Late-2000s global recession
The Great Recession (also referred to as the the Second Great Depression,Lesser Depression, the Long Recession, or the global recession of 2009) was a global economic decline in the late 2000s decade. The effects of this economic downturn are having a continued influence into 2014.
It is related to a liquidity crisis, commonly being dated to have started when several central banks had to step in with liquidity lending to the interbank lending market on 9 August 2007. This was a response to a situation where BNP Paribas temporarily had to block money withdrawals from three hedge funds—citing a "complete evaporation of liquidity". The bursting of the U.S. housing bubble, where the median price for real estate home sales in US started to decline after its peak in July 2006, had caused the values of securities tied to U.S. real estate pricing to plummet, which damaged financial institutions globally—to a degree ultimately resulting in the subsequent interbank credit crisis. The first sign of the lurking interbank credit crisis came in March 2007, when the United States' subprime mortgage industry collapsed due to higher-than-expected home foreclosure rates, with more than 25 subprime lenders declaring bankruptcy, announcing significant losses, or putting themselves up for sale.
The Great Recession only met the IMF criteria for being a global recession, requiring a decline in annual real world GDP per‑capita (Purchasing Power Parity weighted), in the single calendar year 2009. Despite the fact that quarterly data are being utilized as recession definition criteria by all G20 members, representing 85% of the world GDP, IMF has decided—because of the absence of a complete data set—not to declare/measure global recessions according to quarterly GDP data. The seasonally adjusted PPP‑weighted real GDP for the G20‑zone, however is a good indicator for the world GDP, and it was measured to have suffered a direct quarter on quarter decline during the three quarters from Q3‑2008 until Q1‑2009, which more accurately mark when the recession took place at the global level. The exact start and end-point for the recession at the national level, however greatly varied from country to country, and some countries did not experience any recession at all. Many countries in Europe had a second recession, starting on average about three years after the first one. Some (Germany, Switzerland, Sweden) did not have a second recession. Most countries outside Europe did not have a second recession.
The Great Recession affected the entire world economy, with greater detriment to some countries than others, but overall to a degree which made it the worst global recession since World War II. It was a major global recession characterised by various systemic imbalances, and was sparked by the outbreak of the U.S. subprime mortgage crisis and financial crisis of 2007–08. The economic side effects of the European sovereign debt crisis,austerity, high levels of household debt, trade imbalances, high unemployment, and limited prospects for global growth in 2014, continue to provide obstacles for many countries to achieve a full recovery from the recession.

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Great Recession - Wikipedia, the free encyclopedia
The IMF global recession definition unfortunately does not evaluate quarterly data, .... developed, household debt levels rose sharply after the year 2000 globally. ..... The unemployment rate rose from 5% in 2008 pre-crisis to 10% by late 2009, ...
en.wikipedia.org/wiki/Great_Recession
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Late 2000s recession - SlideShare
Mar 22, 2011 ... The recession that began in the late 2000s was, to date, the worst economic downturn in the United States since the Great Depression.
www.slideshare.net/siddharthsiddhu/late-2000s-recession-7350276
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Late-2000s recession - Fortune Management & Career Blog
Sep 4, 2012 ... FORTUNE -- Remember when Motorola (MMI) ruled the mobile phone business worldwide? And then Nokia (NOK) did? And then BlackBerry ...
management.fortune.cnn.com/tag/late-2000s-recession/
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Recession of 2008 - Conservapedia
Mar 26, 2013 ... The Recession of 2008 (also called the Recession of the late 2000's or ... Global trade declined sharply--by 13% from August 20008 to August ...
www.conservapedia.com/Recession_of_2008
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Global Recession in the Late 2000s | Suite101
Jan 8, 2009 ... In 2008, a number of factors led to an economic recession in many countries all over the world including the US, Britain, Mexico, Iceland and ...
suite101.com/a/global-recession-in-the-late-2000s-a88942
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Great Recession - Wikipedia, the free…
The Great Recession (also referred to as the Lesser Depression, the Long Recession, or the global recession of 2009) is a marked global economic decline that began in ...
en.wikipedia.org/wiki/Late_2000s_recession
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Recession - Wikipedia, the free…
In economics, a recession is a business cycle contraction, a general slowdown in economic activity. Macroeconomic indicators such as GDP, employment, investment ...
en.wikipedia.org/wiki/Recession
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History - Recession | United States…
United States Recession History. The next recession confirmed occurred in the years between 1807 and 1814, and was called the Depression of 1807.
www.recession.org/history/
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THE GREAT RECESSION & the GLOBAL Economic…
The IMF has released a report that predicts the hoped-for global economic growth is again endangered. Why is this happening? Why has the Great Recession ...
www.youtube.com/watch?v=uK_Btg06oOc
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Global MetroMonitor: The Path to Economic…
The global financial crisis of the late 2000s precipitated an economic downturn of such magnitude and reach that many now refer to the period as the “Great ...
www.brookings.edu/research/reports/2010/11/30-global-metro-monitor
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Timeline of the Great Recession - Wikipedia, the free encyclopedia
A recession is a period of two quarters of negative GDP growth. ..... Economists at the University of Hawaii reported that the state entered the recession in the previous ..... The late-2000s recession has entered its second full year of existence.
Great Recession in Europe - Wikipedia, the free encyclopedia
The global recession was first seen in Europe, as Ireland was the first ..... Germany's industrial output was down 2.4 percent in May, the fastest rate for a decade. .... the new government established in the late 2008 is unable to take any anti-crisis .... a survey by the University of Ulster/Bank of Ireland and housing prices fell on ...
Causes of the Great Recession - Wikipedia, the free encyclopedia
Many institutions lowered credit standards to continue feeding the global demand for ..... of economists at top research universities indicated that starting in the 1970s, .... a moral hazard, which allegedly contributed to the late-2000s recession.
Financial crisis of 2007–08 - Wikipedia, the free encyclopedia
The financial crisis of 2007–2008, also known as the Global Financial Crisis and 2008 .... The ongoing foreclosure epidemic that began in late 2006 in the U.S. continues to .... In the early and mid-2000s (decade), the Bush administration called ...... The Wharton School of the University of Pennsylvania's online business ...
Great Recession - Mises Wiki, the global repository of classical ...
This shift over the decade (2000s) was reflected in numbers from the FDIC: at the ... assessment, and well before most observers turned critical from late 2007. ..... Financial Crisis Through Accounting Models (pdf), Groningen University, 16.
[PDF]The Impact of the Recession on Education Funding in the U.S. and ...
The recession of the late 2000's had a severe effect on the global economy, as witnessed by numerous ... what are referred to today as land-grant universities.
As We Now Enter the Sixth Year of the Global Recession » TripleCrisis
Oct 21, 2013 ... The global capitalist economy has now entered its sixth year of ... to reach an officially declared full-fledged recession in the late 2000s. ... Harvey, David (1989 ) The Condition of Post-Modernity, Cambridge University Press.
[PDF]Declining Return Migration from the United States to Mexico in the ...
Feb 1, 2010 ... the late-2000s Recession ... in response to the 2007-2009 U.S. recession and global financial crisis. ...... Tucson: University of Arizona Press.
Who Should Be Responsible For The Late-2000s Recession?
Oct 10, 2010 ... The late-2000s recession was a horrible economic crisis spread to much of the industrialized world and caused a deceleration of economic ...
Asia-Europe Foundation (ASEF) - University of Ljubljana
The Global Financial Crisis of the late 2000s has resulted in a global recession and market fluctuations equalled only by the Great Depression of the 1930s and ...
Books on the term Late-2000s global recession
United States History - Part B
United States History - Part B
By Wikipedians
Late 2000s recession Early twenty-first century recession in Africa Early twenty- first century recession in the Americas Early twenty-first century recession in Asia Early twenty-first century recession in Australasia Early twenty-first century ...
Timeline of the Late-2000s Global Recession
Timeline of the Late-2000s Global Recession
Jesse Russell, Ronald Cohn, 2012
This article gives the timeline of the global recession of the late 2000s, which has severely hit the developed economies in the wake of the financial, banking and stockmarket turmoil of 2007 and 2008.
Energy Security: An Interdisciplinary Approach
Energy Security: An Interdisciplinary Approach
Gawdat Bahgat, 2011
In the late 2000s global demand for energy was reduced substantially and, as a result, fuel prices fell. The main reason behind this availability of supplies at low prices was the global recession. This temporary development should be seen in  ...
From Reform to Growth
From Reform to Growth
Vít Novotný, 2013
The need to save the banks that had been exposed to disruptions in credit markets required costly state interventions.6 THE VULNERABILITIES AND STRENGTHS OF THE EU ECONOMY The global recession of the late 2000s was by no ...
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Late-2000s global recession
Global Recession in the Late 2000s | Suite101
In 2008, a number of factors led to an economic recession in many countries all over the world including the US, Britain, Mexico, Iceland and Russia.
suite101.com/a/global-recession-in-the-late-2000s-a88942
As We Now Enter the Sixth Year of the Global Recession » TripleCrisis
Erinç Yeldan The global capitalist economy has now entered its sixth year of recession, as it continues to suffer from its worst crisis since the Great Depression. Initially dismissed as routine financial turbulence in the summer months of 2007, the crisis conditions accelerated slowly, yet continually, to reach an officially declared full-fledged recession in the late 2000s.
triplecrisis.com/as-we-now-enter-the-sixth-year-of-the-global-recession/
IT Recession: Late 2000s Recession
In 2008, an economic recession was suggested by several important indicators of economic downturn. [1] These included high oil prices, which led to drastic high food prices due to the extremely loose monetary policies and low interest rates of the U.
amitkottisa-itrecession.blogspot.com/2009/01/late-2000s-recession.html
Who Should Be Responsible For The Late-2000s Recession?
blogs.ubc.ca/bowenli/2010/10/10/who-should-be-responsible-for-the-late-2000s-recession/
Liberty Street Economics: Post-Recession Loan Delinquency Rates - Global Economic Watch - Global Economic Crisis: Cengage Resource Center
At the New York Fed 's Liberty Street Economics blog, Tara Sullivan and James Vickery check in on the state of loan delinquencies. "Nonperforming loans," loan delinquencies and defaults, spiked during the Great Recession. Sullivan and Vickery point out that the percentage of loans that were nonperforming rose from about 1% in early 2007 to more than 5% in late 2009 (and as high as 7.3% for loans held by large banks). But since then, we've seen a drop. In just about every sector, the percentage of nonperforming loans has come down significantly, including most consumer loans. One important exception: residential real estate. The performance of the residential real estate loans held in banking portfolios showed a relatively muted recovery compared with the performance of C&I and consumer loans. Currently, 7.7 percent of residential mortgage debt is ninety days or more past due, only slightly below the 2009 peak. This persistently high delinquency rate likely reflects a range of factors, including the slow resolution and foreclosure process for delinquent loans in many states, as well as the lingering after-effects of the mortgage credit boom and subsequent collapse in home prices. Note that the fraction of nonperforming mortgages is about three times higher for the largest bank holding companies (the six firms with total assets exceeding $500 billion) than for the rest of the commercial banking industry. Residential mortgage performance since 2007 represents a striking departure from historical patterns. Even though the nonperforming loan ratio has exceeded 7 percent for the past sixteen consecutive quarters, it didn’t even reach 2 percent at any point between 1991 and 2006. Prior to the financial crisis, residential mortgages were often thought to have relatively little credit risk, in part because the loan is collateralized by an asset (a house or apartment) that generally increases in value from one year to the next while the balance on the loan declines over time owing to amortization. Of course, contrary to this pattern, U.S. home prices fell sharply in the late 2000s, compounded by weak loan underwriting standards during the prior mortgage credit boom. Taking a longer historical view, we note that residential mortgage delinquencies and defaults were also high during the Great Depression, the last period during which the U.S. experienced a sustained national decline in home prices. Read A Look at Bank Loan Performance here .
community.cengage.com/GECResource/blogs/gec_blog/archive/2013/10/17/liberty-street-economics-post-recession-loan-delinquency-rates.aspx
lunamayz Timeline of the late-2000s global recession - Wikipedia, the free ... http://bit.ly/P6Mc4O - #hh96sm
Timeline of the Late-2000s global recession - Wikipedia, the free ... http://bit.ly/P6Mc4O. By: lunamayz. On: October 16, 2012 - 10:53
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Late-2000s financial crisis :: Mishradews
mishradews.webnode.com/news/late-2000s-financial-crisis/
Recession Pressures Global Economy
US Housing Finance News | HousingWire
www.housingwire.com/articles/3843-recession-pressures-global-economy
Activists Create Their Own Credit Union | PopularResistance.Org
Branch manager Patte Wagner, the former branch manager at Chase, told us that her branch of the PSCCU now currently holds $30 million of the community's assets. The new credit union is a not-for-profit, member-owned bank, specializing in making it affordable for the community to have a car loan or a mortgage without excessive interest or other predatory schemes. "Fifty cents of every dollar here goes directly back to the community in the form of energy-efficiency programs," Wagner said. "That's $15 million of the community's money that stays right here in this community." Standing at a markerboard at the Backbone Campaign's warehouse, Moyer drew a diagram of an island, with various arrows representing money streams going out of the community. Other arrows looped around the island, symbolizing money streams that stay in the community to be reinvested in the people. Bill referred to these more sustainable money streams as credit unions, public banks, alternative currencies, and time banks, where units of time are used as an alternative currency. "We have all these solutions to this system, we just need a stronger social movement to mass-educate the people before the next financial collapse," Moyer said.
www.popularresistance.org/activists-create-their-own-credit-union/
Voters attack NDP economic record in B.C. Liberals’ latest ad | Metro
“My biggest fear is that the NDP takes over,” says one voter in the Liberals’ latest campaign attack ad, titled “NDP The Sequel: Borrow-Spend-Tax Trap. ” “The rest of Canada was booming.
metronews.ca/news/vancouver/658807/b-c-liberals-latest-ad-sees-voters-attacking-ndp-economic-record/
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