The world economy in 1999-2007: Bubble, bubble toil and trouble
Between 1999 and 2007, global economic trends were characterized by the aftermath of the Asian financial crisis, the bubble and burst of the dot-com crisis, and a global recovery which triggered a boom in commodity prices and inflated housing and stock market bubbles in the US and other high-income...
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| Format: | Book Chapter |
| Language: | Inglés |
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Oxford University Press
2018
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| Online Access: | https://hdl.handle.net/10568/145984 |
| _version_ | 1855534600407744512 |
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| author | Vos, Rob |
| author_browse | Vos, Rob |
| author_facet | Vos, Rob |
| author_sort | Vos, Rob |
| collection | Repository of Agricultural Research Outputs (CGSpace) |
| description | Between 1999 and 2007, global economic trends were characterized by the aftermath of the Asian financial crisis, the bubble and burst of the dot-com crisis, and a global recovery which triggered a boom in commodity prices and inflated housing and stock market bubbles in the US and other high-income countries. These trends culminated into the global financial crisis of 2008–9. Few observers saw this crisis coming. UN economists did. This chapter looks at what UN economists saw as risks, but other observers failed to see: (a) the widening savings–investment imbalances across countries; (b) the risks of cheap money in the context of unregulated finance; (c) the decoupling of economic growth between developed and developing countries; and (d) the risk of imminent exchange rate instability. Revisiting the history of this period is relevant for drawing lessons for the understanding of today’s buildup of another dot-com bubble and its possible consequences. |
| format | Book Chapter |
| id | CGSpace145984 |
| institution | CGIAR Consortium |
| language | Inglés |
| publishDate | 2018 |
| publishDateRange | 2018 |
| publishDateSort | 2018 |
| publisher | Oxford University Press |
| publisherStr | Oxford University Press |
| record_format | dspace |
| spelling | CGSpace1459842024-10-25T08:03:51Z The world economy in 1999-2007: Bubble, bubble toil and trouble Vos, Rob economic shock forecasting economic growth policies commodities economic recovery economic crisis macroeconomics commodity markets prices Between 1999 and 2007, global economic trends were characterized by the aftermath of the Asian financial crisis, the bubble and burst of the dot-com crisis, and a global recovery which triggered a boom in commodity prices and inflated housing and stock market bubbles in the US and other high-income countries. These trends culminated into the global financial crisis of 2008–9. Few observers saw this crisis coming. UN economists did. This chapter looks at what UN economists saw as risks, but other observers failed to see: (a) the widening savings–investment imbalances across countries; (b) the risks of cheap money in the context of unregulated finance; (c) the decoupling of economic growth between developed and developing countries; and (d) the risk of imminent exchange rate instability. Revisiting the history of this period is relevant for drawing lessons for the understanding of today’s buildup of another dot-com bubble and its possible consequences. 2018-12-12 2024-06-21T09:05:29Z 2024-06-21T09:05:29Z Book Chapter https://hdl.handle.net/10568/145984 en Limited Access Oxford University Press Vos, Rob. 2018. The world economy in 1999-2007: Bubble, bubble toil and trouble. In The World Economy through the Lens of the United Nations, eds. José Antonio Ocampo, Anis Chowdhury, and Diana Alarcón. Chapter 8. https://doi.org/10.1093/oso/9780198817345.003.0008 |
| spellingShingle | economic shock forecasting economic growth policies commodities economic recovery economic crisis macroeconomics commodity markets prices Vos, Rob The world economy in 1999-2007: Bubble, bubble toil and trouble |
| title | The world economy in 1999-2007: Bubble, bubble toil and trouble |
| title_full | The world economy in 1999-2007: Bubble, bubble toil and trouble |
| title_fullStr | The world economy in 1999-2007: Bubble, bubble toil and trouble |
| title_full_unstemmed | The world economy in 1999-2007: Bubble, bubble toil and trouble |
| title_short | The world economy in 1999-2007: Bubble, bubble toil and trouble |
| title_sort | world economy in 1999 2007 bubble bubble toil and trouble |
| topic | economic shock forecasting economic growth policies commodities economic recovery economic crisis macroeconomics commodity markets prices |
| url | https://hdl.handle.net/10568/145984 |
| work_keys_str_mv | AT vosrob theworldeconomyin19992007bubblebubbletoilandtrouble AT vosrob worldeconomyin19992007bubblebubbletoilandtrouble |