global economic crisis case studies

Question 1

VoC typologies of:

• USA
• Ireland
• Norway
• Germany
• Greece

Answer 1

USA - LME
Ireland - LME
Norway - CME
Germany - CME
Greece - MME

Question 2

Between 2007-2009 nearly all governments did what?

Answer 2

• Pursued a policy of fiscal stimulus

Question 3

What was the response of Norway (same as Ireland)

Answer 3

procyclical policy

(made possibly by low national debt and large budget surplus)

(means increase taxes and reduce spending in recession)

Question 4

the US and Germany pursued what?

Answer 4

• Large expansionary policies

also Greece to a limited extent

Question 5

What were the immediate responses in France the global economic crisis?

Answer 5

• Stimulus pakage late 2008 one of payment of £200 to people
• relied heavily on raising taxes rather than borrowing in order to fit with EU regulations
  e. g. super tax at 75% tax rate