The Financial and Economic Crisis Lecture Two: How the crisis affected the US and world economies Mike Kennedy.

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Presentation transcript:

The Financial and Economic Crisis Lecture Two: How the crisis affected the US and world economies Mike Kennedy

What’s happening in some individual OECD economies

Risk aversion spiked during the crisis

World risk conditions

Credit conditions affect risk

As does the outlook for activity

House prices (nominal) fell (almost) everywhere

World trade collapsed

The US outlook shows the economy depending on final domestic demand

The effect through balance sheets: housing wealth effects are stronger

The effect through balance sheets: not as problematic as in the US

The effect through balance sheets

Euro debt markets were affected

The euro area is projected to rely on net exports

Europe is in crisis

Swedish (red line) and Finnish (green) long-term interest rates

The world economic outlook: still fragile, especially among OECD economies

Emerging markets get hit through the financial channel

Key emerging markets were affected

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