• DOI:10.7916/D8QZ2HSG
• Corpus ID: 166835774

The Financial Crisis of 2007-2008 and its Macroeconomic Consequences

@inproceedings{Stiglitz2009TheFC,
  title={The Financial Crisis of 2007-2008 and its Macroeconomic Consequences},
  author={J. E. Stiglitz},
  year={2009}
}

• J. Stiglitz
• Published 2009
• Economics

Information and incentive problems played important roles in the financial market scandals of the late 90s (exemplified by Enron/Worldcom) and in the financial crisis of 2007/2008. In my book Roaring Nineties, I provide an interpretation of the market scandals of the late nineties and early years of this century. Here, I want to provide a similar interpretation of the 2007/2008 crisis and a critique of the policy responses. The analysis here is motivated in part by observations of a large number of banking crises, especially in developing countries. In many ways, this financial crisis has similarities to these earlier crises, though certain aspects of the resolution are markedly different.