Shock Producers and Shock Absorbers in the Crisis

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Sinn, Hans-Werner;
  • Publisher: World Bank
  • Subject: asset values, banking system, consumer credit, debt, debt-equity, expenditure, financial system, government budget, government budget deficit, insurance, mortgage, mortgage market, mortgages, pensions, reinvestment, savings rate, savings rates, tax, trade balances, wealth effect

It is not surprising that the U.S. has been by far the world’s largest shock producer in this crisis. The big shock absorbers on the other hand were Japan, Russia and Germany, whose exports shrank more than their imports.
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