Strategic Thinking for Turbulent Times pp 60-64 | Cite as
The Cultural Roots of the Credit Crisis
Chapter
Abstract
Naked facts conceal a strong cultural dimension of the credit crisis. Cold data on the volume of credit default swaps (CDSs) or collateralized debt obligations (CDOs) convey a harsh economic reality but little in terms of the cultural roots of the decisions that have led to these ominous events. Suggested solutions focusing on the need for a change in patterns of saving and consumption in one country or the other again ignore the possibly invisible and at times inflexible forces leading to consumption or a saving decision.
Keywords
Interest Rate Gross Domestic Product Cultural Root Credit Default Swap Consumption Expenditure
These keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.
Preview
Unable to display preview. Download preview PDF.
References
- Dynan, K. E. and Kohn, D. L. (2007) ‘The Rise in U.S. Household Indebtedness: Causes and Consequences’, in Reserve Bank of Australia Conference 2007, ‘The Structure and Resilience of the Financial System’, 20–21 August 2007.Google Scholar
- Hofstede, G. (1980) Culture’s Consequences (London: Sage).Google Scholar
- Modigliani, F. (2001) Adventures of an Economist (London, New York: Texere Publishing).Google Scholar
- The Economist (2005) ‘Is There a Global Saving Glut? If so, Will it Persist?’, available at: http://economistsview.typepad.com/economistsview/2005/09/is_there_a_glob.html (accessed 7 July 2014).
Copyright information
© M. S. S. el Namaki 2014