A global look at the reasons behind the recent economic collapse,
and the responses to it
The speculative bubble in the housing market began to burst in
the United States in 2007, and has been followed by ruptures in
virtually every asset market in almost every country in the world.
Each country proposed a range of policy initiatives to deal with
its crisis. Policies that focused upon stabilizing the housing
market formed the cornerstone of many of these proposals. This
internationally focused book evaluates the genesis of the housing
market bubble, the global viral contagion of the crisis, and the
policy initiatives undertaken in some of the major economies of the
world to counteract its disastrous affects.
Unlike other books on the global crisis, this guide deals with
the housing sector in addition to the financial sector of
individual economies. Countries in many parts of the world were
players in either the financial bubble or the housing bubble, or
both, but the degree of impact, outcome, and responses varied
widely. This is an appropriate time to pull together the lessons
from these various experiences.Reveals the housing crisis in the
United States as the core of the meltdownDescribes the evolution of
housing markets and policies in the run-up to the crisis, their
impacts, and the responses in European and Asian countriesCompares
experiences and linkages across countries and points to policy
implications and research lessons drawn from these experiences
Filled with the insights of well-known contributors with strong
contacts in practice and academia, this timely guide discusses the
history and evolution of the recent crisis as local to each
contributor's part of the world, and examines its distinctive and
common features with that of the U.S., the trajectory of its
evolution, and the similarities and differences in policy
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