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Essay / Research Paper Abstract
This 12 page paper looks a the way financial crises, such as recessions, burst bubbles and the credit crunch and argues that financial crises are necessary to preserve balance in the global economy. The paper is written from a theoretical perceptive and includes approaches such as evolutionary economics and cycle theories. The bibliography cites 14 sources.
Page Count:
12 pages (~225 words per page)
File: TS14_TEcrisesn.rtf
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Unformatted sample text from the term paper:
the causes of the crisis, with a general agreement that problems included poor lending decisions and weak credit risk management by many financial institutions as well as elements of irrational
exuberance in different markets (Turner, 2008 p33; Shiller, 2006 p7). Much of the literature concerning the credit crisis and the events assesses
the problems in a logical manner; attributing fault to a number of sources. When reading these it appears that the causes a series of judgement errors; implying if these errors
had not taken place then the crisis would not have arisen. It may be argued that if mistakes could have been avoided then the result may be prevented, but the
problem is more complex and although there may be the avoidance of some crises it does appear that they can ever be fully mitigated. Each generation has suffered at least
one, if not more, recessions or crises. Governments may seek to avoid thee crises, and many measures undertaken appear to delay rather
than avoid recessions, as seen with the lowering of interest rated by the US Federal reserve in the early 2000s. As globalization has taken place the global nature as a
result of the interlinked economies appears to be able to enhance the potential for the crises (Gilpin and Gilpin, 2001 p82). With
the constant reoccurrence of crises it may be argued that not only are they a phenomenon that cannot be avoided; that crises are needed. Recession and crises may have an
important role to play despite the harm caused in the short term; crises are followed by recovery and lessons are learned. Therefore, it may be argued that not only are
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