‘Economic shocks and crises' (Comparing the international economic and financial crisis of 2008-2009 with the crisis triggered by the corona virus in 2020)
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| Dokumentumtípus: | Diplomadolgozat |
| Kulcsszavak: | COVID-19 Economic Shocks financial crisis GDP US Economy |
| Online Access: | http://dolgozattar.uni-bge.hu/29156 |
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| 100 | 1 | |a Khan Faisal Abbas | |
| 245 | 1 | 0 | |a ‘Economic shocks and crises' (Comparing the international economic and financial crisis of 2008-2009 with the crisis triggered by the corona virus in 2020) |c Khan Faisal Abbas |h [elektronikus dokumentum] |
| 520 | 3 | |a The thesis titled ‘Economic shocks and crises' (Comparing the international economic and financial crisis of 2008-2009 with the crisis triggered by the corona virus in 2020) tries to compare the COVID-19 Crisis with the 2008 Financial Crisis in terms of its origin, nature, intensity and type. It compares how both the crises have impacted the US economy- to what scale and capacity and what kind of policy responses have they elicited. To measure the impact of both the crises on the US economy- the Gross Domestic Product (GDP), GDP components (personal consumption, gross domestic investment, government spending and net trade), unemployment rate and policy responses during both the years were compared. The paper maintains the impact COVID-19 Crisis was more immediate and steeper 2008 while the impact of Financial Crisis was slower and prolonged. It also links how the policy response to both the crises impacted the speed and intensity of recovery of the US economy. After a statistical and graphical analysis of the comparison between the COVID-19 Crisis and 2008 Financial Crisis, it is seen that the COVID-19 had an immediate and much steeper impact on the GDP, personal consumption, gross domestic investment and the net trade of the US economy as compared to the crisis in 2008. However, unlike the 2008 Financial Crisis, the impact wasn’t prolonged, and the signs of recovery were seen right in the third quarter with the gradual reopening of the US economy. The exogenous nature of the crisis coerced the US government to take immediate and effective measures to curb the impact of the pandemic, however, in 2008 the governmental response was delayed and policies for relief came in over a period of three years. The US government allocated more amount for COVID-19 relief in the second quarter than what it did over three years of relief packages for 2008. This thesis research shows that the nature and impact of Coronavirus Crisis was completely different that than 2008 Financial Crisis as it impacted different parts of supply and demand chains. In the case of the current crisis, both demand and supply chains were impacted due to which the net trade of US constantly declined over the first three quarters of 2020 while 2008 Crisis did not influence the net trade as it was more concentrated in the banking sector. Keywords: crisis, COVID 19, financial crisis, GDP, personal consumption, gross domestic investment, government spending, net trade, exogenous, US policy response | |
| 695 | |a COVID-19 | ||
| 695 | |a Economic Shocks | ||
| 695 | |a financial crisis | ||
| 695 | |a GDP | ||
| 695 | |a US Economy | ||
| 700 | 1 | |a Ábel Dr.habil. István |e ths | |
| 700 | 1 | |a Losoncz Dr.habil. Miklós |e ths | |
| 856 | 4 | 0 | |u http://dolgozattar.uni-bge.hu/29156/1/KHAN-FAISALABBAS-THESIS.pdf |z Dokumentum-elérés |
| 856 | 4 | 0 | |u http://dolgozattar.uni-bge.hu/29156/2/Thesis-outline-summary.pdf |z Dokumentum-elérés |