Title: Hospodářská krize 2008 – 2009: analýza příčin
Other Titles: Economic crisis 2008-2009: analysis of its causes
Authors: Lungová, Miroslava
Citation: E+M. Ekonomie a Management = Economics and Management. 2011, č. 2, s. 22-30.
Issue Date: 2011
Publisher: Technická univerzita v Liberci
Document type: článek
URI: http://www.ekonomie-management.cz/download/1346064236_1b84/2011_02_lungova.pdf
ISSN: 1212-3609 (Print)
2336-5604 (Online)
Keywords: ekonomická krize;subprime hypotéky;úrokové sazby;měnová politika;fiskální politika;regulace finančního trhu
Keywords in different language: economic crisis;subprime mortgages;interest rates;monetary policy;fiscal policy;financial market regulations
Abstract in different language: Current economic crisis is often compared to Great Depression in thirties. Apart from its place of origin in United States, more similarities can be tracked down. Both started in financial markets turbulence with its repercussions in decline in industrial production as well as world trade. Exis- ting studies identify several categories of different causes that might have contributed to financial and subsequently economic crisis and its spread around the world. Short term explications point mainly to loose monetary policy, which kept interest rates lower than would have corresponded to real economic situation. In combination with revised Community Reinvestment Act, which enabled even lower-income population groups to invest into real estates, this was a start-up for real estate bubble and consequent problems of many financial institutions once this bubble burst out. Ho- wever, long term factors of more fundamental nature should not be overlooked. Insufficient and/ or rather missing regulations of financial markets at which financial instruments of different kinds evolved during previous period bear its soured fruit. Nontransparent operations of investment bank reinforced with positive ratings of rating agencies, excessive securitization as well as underesti- mation of systemic risk led to moral hazard with its ramifications in bankruptcies of many financial institutions. Some experts claim that savings-investment imbalance across the world together with increasing oil prices, as well as prices of other raw materials and food have played its role in escalation of the whole problem too. Indubitably, all analysed factors have had its more or less significant impact on current economic situation. Ensuing measures taken by governments and central banks to mitigate crisis impact on national economies together with state budgets current condition as well as spillover effects of such measures are to be discussed in more detail in fo- llowing research.
Rights: © Technická univerzita v Liberci
CC BY-NC 4.0
Appears in Collections:Číslo 2 (2011)
Číslo 2 (2011)

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