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The Columbia Encyclopedia, Sixth Edition articles from September 2008
With over 51,000 entries The Columbia Encyclopedia (Sixth Edition) is an authoritative and exhaustive reference guide. Each entry is thorough and clear, the result of over 200 editors and academic advisors striving for depth and accuracy in the oldest, most venerable English language encyclopedia in the world.
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The Columbia Encyclopedia, Sixth Edition archives from September 2008
Editors' summary.
September 22, 2008... THE BROOKINGS PANEL ON ECONOMIC ACTIVITY held its eighty-sixth conference in Washington, D.C., on September 11 and 12, 2008. Several of the conference papers examine aspects of the current financial crisis: the relationships among recent global...
Financial crash, commodity prices, and global imbalances.
September 22, 2008... The current financial crisis has its origins in global asset scarcity, which led to large capital flows toward the United States and to the creation of asset bubbles that eventually burst. In its first phase the crash exacerbated the shortage...
Making sense of the subprime crisis.
September 22, 2008... ABSTRACT Should market participants have anticipated the large increase in home foreclosures in 2007 and 2008? Most of these foreclosures stemmed from mortgage loans originated in 2005 and 2006, raising suspicions that lenders originated many...
The central role of home prices in the current financial crisis: how will the market clear?
September 22, 2008... This paper begins by describing some patterns in home price movements over recent decades. It then discusses some distinguishing characteristics of housing markets that will contribute to determining prices going forward: Housing is...
Beyond leveraged losses: the balance sheet effects of the home price downturn.
September 22, 2008... ABSTRACT This paper quantifies the impact of declining home prices, increasing mortgage credit losses, and the associated reduction in credit supply on real GDP growth. Using a state-level panel analysis, I first estimate the link between home...
Financial regulation in a system context.
September 22, 2008... ABSTRACT The global financial crisis raises questions about the proper objectives of financial regulation and how best to meet them. Traditionally, capital requirements have been the cornerstone of bank regulation. However, the run on the...
The unofficial economy and economic development.
September 22, 2008... ABSTRACT In developing countries, informal firms account for up to about half of all economic activity. Using data from World Bank firm-level surveys, we find that informal firms are small and extremely unproductive compared with even the small...
The real exchange rate and economic growth.
September 22, 2008... ABSTRACT I show that undervaluation of the currency (a high real exchange rate) stimulates economic growth. This is true particularly for developing countries. This finding is robust to using different measures of the real exchange rate and...