happened and these events triggered financial crisis thus affecting
lives of many people. This decrease in the housing prices implied that many borrowers had negative
equity in their respective homes; therefore, their houses were valueless as compared to their
mortgages. Moreover, the empirical study signaled which risk events are more relevant for the
Brazilian context. It may take some years before the full consequences of the financial crisis are
observed. 59 Moreover, reporting bias can be an issue not only for single studies, but also for the
field at large.
They should not give up, following the examples of the prestigious lights of the academic world who
warned of the crisis. Your first choice is a classic article, Bank Runs, Deposit Insurance and
Liquidity, on banks and bank runs from 1983 by Diamond and Dybvig. Strengths and limitations of
study A major limitation of this review is that it inevitably explored relatively short term effects of
the crisis on health outcomes. Demyanyk et al (2008) identified the deterioration in the quality of
loans, characterized by borrower characteristics, loan characteristics and macroeconomic conditions,
six years before the crisis, with the knowledge of the securitizers, led to a classic, unsustainable
lending boom-and-bust cycle, leading to market collapse. The author mentions that the Financial
Crisis of 2008, also known as the great recession is considered by a number of economists as being
the worst financial crisis after the Great Depression in 1930. Previously, he was at the Institute of
Advanced Study in Princeton. Cecchetti argued that liquidity was the central problem and injection
of liquidity was the solution. Still, one cannot exclude the possibility that within one country, those
people who committed suicide and died were actually those who were employed (but overworked
and underpaid) rather than those who were unemployed. US government debt trajectory to push
long-term yields higher, says PIMCO 5. Using interrupted time series analysis from 1983 to 2012,
Branas and colleagues 23 found that total and male suicides increased in June 2011 by 35.7% (P 41
used data from 2001-11 and compared the specific suicide rate in 2008-11 with that in 2001-07. In
some sense it is the basis for many of the books that have been written since about inflation,
monetary policy and the real side of the economy.”. Astell-Burt and Feng 18 reported an increased
prevalence of cardiovascular (0.6%) and respiratory problems (1%) in the UK in 2010 versus 2008.
But also, generally, in terms of the dialogue between people who are studying this theoretically and
what’s actually happening on Wall Street. It is apparent that ethical failures in the actions of some
financial firms and consumers before the financial crisis struck. Pregnancy-induced hypertensive
disorders before and after a national economic collapse: a population based cohort study. This
review process followed the preferred reporting items for systematic reviews and meta-analyses
(PRISMA) guidelines (the PRISMA checklist is available on request). 12 Data extraction and
analysis We extracted data using a standardised data extraction form. US SEC charges BP manager's
husband with insider trading over TravelCenters deal 2. Patient involvement No patients were
involved in setting the research question or the outcome measures, nor were they involved in
developing plans for design, or implementation of the study. The Financial Crisis Inquiry Report,
Official Government Edition: Final Report of the National Commission on the Causes of the
Financial and Economic Crisis in the United States. If leverage is restricted, then the bank’s capital
requirements are higher, and so it can’t lend as much. Eiriksdottir VH, Valdimarsdottir UA,
Asgeirsdottir TL, et al. Even though the current financial crisis isn’t mainly about old-fashioned
bank runs, it certainly is about banks and also about liquidity. Mental health Most, but not all, of the
14 relevant studies found an association between deteriorating economic indicators and poor mental
health, particularly among men. But let’s imagine that all the projects need liquidity at the same time.
During the financial crisis, the federal government reduces the interest rates and increase money
supply in return. Like most economic theory, it is probably too technical for non-economists, so do
you want to start by explaining what it says. I think most of the pieces for understanding the current
financial mess were in place well before the crisis occurred. What Caused the Economic Crisis of
2008? - Moolanomy. They argued the need to improve transparency, resolve conflicts of interest and
achieve close cooperation among market participants and supervisory systems. Stiglitz (2010)
identified the failure of markets in managing risk, flawed financial models, and the mixed
motivations of rating agencies that led to information asymmetries negating the spread of risk from
securitization (people had no idea what they were buying). The research is characterized as
descriptive having a quantitative approach.
The ecological fallacy exists when inferences are made from group averages of potential risk factors
about outcomes of single individuals. Theory will inform this undertaking, but translating the theory
into simple, effective, enforceable rules is not a trivial undertaking. Results Figure 1 ? shows the
results of the review process. Formal quantitative synthesis (meta-analysis) was further impeded by
the fact that some studies covered overlapping questions and settings or used different analyses on
overlapping datasets; whenever such an overlap existed, we pointed this out. You don’t want
government micromanaging financial institutions. In Spain, Cordoba-Dona and colleagues 27 found
an increase in suicide attempt rates for both sexes during 2008-12 in Andalucia. And moral hazard is
something that Holmstrom and Tirole explicitly take into account in their paper, which can be
thought of as an extension of Diamond and Dybvig. Politicians and government leaders such as
parliamentarians and legislators, executives and members of the judiciary system must design and
implement laws that protect the good of all, and not just those of a privileged few. By too high I
mean that it becomes too easy for banks or other financial institutions to be wiped out by relatively
small declines in asset values. By the end of the year, the fed funds rate was 2.25%. By the end of
2005, it was 4.25%. By June 2006, the rate was 5.25%. Homeowners were hit with payments they
couldn't afford. The hedge fund then bundles your mortgage with a lot of other similar mortgages.
Like severe natural disasters, their forecast is difficult if not impossible. The subprime mortgage
stretched to government sponsored institutions such as Fannie Mae demanding bailout from the
federal government as portrayed in the “Margin Call.” By September 2008, housing prices in the US
decreased by over 19%. A qualitative exploration of the impact of the economic recession in Spain
on working, living and health conditions: reflections based on immigrant workers’ experiences. There
are three basic types of questions this paper would address. Fiscal policy affected large financial
institutions in that they were forced to pay more taxes while spending less in an attempt to avoid
break up However, fiscal policy largely depended on savings. Among women, unemployment
increased poor mental health from 4.3% to 7.3% and, among men, from 3% to 4.9% (P 31 In Spain,
four studies used data from the Spanish National Health Surveys (2006 and 2011-12). The study by
Drydakis 30 found that self rated health and mental health deteriorated among unemployed people
versus employed people in Greece, and the study by Eiriksdottir 33 found only a temporary increase
in the prevalence of hypertension among pregnant women in Iceland, but not in subsequent years.
But I don’t see that as getting at the heart of the issue, which is ensuring that bankers’ compensation
schemes strike a proper balance between reward and punishment. Pregnancy-induced hypertensive
disorders before and after a national economic collapse: a population based cohort study. The
increase was not statistically significant, but marked the end of the previous positive trend of
improving health status. Krugman considered the crisis a recurrence of the economic mistakes in the
past. Beyer et al (2010) argued that poor governance caused the crisis due to information
asymmetries and agency problems between investors, entrepreneurs and managers. Health, economic
crisis, and austerity: A comparison of Greece, Finland and Iceland. Kentikelenis A, Karanikolos M,
Papanicolas I, Basu S, McKee M, Stuckler D. Finally, our study, by focusing on health outcomes
exclusively, did not look at the impact of the crisis on health systems, such as shortages in health
workforce and medical supplies, where several studies have shown a negative trend during the
financial crisis. 65 66 A review of this literature was beyond the scope of this study and it is left for
future research. Banks hit hard by the 2001 recession welcomed the new derivative products. That’s
why I feel the populist urge to limit bankers’ compensation is somewhat misplaced. If leverage is
restricted, then the bank’s capital requirements are higher, and so it can’t lend as much. Conclusions
Most published studies on the impact of financial crisis on health in Europe had a substantial risk of
bias; therefore, results need to be cautiously interpreted.
The typical pattern, that the authors highlight, is that during good times, when things go well and the
economy is healthy—there is low unemployment, high consumption, and economic growth— debt is
accumulated either by banks or governments of individual countries. Health effects of financial
crisis: omens of a Greek tragedy. Keep on browsing if you are OK with that, or find out how to
manage cookies. He suggested that there would be a need to sell assets to satisfy liquidity runs and
reestablish capital ratios to trigger world economic activity. As with healthcare, the administration
can propose lots of good, theoretically sound ideas about financial regulation, but whether Congress
will pay much attention to these is not clear. We’ll see. I guess I’m cautiously optimistic. The
banning question among citizens is that what caused the financial crisis in 2008, and how would we
think of the economic and social costs of the financial crisis. This is a research project done by
Cambridge Centre for Finance (CCFin) research associate Hui (Frank) Xu. Theory will inform this
undertaking, but translating the theory into simple, effective, enforceable rules is not a trivial
undertaking. We also focused only on English language papers and those that were published in full
text. Between 2008 and 2010, they reported 846 more male suicides and 155 more female suicides
than would have been expected based on previous trends. Many studies did not adjust for pre-
existing trends, for example, mortality rates were falling before the start of the crisis. I really don’t
know why the message failed to get through to policymakers. The Financial Crisis Inquiry Report,
Official Government Edition: Final Report of the National Commission on the Causes of the
Financial and Economic Crisis in the United States. In 1989, the Financial Institutions Reform,
Recovery, and Enforcement Act (FIRREA) increased enforcement of the Community Reinvestment
Act. Trends in cardiovascular risk factors in Greece before and during the financial crisis: the impact
of social disparities. Beyer et al (2010) argued that poor governance caused the crisis due to
information asymmetries and agency problems between investors, entrepreneurs and managers. The
differential impact of the financial crisis on health in Ireland and Greece: a quasi-experimental
approach. Racelis, Department of Business Administration, University of the Philippines, Quezon
City, Philippines). More importantly, the authors investigate regulatory responses, regulatory
effectiveness, regulatory responses by applying a variety of approaches and methodologies through
the study of financial, corporate, business, healthcare, capital market, banking sectors. Economists
may spend decades debating whether the Great Depression or the 2008 crisis was scarier. As proven
by the extensive literature review, comprehensive studies on financial innovation applications by
nonfinancial firms are relatively rare. The financial crisis, like any other major economic event,
probably has more than one cause, and both credit demand and supply channels have contributed to
it. Well, deposit insurance has pretty much eliminated traditional bank runs. Owing to the
heterogeneity of the studies in terms of study design and analysis, we decided to thematically analyse
them per outcome. The creation of mortgage-backed securities and the secondary market helped end
the 2001 recession. We screened 4801 studies by title and abstract for possible inclusion. They
should not give up, following the examples of the prestigious lights of the academic world who
warned of the crisis. The hedge fund then sells the mortgage-backed security to investors. Therefore,
if a borrower makes timely repayment of his or her loan, the lender may claim the control of the
property. Three studies on Spain, analysing data from the Spanish National Health Survey, found an
improvement in self rated health during the crisis.