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4 pages/≈1100 words
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MLA
Subject:
Mathematics & Economics
Type:
Book Review
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English (U.S.)
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Topic:
Unfinished Business by Tamim Bayoumi
Book Review Instructions:
Unfinished Business by Tamim Bayoumi
Write and analyse 2 arguments in the book, use MLA citation.
Book Review Sample Content Preview:
Name
Institutional Affiliation
Course Title
Instructor
Date
Unfinished Business by Tamim Bayoumi
Introduction
A series of events led to the worst recession in the Western economies since the Great Depression of 1929. As a result of the 2008 financial crisis, a number of banks closed business, unemployment skyrocketed, and several states were forced to default on their debts or witnessed a major demotion on their sovereign debt. Tamim Bayoumi’s book “Unfinished Business: The Unexplored Causes of The Financial Crisis and the Lessons Yet to be Learned” outlines the snowballing errors in policy formulation of the North Atlantic, which he feels dented the solidity of U.S and European financial sectors (Bayoumi 1). In his findings, Bayoumi also explains the critical role of sub-par loans sold to under regulated shadow European and U.S banks and slack regulations of the European mega-banks in catalyzing the inception of the 2008 global financial crisis. The author, who is the deputy director at the International Monetary Fund in the department of Strategy, Policy, and Review, documents some of the unexplored causes of the recession and the lessons that have to be learned from the events that led to the financial crisis. In particular, this paper analyzes the two arguments from Bayoumi’s book that the euro crisis and the U.S. housing crash and played a significant role in the 2008 Financial Crisis.
The Euro Crisis
The Lehman Brothers’ collapse almost nearly brought the global financial system to its knees. The crisis costed the taxpayers financed bailout to revive the industry. Even after the ensuring credit crunch, it turned out to be what was to be the nastiest downturn into the most remembered recessions in a period of more than ten decades ago. The massive fiscal and monetary stimulus prevented the stimulus, although the recovery has remained feeble compared to the upturns after the World War II. Today, the GDP has remained lower than the previous pre-crisis peak in most of the developed nations such as Europe which was the epicenter of the crisis and experienced the euro crisis (“The Origins of the Financial Crisis”). The effects of the crash are still affecting the global economy which can be witnessed from the way the financial markets are wobbling as the United States’ Federal Reserve is preparing to scale back its struggles to pep up growth through bond purchase. Prior to the crisis, the European banks had greedily purchased the American monetary market and used the funds to obtain dubious securities. All these actions led to the surge in debt in what became to be seen as a less risky world leading to the crisis (“The Origins of the Financial Crisis”).
The European debt crisis, which is commonly referred to as the euro crisis is one of the worst debt crises that hit the European Union since the closing of 2009. A number of Eurozone member countries such as Spain, Greece, Ireland, Cyprus, and Portugal had the incapacity to pay or finance their debts or at least refinance of pay back government debts or bail out heavily indebted banks under their government supervision devoid of third-party assistance such as the European Central Bank (ECB), help from ...
Institutional Affiliation
Course Title
Instructor
Date
Unfinished Business by Tamim Bayoumi
Introduction
A series of events led to the worst recession in the Western economies since the Great Depression of 1929. As a result of the 2008 financial crisis, a number of banks closed business, unemployment skyrocketed, and several states were forced to default on their debts or witnessed a major demotion on their sovereign debt. Tamim Bayoumi’s book “Unfinished Business: The Unexplored Causes of The Financial Crisis and the Lessons Yet to be Learned” outlines the snowballing errors in policy formulation of the North Atlantic, which he feels dented the solidity of U.S and European financial sectors (Bayoumi 1). In his findings, Bayoumi also explains the critical role of sub-par loans sold to under regulated shadow European and U.S banks and slack regulations of the European mega-banks in catalyzing the inception of the 2008 global financial crisis. The author, who is the deputy director at the International Monetary Fund in the department of Strategy, Policy, and Review, documents some of the unexplored causes of the recession and the lessons that have to be learned from the events that led to the financial crisis. In particular, this paper analyzes the two arguments from Bayoumi’s book that the euro crisis and the U.S. housing crash and played a significant role in the 2008 Financial Crisis.
The Euro Crisis
The Lehman Brothers’ collapse almost nearly brought the global financial system to its knees. The crisis costed the taxpayers financed bailout to revive the industry. Even after the ensuring credit crunch, it turned out to be what was to be the nastiest downturn into the most remembered recessions in a period of more than ten decades ago. The massive fiscal and monetary stimulus prevented the stimulus, although the recovery has remained feeble compared to the upturns after the World War II. Today, the GDP has remained lower than the previous pre-crisis peak in most of the developed nations such as Europe which was the epicenter of the crisis and experienced the euro crisis (“The Origins of the Financial Crisis”). The effects of the crash are still affecting the global economy which can be witnessed from the way the financial markets are wobbling as the United States’ Federal Reserve is preparing to scale back its struggles to pep up growth through bond purchase. Prior to the crisis, the European banks had greedily purchased the American monetary market and used the funds to obtain dubious securities. All these actions led to the surge in debt in what became to be seen as a less risky world leading to the crisis (“The Origins of the Financial Crisis”).
The European debt crisis, which is commonly referred to as the euro crisis is one of the worst debt crises that hit the European Union since the closing of 2009. A number of Eurozone member countries such as Spain, Greece, Ireland, Cyprus, and Portugal had the incapacity to pay or finance their debts or at least refinance of pay back government debts or bail out heavily indebted banks under their government supervision devoid of third-party assistance such as the European Central Bank (ECB), help from ...
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