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Essay / Research Paper Abstract
This 11 page paper looks at the impact that the global financial crisis which stared in 2008 is having on the practice of practice of global governance. The paper starts by looking at the start of the crisis in the US sub-prime market, and then looks at the concept of global governance and how it has changed and is emerging in 2010 and uses examples such as international response help for the 2010 Pakistan floods and the agreements of the G20 as examples of these changes. The bibliography cites 11 sources.
Page Count:
11 pages (~225 words per page)
File: TS14_TEcrisiGG.rtf
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Unformatted sample text from the term paper:
in which global governance takes place. In order to assess the impacts on global governance the paper will first look at the underlying causes of the crisis and the concept
of global governance and then consider how global governance is being impacted by the crisis. It may be argued that it was
governance at a national level as well as within corporate governance that faceted the global credit crisis. An important preceding issue, which is arguably lent weight, or even created the
problem were the problems in the lending markets, especially the subprime market in areas such as the US and Europe. The sub-prime market lends money to individuals that have
a higher rate of default, as a high-risk, at a higher interest rate than the usual or prime market in order to satisfy the risk and reward equation (Howells and
Bain, 2007). Overall, it has been estimated that the subprime market sees an increased likelihood of default 10 times greater than the prime market, but the majority of loans; traditionally
95%, do not suffer from default (The Journal of Real Estate Finance and Economics, 2004). Therefore, this may be argued as a very viable market for the majority of lenders
as well a serving an important purpose allowing many borrowers access to funds to help them make purchases which would otherwise be impossible for them to borrow. In reality there
is no single exact definition of subprime, but it is assessed that the portfolio subprime lending in United States is somewhere between $1.5 trillion and $3 trillion (Lee, 2007). With
the market of this size there are some potential major problems if the market runs into difficulties. The problem with this market is that it is more sensitive to economic
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