The credit crunch of 2007-2008: A discussion of the background, market reactions, and policy responses by Paul Mizen (11/2008). “This paper discusses the events surrounding the 2007-08 credit crunch. It highlights the period of exceptional macrostability, the global savings glut, and financial innovation in mortgage-backed securities as the precursors to the crisis. The credit crunch itself occurred when house prices fell and subprime mortgage defaults increased…”
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