Africa and the Credit Crunch
From Crisis to Opportunity
Bibliographic Data
| ID | 6025657 |
|---|---|
| Authors | Christopher Cramer (0000-0003-1792-7374), Deborah Johnston (0000-0003-0065-1105), Carlos Oya (0000-0003-0379-6377) |
| Year | 2009 |
| Volume | 108 |
| Issue | 433 |
| Pages | 643-654 |
| Publication date | 2009-10-01 |
| Peer Reviewed | Yes |
| Open Access | No |
| Type | ARTICLE |
| Venue | African Affairs (JOURNAL) |
| Journal identifiers | ISSN: 0001-9909 • E-ISSN: 1468-2621 |
| Publisher | Oxford University Press (PUBLISHER • GB) |
| DOI | 10.1093/afraf/adp058 |
| OpenAlex | W1993804490 |
| Language | EN |
| Citations received | 6 |
THE BUTTERFLY FLAP OF FINANCIAL INNOVATION did not so much cause a flutter as aggravate a frenzy of anxiety and greed in international markets.1 What followed was chaos indeed. The financial bubble burst – as they do – and this time the global economy has given rise to not just a financial crisis but a global recession. Banks stopped lending to each other, credit for businesses and households caved in, demand has been throttled, and government debts have risen dramatically. Global output is expected to shrink by 1.25 percent in 2009, the first global contraction since the Second World War.2 International trade is also expected to suffer the sharpest fall since then, while unemployment increases threaten to spread globally. In richer countries investment slumped in 2008/9, and consumer savings rose steeply as highly indebted households sought to rein in debt and to put up sandbags against the continued loss of wealth held in equities. The consequence is that demand has contracted sharply. Mayhem in the world’s leading economies has already had and will undoubtedly continue to have huge consequences for developing countries, including in sub-Saharan Africa. The World Bank forecasts a drop in average growth of real GDP across sub-Saharan Africa from 5.7 percent a year in recent years to little more than 1 percent in 2009, thanks largely to falls in export demand, remittances, and foreign direct investment.3 The
Business · Credit crunch · Crunch · Economics · Financial crisis · Financial system · Keynesian economics · Political science · Banking stability, regulation, efficiency · Economic Theory and Policy · Microfinance and Financial Inclusion
| Unique citing works | 6 |
|---|---|
| Citations per year | 0,38 |
| Citation span | 2010 - 2026 (17) |
| Citation velocity | current |
| Highly cited | No |
| Citation types | Neutral: 4 |