Book description
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 meltdown
- Describes the evolution of housing markets and policies in the
run-up to the crisis, their impacts, and the responses in European
and Asian countries
- Compares 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 response.
Ashok Bardhan is Senior Research Associate, Fisher Center for Real
Estate and Urban Economics, Haas School of Business, University of
California, Berkeley.
Robert H. Edelstein is Professor, Maurice Mann Chair in Real Estate,
Haas School of Business, University of California, Berkeley.
Cynthia A. Kroll is Executive Director, Staff Research and Senior
Regional Economist, Fisher Center for Real Estate and Urban Economics,
Haas School of Business, University of California, Berkeley.
