{ "id": "RL34742", "type": "CRS Report", "typeId": "REPORTS", "number": "RL34742", "active": false, "source": "EveryCRSReport.com, University of North Texas Libraries Government Documents Department", "versions": [ { "source": "EveryCRSReport.com", "id": 356608, "date": "2010-02-04", "retrieved": "2016-04-07T01:56:58.722671", "title": "The Global Financial Crisis: Analysis and Policy Implications", "summary": "The world appears to be recovering from the global recession that has caused widespread business contraction, increases in unemployment, and shrinking government revenues. Although the industrialized economies have stopped contracting, for many, unemployment is still rising. The United States likely hit bottom in June 2009, but numerous small banks and households still face huge problems in restoring their balance sheets, and unemployment has combined with sub-prime loans to keep home foreclosures at a high rate. Nearly all industrialized countries and many emerging and developing nations avoided dropping into another \u201cGreat Depression\u201d by implementing sizable economic stimulus and/or financial sector rescue packages, such as the American Recovery and Reinvestment Act of 2009 (P.L. 111-5). Several countries have resorted to borrowing from the International Monetary Fund as a last resort. The crisis has exposed fundamental weaknesses in financial systems worldwide, demonstrated how interconnected and interdependent economies are today, and has posed vexing policy dilemmas.\nThe process for coping with the crisis by countries across the globe has been manifest in four basic phases. The first has been intervention to contain the contagion and restore confidence in the system. The second has been coping with the secondary effects of the crisis, particularly the global recession and flight of capital from countries in emerging markets and elsewhere that have been affected by the crisis. The third phase of this process is to make changes in the financial system to reduce risk and prevent future crises. In order to give these proposals political backing, world leaders have called for international meetings to address changes in policy, regulations, oversight, and enforcement. On September 24-25, 2009, heads of the G-20 nations met in Pittsburgh to address the global financial crisis. The fourth phase of the process is dealing with political, social, and security effects of the financial turmoil. One such effect is the strengthened role of China in financial markets.\nThe role for Congress in this financial crisis is multifaceted. While the recent focus has been on combating the recession, the ultimate issue perhaps is how to ensure the smooth and efficient functioning of financial markets to promote the general well-being of the country while protecting taxpayer interests and facilitating business operations without creating a moral hazard. In addition to preventing future crises through legislative, oversight, and domestic regulatory functions, On June 17, 2009, the Obama Administration presented a proposal for financial regulatory reform that focuses on five areas and includes establishing the Federal Reserve as a systemic risk regulator, creating a Council of Regulators, regulating all financial derivatives, creating a Consumer Financial Protection Agency, improving coordination and oversight of international financial markets, and other provisions. The reform agenda now has moved to Congress with legislation that addresses many of the issues in the Obama plan but also includes other financial issues. Among the numerous bills in Congress addressing the financial crisis, H.R. 4173 (Wall Street Reform and Consumer Protection Act of 2009, passed the House on December 1, 2009) addresses many of the concerns raised. Congress also plays a role in measures to reform and recapitalize the International Monetary Fund, the World Bank, and regional development banks. \nThis report provides a historical account and analysis of the crisis through January 2010. For information on current aspects of the crisis, see other CRS reports. This report will not be updated.", "type": "CRS Report", "typeId": "REPORTS", "active": false, "formats": [ { "format": "HTML", "encoding": "utf-8", "url": "http://www.crs.gov/Reports/RL34742", "sha1": "9b3c69ac6e49f0701fcb325536045672323ea1d2", "filename": "files/20100204_RL34742_9b3c69ac6e49f0701fcb325536045672323ea1d2.html", "images": null }, { "format": "PDF", "encoding": null, "url": "http://www.crs.gov/Reports/pdf/RL34742", "sha1": "5a47a1a62d42123ec454b1ad8bed5c4af111b7bc", "filename": "files/20100204_RL34742_5a47a1a62d42123ec454b1ad8bed5c4af111b7bc.pdf", "images": null } ], "topics": [] }, { "source": "University of North Texas Libraries Government Documents Department", "sourceLink": "https://digital.library.unt.edu/ark:/67531/metadc503443/", "id": "RL34742_2009Nov25", "date": "2009-11-25", "retrieved": "2015-04-30T17:37:21", "title": "The Global Financial Crisis: Analysis and Policy Implications", "summary": "This report provides a historical account and analysis of the crisis through November 14, 2009. While business contraction appears to have abated, unemployment is shown to be on the rise and many businesses and countries are still facing difficulties.", "type": "CRS Report", "typeId": "REPORT", "active": false, "formats": [ { "format": "PDF", "filename": "files/20091125_RL34742_7082683605294854c014d5fb99acea1bdbe49821.pdf" }, { "format": "HTML", "filename": "files/20091125_RL34742_7082683605294854c014d5fb99acea1bdbe49821.html" } ], "topics": [ { "source": "LIV", "id": "Finance", "name": "Finance" }, { "source": "LIV", "id": "Financial crises", "name": "Financial crises" }, { "source": "LIV", "id": "Economic policy", "name": "Economic policy" }, { "source": "LIV", "id": "Government regulation", "name": "Government regulation" }, { "source": "LIV", "id": "Economic stabilization", "name": "Economic stabilization" } ] }, { "source": "University of North Texas Libraries Government Documents Department", "sourceLink": "https://digital.library.unt.edu/ark:/67531/metadc503355/", "id": "RL34742_2009Oct02", "date": "2009-10-02", "retrieved": "2015-04-30T17:37:21", "title": "The Global Financial Crisis: Analysis and Policy Implications", "summary": "This report provides a historical account and analysis of the crisis through September 25, 2009. While business contraction appears to have abated, unemployment is shown to be on the rise and many businesses and countries are still facing difficulties.", "type": "CRS Report", "typeId": "REPORT", "active": false, "formats": [ { "format": "PDF", "filename": "files/20091002_RL34742_cbc87a8d7b79d6c55aed9e4198c80c8270dc1ea2.pdf" }, { "format": "HTML", "filename": "files/20091002_RL34742_cbc87a8d7b79d6c55aed9e4198c80c8270dc1ea2.html" } ], "topics": [ { "source": "LIV", "id": "Finance", "name": "Finance" }, { "source": "LIV", "id": "Financial crises", "name": "Financial crises" }, { "source": "LIV", "id": "Economic policy", "name": "Economic policy" }, { "source": "LIV", "id": "Government regulation", "name": "Government regulation" }, { "source": "LIV", "id": "Economic stabilization", "name": "Economic stabilization" } ] }, { "source": "University of North Texas Libraries Government Documents Department", "sourceLink": "https://digital.library.unt.edu/ark:/67531/metadc503697/", "id": "RL34742_2009Aug21", "date": "2009-08-21", "retrieved": "2015-04-30T17:37:21", "title": "The Global Financial Crisis: Analysis and Policy Implications", "summary": "This report provides a historical account and analysis of the crisis through August 17, 2009. While business contraction appears to have abated, unemployment is shown to be on the rise and many businesses and countries are still facing difficulties.", "type": "CRS Report", "typeId": "REPORT", "active": false, "formats": [ { "format": "PDF", "filename": "files/20090821_RL34742_3c24bd1e34f60c2a4dcb7a4916dd5589f4a249b7.pdf" }, { "format": "HTML", "filename": "files/20090821_RL34742_3c24bd1e34f60c2a4dcb7a4916dd5589f4a249b7.html" } ], "topics": [ { "source": "LIV", "id": "Finance", "name": "Finance" }, { "source": "LIV", "id": "Financial crises", "name": "Financial crises" }, { "source": "LIV", "id": "Economic policy", "name": "Economic policy" }, { "source": "LIV", "id": "Government regulation", "name": "Government regulation" }, { "source": "LIV", "id": "Economic stabilization", "name": "Economic stabilization" } ] }, { "source": "University of North Texas Libraries Government Documents Department", "sourceLink": "https://digital.library.unt.edu/ark:/67531/metadc26286/", "id": "RL34742_2009Jul10", "date": "2009-07-10", "retrieved": "2010-07-07T17:39:19", "title": "The Global Financial Crisis: Analysis and Policy Implications", "summary": "The world has entered a global recession that is causing widespread business contraction, increases in unemployment, and shrinking government revenues. The crisis has exposed fundamental weaknesses in financial systems worldwide, demonstrated how\r\ninterconnected and interdependent economies are today, and has posed vexing policy dilemmas. This report describes the financial crisis in detail, including various countries' methods of coping with and adapting to the situation; the role of Congress in the solution and recovery process; and the Obama Administration proposal for financial regulatory reform.", "type": "CRS Report", "typeId": "REPORT", "active": false, "formats": [ { "format": "PDF", "filename": "files/20090710_RL34742_8278b254f95ef7c1f6446ef80aaf1cf2a3a766d5.pdf" }, { "format": "HTML", "filename": "files/20090710_RL34742_8278b254f95ef7c1f6446ef80aaf1cf2a3a766d5.html" } ], "topics": [ { "source": "LIV", "id": "Finance", "name": "Finance" }, { "source": "LIV", "id": "Financial crises", "name": "Financial crises" }, { "source": "LIV", "id": "Economic policy", "name": "Economic policy" }, { "source": "LIV", "id": "Government regulation", "name": "Government regulation" }, { "source": "LIV", "id": "Economic stabilization", "name": "Economic stabilization" } ] }, { "source": "University of North Texas Libraries Government Documents Department", "sourceLink": "https://digital.library.unt.edu/ark:/67531/metadc26285/", "id": "RL34742_2009Jul02", "date": "2009-07-02", "retrieved": "2010-07-07T17:39:19", "title": "The Global Financial Crisis: Analysis and Policy Implications", "summary": "The world has entered a global recession that is causing widespread business contraction, increases in unemployment, and shrinking government revenues. The process for coping with the crisis by countries across the globe has been manifest in four basic phases. The first has been intervention to contain the contagion and restore confidence in the system. The second has been coping with the secondary effects of the crisis, particularly the global recession and flight of capital from countries in emerging markets and elsewhere that have been affected by the crisis. The third phase of this process is to make changes in the financial system to reduce risk and prevent future crises. The fourth phase of the process is dealing with political, social, and security effects of the financial turmoil. The role for Congress in this financial crisis is multifaceted. This report describes this role, as well as the financial crisis in general, in detail.", "type": "CRS Report", "typeId": "REPORT", "active": false, "formats": [ { "format": "PDF", "filename": "files/20090702_RL34742_9865d391db5e9202e6e37687b004dd73b290821e.pdf" }, { "format": "HTML", "filename": "files/20090702_RL34742_9865d391db5e9202e6e37687b004dd73b290821e.html" } ], "topics": [ { "source": "LIV", "id": "Finance", "name": "Finance" }, { "source": "LIV", "id": "Financial crises", "name": "Financial crises" }, { "source": "LIV", "id": "Economic policy", "name": "Economic policy" }, { "source": "LIV", "id": "Economic stabilization", "name": "Economic stabilization" }, { "source": "LIV", "id": "International affairs", "name": "International affairs" }, { "source": "LIV", "id": "International cooperation", "name": "International cooperation" }, { "source": "LIV", "id": "International finance", "name": "International finance" }, { "source": "LIV", "id": "International economic relations", "name": "International economic relations" } ] }, { "source": "University of North Texas Libraries Government Documents Department", "sourceLink": "https://digital.library.unt.edu/ark:/67531/metadc818085/", "id": "RL34742_2009May12", "date": "2009-05-12", "retrieved": "2016-03-19T13:57:26", "title": "The Global Financial Crisis: Analysis and Policy Implications", "summary": null, "type": "CRS Report", "typeId": "REPORT", "active": false, "formats": [ { "format": "PDF", "filename": "files/20090512_RL34742_325f6298991e2124489e16fb40c639693eed26b3.pdf" }, { "format": "HTML", "filename": "files/20090512_RL34742_325f6298991e2124489e16fb40c639693eed26b3.html" } ], "topics": [] }, { "source": "University of North Texas Libraries Government Documents Department", "sourceLink": "https://digital.library.unt.edu/ark:/67531/metadc503629/", "id": "RL34742_2009Apr03", "date": "2009-04-03", "retrieved": "2015-04-30T17:37:21", "title": "The Global Financial Crisis: Analysis and Policy Implications", "summary": "This report provides a historical account and analysis of the global economic crisis through April 2, 2009. While business contraction appears to have abated, unemployment is shown to be on the rise and many businesses and countries are still facing difficulties.", "type": "CRS Report", "typeId": "REPORT", "active": false, "formats": [ { "format": "PDF", "filename": "files/20090403_RL34742_a2f3400cdb6c3154bfea9c116c1bd37ff7381097.pdf" }, { "format": "HTML", "filename": "files/20090403_RL34742_a2f3400cdb6c3154bfea9c116c1bd37ff7381097.html" } ], "topics": [ { "source": "LIV", "id": "Finance", "name": "Finance" }, { "source": "LIV", "id": "Financial crises", "name": "Financial crises" }, { "source": "LIV", "id": "Economic policy", "name": "Economic policy" }, { "source": "LIV", "id": "Government regulation", "name": "Government regulation" }, { "source": "LIV", "id": "Economic stabilization", "name": "Economic stabilization" } ] }, { "source": "University of North Texas Libraries Government Documents Department", "sourceLink": "https://digital.library.unt.edu/ark:/67531/metadc503711/", "id": "RL34742_2009Feb20", "date": "2009-02-20", "retrieved": "2015-04-30T17:37:21", "title": "The Global Financial Crisis: Analysis and Policy Implications", "summary": "This report provides a historical account and analysis of the crisis through February 13, 2009. While business contraction appears to have abated, unemployment is shown to be on the rise and many businesses and countries are still facing difficulties.", "type": "CRS Report", "typeId": "REPORT", "active": false, "formats": [ { "format": "PDF", "filename": "files/20090220_RL34742_533776bf9e22b439f8272a1226fadcc9db0a1705.pdf" }, { "format": "HTML", "filename": "files/20090220_RL34742_533776bf9e22b439f8272a1226fadcc9db0a1705.html" } ], "topics": [ { "source": "LIV", "id": "Finance", "name": "Finance" }, { "source": "LIV", "id": "Financial crises", "name": "Financial crises" }, { "source": "LIV", "id": "Economic policy", "name": "Economic policy" }, { "source": "LIV", "id": "Government regulation", "name": "Government regulation" }, { "source": "LIV", "id": "Economic stabilization", "name": "Economic stabilization" } ] }, { "source": "University of North Texas Libraries Government Documents Department", "sourceLink": "https://digital.library.unt.edu/ark:/67531/metadc810983/", "id": "RL34742_2008Dec31", "date": "2008-12-31", "retrieved": "2016-03-19T13:57:26", "title": "The U.S. Financial Crisis: The Global Dimension with Implications for U.S. Policy", "summary": null, "type": "CRS Report", "typeId": "REPORT", "active": false, "formats": [ { "format": "PDF", "filename": "files/20081231_RL34742_b7b943c2a010cbf8b60adb963a17e6dac0d5d3ec.pdf" }, { "format": "HTML", "filename": "files/20081231_RL34742_b7b943c2a010cbf8b60adb963a17e6dac0d5d3ec.html" } ], "topics": [] }, { "source": "University of North Texas Libraries Government Documents Department", "sourceLink": "https://digital.library.unt.edu/ark:/67531/metadc795679/", "id": "RL34742_2008Nov18", "date": "2008-11-18", "retrieved": "2016-01-13T14:26:20", "title": "The U.S. Financial Crisis: The Global Dimension with Implications for U.S. Policy", "summary": "This report examines the global ramifications of the financial crisis, which exposed fundamental weaknesses in financial systems worldwide, and despite coordinated easing of monetary policy by governments and trillions of dollars in intervention by governments and the International Monetary Fund, the crisis continues.", "type": "CRS Report", "typeId": "REPORT", "active": false, "formats": [ { "format": "PDF", "filename": "files/20081118_RL34742_84053683530b58c11dc8b12064d445713107fc4d.pdf" }, { "format": "HTML", "filename": "files/20081118_RL34742_84053683530b58c11dc8b12064d445713107fc4d.html" } ], "topics": [ { "source": "LIV", "id": "Financial crises", "name": "Financial crises" }, { "source": "LIV", "id": "Finance", "name": "Finance" }, { "source": "LIV", "id": "Economic stabilization", "name": "Economic stabilization" }, { "source": "LIV", "id": "Economic policy", "name": "Economic policy" }, { "source": "LIV", "id": "Banks and banking", "name": "Banks and banking" }, { "source": "LIV", "id": "Housing finance", "name": "Housing finance" } ] }, { "source": "University of North Texas Libraries Government Documents Department", "sourceLink": "https://digital.library.unt.edu/ark:/67531/metadc795711/", "id": "RL34742_2008Nov10", "date": "2008-11-10", "retrieved": "2016-01-13T14:26:20", "title": "The U.S. Financial Crisis: The Global Dimension with Implications for U.S. Policy", "summary": "This report examines the global impact of the financial crisis and resulting challenges, moving forward. The crisis exposed fundamental weaknesses in financial systems worldwide, and despite coordinated easing of monetary policy by governments and trillions of dollars in intervention by governments and the International Monetary Fund, the crisis continues.", "type": "CRS Report", "typeId": "REPORT", "active": false, "formats": [ { "format": "PDF", "filename": "files/20081110_RL34742_7f6bcb5e2b303c65597ddfa2ea231c0107174ddc.pdf" }, { "format": "HTML", "filename": "files/20081110_RL34742_7f6bcb5e2b303c65597ddfa2ea231c0107174ddc.html" } ], "topics": [ { "source": "LIV", "id": "Finance", "name": "Finance" }, { "source": "LIV", "id": "Financial deregulation", "name": "Financial deregulation" }, { "source": "LIV", "id": "Trade regulation", "name": "Trade regulation" }, { "source": "LIV", "id": "International affairs", "name": "International affairs" } ] } ], "topics": [ "Asian Affairs", "Economic Policy", "Foreign Affairs", "Industry and Trade", "Intelligence and National Security" ] }