Part III: The Great Recession under a Microscope

Ayhan Kose, and Marco Terrones
Published Date:
December 2015
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Chapter Epigraphs

The probability is growing that the global economy… will experience a serious recession. Recent developments suggest that all G7 economies are already in recession or close to tipping into one. Other advanced economies or emerging markets… are also nearing a recessionary hard landing. When they reach it, there will be a sharp slowdown in the BRICs [Brazil, Russia, India, China] and other emerging markets.

Nouriel Roubini (2008)

As the United States and many other large economies slip in unison, the reality of integrated markets is being underscored: just as globalization spreads prosperity—linking cotton farmers in Texas to textile mills in China—the same forces spread hurt when times go bad.

Peter S. Goodman (2008)

The truth is that the synchronization of the world business cycle is something of a mystery.

Paul Krugman (2008b)

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