Talk:Financial crisis/Archive 1
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| Archive 1 |
Definition
- "is a situation when money demand quickly rises relative to money supply." I believe its more accurate to say its when the demand for money rises sharply relative to the liquidy avaliable. Tradingbr 10:31, 20 March 2007 (UTC) —
Disambiguation page
'Financial crisis' is a loosely-defined term that refers to a variety of phenomena which (depending on your theoretical viewpoint) may or may not be closely related. Therefore I suggest that it would be appropriate to treat this primarily as a disambiguation page with links to more specific types of economic conditions that are typically classed as financial crises.
Economic conditions that are usually or sometimes classified as financial crises include:
- Bank run
- Credit crunch
- Stock market crash
- Bursting of a financial bubble
- Currency crisis (which should also link to devaluation)
- Sudden stop (economics) or Current account reversal
- Sovereign default
- Recession and depression
Besides redirecting to the 'Main' page on each of these topics, we could provide links to the pages describing prominent historical examples.
We could also link some factors believed to be involved in (some) financial crises, and/or a list of theories of financial crises:
- Financial contagion
- Systemic risk
- Leverage (finance)
- Asset-liability mismatch
- Sometimes fraud plays a role too, e.g. Ponzi scheme.
- Asymmetry
- Reflexivity / Strategic complementarity
- Coordination game / Self-fulfilling prophecy
- Debt deflation
- Wealth effect
- Financial accelerator
- Flight to quality
- Flight to liquidity
Treating this as a disambiguation page would be especially useful because this is the main page of the category 'Financial crises'. --Rinconsoleao (talk) 15:13, 17 July 2008 (UTC)
Systemic crises or crises at individual institutions?
I've been assuming 'financial crisis' usually refers to system-wide crises, like stock market crashes, currency crises, and systemic banking panics. Therefore I'm largely trying to avoid discussing crises at individual institutions on this page. The failure of individual banks should be discussed at bank run. Large trading losses at individual institutions could be discussed at rogue traders, or in the list of trading losses. I would appreciate suggestions about where to discuss other cases of isolated crises at individual financial institutions.
In general, I think it would be helpful to be clear about when we are talking about isolated problems at one institution and when we are talking about problems in the financial system as a whole. I would strongly suggest that we try to deal with those issues on separate pages. --Rinconsoleao (talk) 08:15, 29 September 2008 (UTC)
fraud section
All the scandals and rogue traders not minding the store...these sections deserve more substantial treatment in some form in this or another section.* 2.5.1 Junk Bonds; 2.5.2 Specualtive trading in derivatives ; 2.5.3 Mortage Fraud Critical Chris (talk) 23:09, 26 September 2008 (UTC)
- A fraud is not a financial crisis. Nor are derivatives a financial crisis. Most of the recent changes to this article, which add stuff like fraud and derivatives, are misplaced (and unsourced to boot). Eubulides (talk) 04:48, 27 September 2008 (UTC)
- Large scale fraud by rogue traders should have a context in relation to the causality of a financial crisis. No I don't believe an act of fraud by itself constitutes a financial crisis.Critical Chris (talk) 08:02, 29 September 2008 (UTC)
- I agree this is a relevant issue but I am not sure where. Also, I'm not sure that the issue of 'rogue trading' is best classified as 'fraud'. Sure, there is often fraud involved, but arguably rogue trading incidents have been examples of stupid mistakes, rather than examples of deliberate crimes. --Rinconsoleao (talk) 08:17, 29 September 2008 (UTC)
Which literature?
Thanks to user Franz Weber for starting a literature section. But it seems long already, and it seems to me that it still lacks a lot of important stuff (some of my suggestions are listed above). Why those references in particular? Are some more important than others? The page will be (much) too long if we simply list everything that has been written about every type of financial crisis. If there is going to be a list, I would suggest making it extremely selective. --Rinconsoleao (talk) 10:08, 17 October 2008 (UTC)
Answer from Weber: already shortened, kind regards —Preceding unsigned comment added by Franz weber (talk • contribs) 10:19, 17 October 2008 (UTC)
op. cit.
The Wikipedia Manual of Style advises against abbreviations like op. cit., suggesting "named references" instead. However, the Manual of Style also advocates using the most specific reference possible: references to a specific page or specific chapter instead of a whole work. Unfortunately, as far as I know there is no way to use a single named reference to refer repeatedly to different chapters or pages of the same work. Therefore I have used op. cit. instead of "named references". But if someone else knows a better way of dealing with this, please go ahead. --Rinconsoleao (talk) 13:51, 23 January 2009 (UTC)
FRANCONOMICS.COM
Hi All, I am Sam Mishra, the podcaster on http://www.Franconomics.com , a website devoted to unearthing the corruption / nexus between Wall-Street Plutocrats and Washington Bureaucrats. I also announced recently my second book titled as follows: The 20 Trillion Dollar Value Drain: How Goldman and Other Banks Looted America and Why They will do it Again. Please follow the above links and listen to my past weekly podcasts. These contain the seeds for the aforementioned book. I also think franconomics.com merits a link to this web page. Please advise, Sam (talk) 01:26, 13 September 2009 (UTC)
efficient price material
This edit introduced some material on efficient prices and such. The new material is unreferenced, doesn't seem to fit well with the surrounding material on bubbles, and has a bit of original research flavor. Also, a pre-existing reference was removed. I'm going to revert. Please discuss it here if you want to put it back. CRETOG8(t/c) 17:44, 14 September 2009 (UTC)
Neutrality question
Some person has put in a label that the "Marxist therories" is not neutral. That is open to question. In contrast the section on "Wider economic crises" tends to quote and accept the Chicago School (Friedman and Scwarz) arguments by paying lip service "some economists" (stated in par. 2 and par3 of this section). This is not what I call "neutral"!!! Noyder (talk) 21:42, 23 March 2011 (UTC)
- I think since the NPOV label is fairly old, and there's not much actual discussion of the way it's neutral, it would be OK to remove that label. It can always be restored and the discussion revived. CRETOG8(t/c) 00:35, 24 March 2011 (UTC)
Have tried a minor rewording to give the two causality arguments equal weight. Maybe an economist could add an appropriate spokesman for the crisis=>depression paragraph? However I think both views on causality are fairly represented so I'd suggest removing the flag. Servalo (talk) 06:56, 2 April 2011 (UTC)
NPOV and Uncited sections
Several parts of the article are original research, unsourced, and not NPOV. I have tagged them for cleanup.Financestudent (talk) 16:36, 9 October 2010 (UTC)
- As you say, the Marxist economics section is largely uncited. However as it generally links to pages where the statements are supported I don't think many citations are required. I have also removed the dubious tag; while I am far from an expert on Marxist economics, the statements made look to me like a reasonable representation of the school. Could you give some more detail on why you think this section misrepresents them? Servalo (talk) 07:13, 2 April 2011 (UTC)
- Similar comments apply on Minsky. As the NPOV and citation tags have been there for 5 months without much apparent result I have taken the liberty of removing them. — Preceding unsigned comment added by Servalo (talk • contribs) 07:18, 2 April 2011 (UTC)
Pezzuto references (COI?)
I removed recent additions of links to works of Dr. Pezzuto by User:I.Pezutto because there appears to be a conflict of interest. Do those of us who do not have a COI with this content see a need for this material? Jojalozzo 05:36, 29 November 2011 (UTC)
Copyright problem removed
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Dr. Laeven's comment on this article
Dr. Laeven has reviewed this Wikipedia page, and provided us with the following comments to improve its quality:
Many financial crises are caused by economic imbalances, such as imprudent fiscal policy, current account deficits, etc. Such imbalances can trigger crises based on weak economic fundamentals. The Latin American debt crisis of the 1980s falls into this category, and so does the Asian financial crisis of 1997-1998. SUch crises based on weak fundamentals should be differentiated from self-fulfilling crises where markets can turn against a country even if fundamentals are not particularly weak, including crises that are the result of contagion. The Causes and consequences section does not due full justice to the fundamentals-based view of crises. A useful reference that gives a broader overview on the issue is: http://www.annualreviews.org/doi/abs/10.1146/annurev-financial-102710-144816
We hope Wikipedians on this talk page can take advantage of these comments and improve the quality of the article accordingly.
Dr. Laeven has published scholarly research which seems to be relevant to this Wikipedia article:
- Reference 1: Stijn Claessens & M. Ayhan Kose & Luc Laeven & Fabian Valencia, 2013. "Understanding Financial Crises: Causes, Consequences, and Policy Responses," Koc University-TUSIAD Economic Research Forum Working Papers 1301, Koc University-TUSIAD Economic Research Forum.
- Reference 2: Luc Laeven & Fabian Valencia, 2010. "Resolution of Banking Crises; The Good, the Bad, and the Ugly," IMF Working Papers 10/146, International Monetary Fund.
- Reference 3: Stijn Claessens & Luc Laeven & Deniz Igan & Giovanni Dell'Ariccia, 2010. "Lessons and Policy Implications From the Global Financial Crisis," IMF Working Papers 10/44, International Monetary Fund.
Dr. Cecchetti's comment on this article
Dr. Cecchetti has reviewed this Wikipedia page, and provided us with the following comments to improve its quality:
This is a nice entry.
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Dr. Cecchetti has published scholarly research which seems to be relevant to this Wikipedia article:
- Reference : Stephen Cecchetti & Michael R King & James Yetman, 2011. "Weathering the financial crisis: good policy or good luck?," BIS Working Papers 351, Bank for International Settlements.
Dr. De Koning's comment on this article
Dr. De Koning has reviewed this Wikipedia page, and provided us with the following comments to improve its quality:
"The term financial crisis is applied broadly to a variety of situations in which some financial assets suddenly lose a large part of their nominal value.""Financial crises directly result in a loss of paper wealth but do not necessarily result in changes in the real economy."
The term financial crisis as defined in Wikepedia is associated with financial assets, banks,stock markets, currencies and defaults by governments. The 2007-2008 financial crisis was an individual household crisis, in households having an excessive exposure to U.S. home mortgages. The losses which occurred as a result of this crisis were real economy losses: income losses,job losses, repossessions of homes, lower government taxes, reduced demand for goods and services.
"Regulatory failures" "Some financial crises have been blamed on insufficient regulation, and have led to changes in regulation in order to avoid a repeat"
In my paper: "Helicopter money or a risk sharing approach? (https://mpra.ub.uni-muenchen.de/71922/) a distinction is made between the collective behaviour of banks and the total volume of outstanding home mortgages and an individual bank a single household. Collective regulation on a dynamic basis is needed rather than a worst case scenario planning system like Basel II Accord. Managing a collective of banks on a dynamic basis requires different tools: a "traffic light system" to slow down lending when needed; a "quality control system" on new mortgage products sold to households and a " Macro-Economic Reserve Policy". The latter Policy to be applied when -like in 2005-2006- the mortgage volumes became a threat to future economic growth.
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Dr. De Koning has published scholarly research which seems to be relevant to this Wikipedia article:
- Reference : De Koning, Kees, 2014. "Financial crisis, economic crisis and individual households' income and savings crisis," MPRA Paper 53122, University Library of Munich, Germany.
Dr. Rogoff's comment on this article
Dr. Rogoff has reviewed this Wikipedia page, and provided us with the following comments to improve its quality:
the article is somewhat disorganized of course, but not bad overall. Some corrections. Under "Currency crisis", it is not correct to say "There is no widely accepted definition of a currency crisis, which is normally considered as part of a financial crisis." A correct statement is "There is no widely universal definition of a currency crisis, which may or may not be part of a larger financial crisis."
The section "International Financial Crisis" it extremely weak "When a country that maintains a fixed exchange rate is suddenly forced to devalue its currency due to accruing an unsustainable current account deficit, this is called a currency crisis or balance of payments crisis." I would replace the entire section with the statement:
"An international financial crisis is defined as a financial crisis with cross border ramifications. These may occur because a country defaults on debt to foreign creditors, because of a large exchange rate devaluation that puts competitive pressure on other countries, because of "herd behavior" by investors or retreat indiscriminantly from all emerging markets when one defaults, or due to a common shock (like a major tightening of US monetary policy) that creates problems in many countries at the same time. Reinhart and Rogoff (2009) in their book This Time is Different) categorize which finanancial crisis quality as truly global in that they affected in large part of the world. These include the 2008 financial crisis, the 1930s Great Depression and several crises from the 19th century.
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Dr. Rogoff has published scholarly research which seems to be relevant to this Wikipedia article:
- Reference 1: Carmen Reinhart & Kenneth Rogoff, 2013. "Financial and Sovereign Debt Crises: Some Lessons Learned and Those Forgotten," IMF Working Papers 13/266, International Monetary Fund.
- Reference 2: Kose, Ayhan & Prasad, Eswar & Rogoff, Kenneth & Wei, Shang-Jin, 2006. "Financial Globalization: A Reappraisal," CEPR Discussion Papers 5842, C.E.P.R. Discussion Papers.
Dr. Carbo Valverde's comment on this article
Dr. Carbo Valverde has reviewed this Wikipedia page, and provided us with the following comments to improve its quality:
I find this entry very complete. However, in the general definition, I would delete the sentence saying “Financial crises directly result in a loss of paper wealth but do not necessarily result in changes in the real economy.” The real effects of financial crisis could vary across countries and for different crises episodes but they are frequently significant and long-lasting. One of the references cited (Reinhart and Rogoff, 2009) is particularly useful to illustrate the real effects of financial crises.
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We believe Dr. Carbo Valverde has expertise on the topic of this article, since he has published relevant scholarly research:
- Reference : Santiago Carbo-Valverde & Francisco Rodriguez-Fernandez, 2014. "Financial regulation in Spain," Working papers wpaper59, Financialisation, Economy, Society & Sustainable Development (FESSUD) Project.
Dr. Wall's comment on this article
Dr. Wall has reviewed this Wikipedia page, and provided us with the following comments to improve its quality:
Comment 1
“The term financial crisis is applied broadly to a variety of situations in which some financial assets suddenly lose a large part of their nominal value.” … “Other situations that are often called financial crises include stock market crashes and the bursting of other financial bubbles” … “Financial crises directly result in a loss of paper wealth but do not necessarily result in changes in the real economy.”
Some support should be given for this definition of “financial crisis”. Stock prices go up and they go down. The mere fact that stock prices have declined significantly does not necessarily constitute a “crisis.” Ordinarily when I think of a crisis, I think of a financial crisis I think of something that has adverse consequences for other parts of the financial system or real economy. Some stock market crashes have substantial spillovers but others do not.
Comment 2 “Since banks lend out most of the cash they receive in deposits (see fractional-reserve banking), it is difficult for them to quickly pay back all deposits if these are suddenly demanded, so a run renders the bank insolvent, causing customers to lose their deposits, to the extent that they are not covered by deposit insurance.”
Several comments on this sentence. First, not all of a bank’s depositors need run a bank to cause it to become illiquid and fail. All that is required is that the run be so large that the bank cannot honor all of its obligations from its: (a) cash and reserves at the central bank, (b) the assets it can sell immediately, and (c) money it can borrow from other investors, banks and the central bank.
Second, a run may render a bank illiquid (unable to honor its obligations in a timely manner) but not necessarily insolvent (liabilities worth more than assets). Nevertheless, a bank that cannot make timely payments to its depositors and other creditors is subject to be closing by the banking authorities.
Third, bank failures generally do not cause customers to lose all of their uninsured deposits. Banks usually fail because the value of their assets is worth less than their liabilities. However, that does not mean the value of the assets has fallen to zero as implied by the quote. Generally the assets are worth something and uninsured depositors are entitled to their share of the proceeds as the assets are sold. This topic is covered briefly for the U.S. in the FDIC’s “Deposit Insurance FAQs” at https://www.fdic.gov/deposit/deposits/faq.html.
Comment 3 Comments on “Causes and consequences” section
There are three issues here: (a) why did asset prices drop so much, (b) what turned the asset price decline into a “crisis”, and (c) would better government policy have reduced the cost of the crisis without imposing other excessively high costs. It would help readers to separate these concepts.
In terms of asset price declines, the subsections on “Strategic complementarities in financial markets,” “Uncertainty and herd behavior” are most relevant. Also, although the “Economic bubble” article in Wikipedia may have an overly long section on central banks as a possible cause, on balance I find that entry to be a reasonable high level summary of contemporary economic views which have not converged on a single model.
The subsections on “Leverage”, on “Asset-liability mismatch” and on “Contagion” get at what are often the crucial factors in turning an asset price decline into a “crisis”. I would also include the “Recessionary effects” subsection in this discussion.
The “Regulatory failures” subsection addresses the issue of the role of public policy. This section should add a discussion of Basel III’s attempt to reduce the risk of financial crisis.
A discussion of whether monetary policy should be used to address incipient bubbles would be a useful addition to a section on public policy. Alan Greenspan famously argued that it’s better to clean up after a bubble than try to pop it with monetary policy. This issue has been the subject of further debate since the crisis. Lars Svensson provides some rigorous analysis that the costs of using monetary policy to forestall a crisis would be greater than the gains. The paper titled “ Cost-Benefit Analysis of Leaning Against the Wind: Are Costs Larger Also with Less Effective Macroprudential Policy?” is available at https://www.imf.org/external/pubs/ft/wp/2016/wp1603.pdf.
Comment 4 “Fraud has played a role in the collapse of some financial institutions, when companies have attracted depositors with misleading claims about their investment strategies, or have embezzled the resulting income. Examples include Charles Ponzi's scam in early 20th century Boston, the collapse of the MMM investment fund in Russia in 1994, the scams that led to the Albanian Lottery Uprising of 1997, and the collapse of Madoff Investment Securities in 2008.Many rogue traders that have caused large losses at financial institutions have been accused of acting fraudulently in order to hide their trades. Fraud in mortgage financing has also been cited as one possible cause of the 2008 subprime mortgage crisis; government officials stated on September 23, 2008 that the FBI was looking into possible fraud by mortgage financing companies Fannie Mae and Freddie Mac, Lehman Brothers, and insurer American International Group.[32] Likewise it has been argued that many financial companies failed in the recent crisis because their managers failed to carry out their fiduciary duties.[33]”
Most of the discussion of fraud and rogue traders talks about asset price declines but it’s difficult to call these examples of a “financial crisis”. For example, almost no one in the academic financial community would regard the failure of Madoff Investment Securities as a “financial crisis.” The one part of this that is arguably relevant is the part on fraud in mortgage finance, which was a contributory factor to the subprime financial crisis (which actually started in 2007).Comment 5 Section on “Theories”
As an overview, this section should reference the “Economic bubble” entry in Wikipedia, probably at the start.
The discussion of Austrian theories should be fleshed out in a little more detail. One paragraph should be sufficient.
The discussion of Marxist theories does not explain why asset prices become overvalued. If investors believe in Marxist theories and rationally price assets, then asset prices would fairly reflect the expected value of the cash flow from these assets. If profits were expected to fall over time, then asset prices would gradually decline as we approached the fall-off in profits. I would delete this discussion absent some explanation of why economic decline must lead to a crash in asset prices.
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We believe Dr. Wall has expertise on the topic of this article, since he has published relevant scholarly research:
- Reference : Larry D. Wall, 2010. "Prudential Discipline for Financial Firms: Micro, Macro, and Market Structures," Working Papers id:3040, eSocialSciences.
Dr. Guidolin's comment on this article
Dr. Guidolin has reviewed this Wikipedia page, and provided us with the following comments to improve its quality:
1. "Examples of bank runs include the run on the Bank of the United States in 1931 and the run on Northern Rock in 2007."
Reference would be beneficial here: see e.g., Shin, Hyun Song. "Reflections on Northern Rock: the bank run that heralded the global financial crisis." The Journal of Economic Perspectives 23.1 (2009): 101-119.
2. Sections "International financial crisis" lacks references. See e.g., Radelet, Steven, and Jeffrey Sachs; The onset of the East Asian financial crisis. No. w6680. National bureau of economic research, 1998. Kaminsky, Graciela L., and Carmen M. Reinhart. "Financial crises in Asia and Latin America: Then and now." The American Economic Review 88.2 (1998): 444-448.
3. "Fraud has played a role in the collapse of some financial institutions, when companies have attracted depositors with misleading claims about their investment strategies, or have embezzled the resulting income. Examples include Charles Ponzi's scam in early 20th century Boston, the collapse of the MMM investment fund in Russia in 1994, the scams that led to the Albanian Lottery Uprising of 1997, and the collapse of Madoff Investment Securities in 2008.”
Reference would be beneficial.
4. "Contagion refers to the idea that financial crises may spread from one institution to another, as when a bank run spreads from a few banks to many others, or from one country to another, as when currency crises, sovereign defaults, or stock market crashes spread across countries. "
At least one case of contagion is missing, that is contagion from "one security market to another" (e.g. the US financial crisis originated from the ABS market but spread to fixed income and equity market. See, e.g. Bekaert, G., Ehrmann, M., Fratzscher, M., and Mehl, A., 2014. The global crisis and equity market contagion. Journal of Finance, 69, 2597-2649; Ehrmann, M., Fratzscher, M., and Rigobon, R., 2011. Stocks, bonds, money markets and exchange rates: measuring international financial transmission. Journal of Applied Econometrics, 26, 948-974; Guo, F., Chen, C. R., and Huang, Y. S., 2011. Markets contagion during financial crisis: A regime-switching approach. International Review of Economics and Finance, 20, 95-109.
4.”These theoretical ideas include the 'financial accelerator', 'flight to quality' and 'flight to liquidity', and the Kiyotaki-Moore model. Some 'third generation' models of currency crises explore how currency crises and banking crises together can cause recessions.[34]”
Add references regarding the 'financial accelerator', 'flight to quality' and 'flight to liquidity' and Kiyotaki-Moore model. References about "contagion channels" such as 'flight to quality' and 'flight to liquidity' include (but are not limited too): Longstaff, F. 2010. The subprime credit crisis and contagion in financial markets. Journal of Financial Economics, 97, 436-450; Guidolin, Massimo, Viola Fabbrini, and Manuela Pedio. Transmission Channels of Financial Shocks to Stock, Bond, and Asset-Backed Markets: An Empirical Model. Springer, 2015; Beber, A., Brandt, M. W., and Kavajecz, K. A., 2009. Flight-to-quality or flight-to-liquidity? Evidence from the euro-area bond market. Review of Financial Studies, 22, 925-957. For Kiyotaki-Moore you may cite their article: Kiyotaki, Nobuhiro, and John Moore. Credit cycles. No. w5083. National Bureau of Economic Research, 1995. For the 'financial accelerator’ you may see: Bernanke, Ben S., Mark Gertler, and Simon Gilchrist. "The financial accelerator in a quantitative business cycle framework." Handbook of macroeconomics 1 (1999): 1341-1393. Mody, Ashoka, and Mark P. Taylor. "Financial predictors of real activity and the financial accelerator." Economics Letters 82.2 (2004): 167-172.
5. The section Theories goes a bit beyond of the scope of illustrating “financial crisis”.
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We believe Dr. Guidolin has expertise on the topic of this article, since he has published relevant scholarly research:
- Reference : Guidolin, Massimo, and Yu Man Tam. "A yield spread perspective on the great financial crisis: Break-point test evidence." International Review of Financial Analysis 26 (2013): 18-39.
ExpertIdeasBot (talk) 18:51, 26 July 2016 (UTC)
I addressed suggestion #1 and added the recommended reference Msitar (talk) 21:23, 13 September 2016 (UTC)
Dr. Yetman's comment on this article
Dr. Yetman has reviewed this Wikipedia page, and provided us with the following comments to improve its quality:
Under "Types", International Financial Crisis seems to be a restatement of Currency crisis; I would suggest merging the two- especially the second paragraph. (Additionally, the "international financial crisis" is one of the names given to the specific events in 2008/2009, so is misleading in this context).
Under "Theories", Austrian theories really need expanding. (At an intuitive level, I understand the theory is one of mal-investment: too much investment in areas that do not contribute to economic growth lead to debts that cannot be repaid, and therefore a crisis). Sources: http://www.economist.com/node/17522368 https://mises.org/library/austrian-business-cycle-theory-and-global-financial-crisis-confessions-mainstream-economist https://fee.org/articles/the-current-economic-crisis-and-the-austrian-theory-of-the-business-cycle/
In the same section, under Marxist theories, it currently states "20 and 50 years (often referred to as the business cycle)". I suggest cutting the part in brackets: the business cycle generally refers to macroeconomic dynamics over a much shorter horizon- around 5-12 years.
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Dr. Yetman has published scholarly research which seems to be relevant to this Wikipedia article:
- Reference : Stephen Cecchetti & Michael R King & James Yetman, 2011. "Weathering the financial crisis: good policy or good luck?," BIS Working Papers 351, Bank for International Settlements.
ExpertIdeasBot (talk) 18:35, 27 June 2016 (UTC)
I deleted the business cycle parenthetical under Marxist theories as recommended by Dr. Yetman. Further support for this change is supported by the dating of business cycles by the National Bureau of Economic Research.Msitar (talk) 21:30, 13 September 2016 (UTC)
Dr. Fosu's comment on this article
Dr. Fosu has reviewed this Wikipedia page, and provided us with the following comments to improve its quality:
This is a nice and comprehensive article. I think regional effects of the recent 2007-2009 financial and economic crises might be helpful. For example, while the developed and other areas experienced major adverse economic effects from the financial crisis, the African region did not generally, at least initially (see for example Fosu, 2013). Fosu, A. K. (2013). “Impact of the Global Financial and Economic Crisis on Development: Whither Africa?” Journal of International Development, 25(8): 1085-1104.
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We believe Dr. Fosu has expertise on the topic of this article, since he has published relevant scholarly research:
- Reference : Augustin Kwasi Fosu & Naude, Wim, 2009. "Policy Responses to the Economic Crisis in Africa," Working Paper Series UNU-WIDER UNU Policy Brie, World Institute for Development Economic Research (UNU-WIDER).