The United States subprime mortgage crisis and its implications for the Caribbean

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cepal.bibLevelDocumento Completo
cepal.callNumberLC/CAR/L.164
cepal.docTypeDocumentos de proyectos e investigación
cepal.jobNumberLCCARL164_en
cepal.regionalOfficePuerto España
cepal.topicEngFINANCIAL AND MONETARY SECTOR
cepal.topicSpaSECTOR FINANCIERO Y MONETARIO
cepal.workareaEngECONOMIC DEVELOPMENT
cepal.workareaEngSTATISTICS
cepal.workareaSpaDESARROLLO ECONÓMICO
cepal.workareaSpaESTADÍSTICAS
dc.contributor.entityNU. CEPAL. Sede Subregional para el Caribe
dc.coverage.spatialEngCARIBBEAN REGION
dc.coverage.spatialSpaCARIBE
dc.date.accessioned2015-07-29T11:38:54Z
dc.date.available2015-07-29T11:38:54Z
dc.date.issued2008-04-09
dc.description.abstractThe bursting of the property bubble – subprime mortgage crisis – in 2007 in the United States has engendered panic, recession fears and turmoil in the global financial system. Although the United States economy grew by 0.6 per cent in the last quarter of 2007, down from 4.9 per cent in the previous quarter, day by day worsening scenarios emerge, from escalating oil prices, to a depreciating dollar and financial institutions’ bailout by the Federal Reserve. Many economists and policy makers share the view that a subprime-led recession – i.e. two consecutive quarters with negative growth – is inevitable and will be much deeper and longer than the 2001 dot-com downturn. Moreover, the critical situation of the financial system has driven some analysts to argue that should the monetary policy response fails to restore confidence among investors, the outcome would be the worst crisis seen since the Great Depression. This pessimism is not only among specialists. Indeed, in late March 2008 the Consumer Confidence Index in the United States recorded its lowest level since February 1992. A recession in the United States will undoubtedly have an important impact on the world economy, despite the continuous rapid growth experienced by emerging economies, particularly China and India. The purpose of this article is threefold: first, to characterize the current situation in the United States economy; second, to discuss the economic policy responses; and finally, to elaborate on how Caribbean economies may be affected.
dc.description.tableOfContents.--Introduction.--The nature of the crisis.--Economic policy responses.--Implications for the Caribbean.--Trade.--Tourism.--Remittances.--Finance and FDI.--Policy recommendations.--Conclusion.--References.
dc.formatTexto
dc.format.extent21 páginas.
dc.format.mimetypeapplication/pdf
dc.identifier.unSymbolCDCC-22/7
dc.identifier.unSymbolLC/CAR/L.164
dc.identifier.urihttps://hdl.handle.net/11362/38719
dc.language.isoeng
dc.physicalDescription21 p.
dc.publisherECLAC, Subregional Headquarters for the Caribbean
dc.publisher.placePort-of-Spain
dc.rights.coarDisponible
dc.subject.unbisEngECONOMIC DEVELOPMENT
dc.subject.unbisEngECONOMIC CRISIS
dc.subject.unbisEngFINANCIAL CRISIS
dc.subject.unbisEngMORTGAGE LOANS
dc.subject.unbisEngECONOMIC POLICY
dc.subject.unbisEngINTERNATIONAL TRADE
dc.subject.unbisSpaDESARROLLO ECONOMICO
dc.subject.unbisSpaCRISIS ECONOMICA
dc.subject.unbisSpaCRISIS FINANCIERA
dc.subject.unbisSpaPRESTAMOS HIPOTECARIOS
dc.subject.unbisSpaPOLITICA ECONOMICA
dc.subject.unbisSpaCOMERCIO INTERNACIONAL
dc.titleThe United States subprime mortgage crisis and its implications for the Caribbean
dc.type.coarlibro
dspace.entity.typePublication
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