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In November 2008, economist Dean Baker observed: "There is a really good reason for tighter credit. Tens of millions of homeowners who had substantial equity in their homes two years ago have little or nothing today. Businesses are facing the worst downturn since the Great Depression. This matters for credit decisions. A homeowner with equity in her home is very unlikely to default on a car loan or credit card debt. They will draw on this equity rather than lose their car and/or have a default placed on their credit record. On the other hand, a homeowner who has no equity is a serious default risk. In the case of businesses, their creditworthiness depends on their future profits. Profit prospects look much worse in November 2008 than they did in November 2007... While many banks are obviously at the brink, consumers and businesses would be facing a much harder time getting credit right now even if the financial system were rock solid. The problem with the economy is the loss of close to $6 trillion in housing wealth and an even larger amount of stock wealth.
What is one of the major problems with the economy in November 2008?
57337520d058e614000b5b4d
985
loss of close to $6 trillion in housing wealth
318
In November 2008, economist Dean Baker observed: "There is a really good reason for tighter credit. Tens of millions of homeowners who had substantial equity in their homes two years ago have little or nothing today. Businesses are facing the worst downturn since the Great Depression. This matters for credit decisions. A homeowner with equity in her home is very unlikely to default on a car loan or credit card debt. They will draw on this equity rather than lose their car and/or have a default placed on their credit record. On the other hand, a homeowner who has no equity is a serious default risk. In the case of businesses, their creditworthiness depends on their future profits. Profit prospects look much worse in November 2008 than they did in November 2007... While many banks are obviously at the brink, consumers and businesses would be facing a much harder time getting credit right now even if the financial system were rock solid. The problem with the economy is the loss of close to $6 trillion in housing wealth and an even larger amount of stock wealth.
How many homeowners who had substantial equity in their homes two years ago, have little no equity as of November 2008?
57337520d058e614000b5b4e
100
Tens of millions
319
In November 2008, economist Dean Baker observed: "There is a really good reason for tighter credit. Tens of millions of homeowners who had substantial equity in their homes two years ago have little or nothing today. Businesses are facing the worst downturn since the Great Depression. This matters for credit decisions. A homeowner with equity in her home is very unlikely to default on a car loan or credit card debt. They will draw on this equity rather than lose their car and/or have a default placed on their credit record. On the other hand, a homeowner who has no equity is a serious default risk. In the case of businesses, their creditworthiness depends on their future profits. Profit prospects look much worse in November 2008 than they did in November 2007... While many banks are obviously at the brink, consumers and businesses would be facing a much harder time getting credit right now even if the financial system were rock solid. The problem with the economy is the loss of close to $6 trillion in housing wealth and an even larger amount of stock wealth.
What does the creditworthiness of businesses depend on?
57337520d058e614000b5b4f
673
future profits
320
In November 2008, economist Dean Baker observed: "There is a really good reason for tighter credit. Tens of millions of homeowners who had substantial equity in their homes two years ago have little or nothing today. Businesses are facing the worst downturn since the Great Depression. This matters for credit decisions. A homeowner with equity in her home is very unlikely to default on a car loan or credit card debt. They will draw on this equity rather than lose their car and/or have a default placed on their credit record. On the other hand, a homeowner who has no equity is a serious default risk. In the case of businesses, their creditworthiness depends on their future profits. Profit prospects look much worse in November 2008 than they did in November 2007... While many banks are obviously at the brink, consumers and businesses would be facing a much harder time getting credit right now even if the financial system were rock solid. The problem with the economy is the loss of close to $6 trillion in housing wealth and an even larger amount of stock wealth.
How did profit prospects for businesses look in November 2008 compared to November 2007?
57337520d058e614000b5b50
711
much worse
321
Several commentators have suggested that if the liquidity crisis continues, an extended recession or worse could occur. The continuing development of the crisis has prompted fears of a global economic collapse although there are now many cautiously optimistic forecasters in addition to some prominent sources who remain negative. The financial crisis is likely to yield the biggest banking shakeout since the savings-and-loan meltdown. Investment bank UBS stated on October 6 that 2008 would see a clear global recession, with recovery unlikely for at least two years. Three days later UBS economists announced that the "beginning of the end" of the crisis had begun, with the world starting to make the necessary actions to fix the crisis: capital injection by governments; injection made systemically; interest rate cuts to help borrowers. The United Kingdom had started systemic injection, and the world's central banks were now cutting interest rates. UBS emphasized the United States needed to implement systemic injection. UBS further emphasized that this fixes only the financial crisis, but that in economic terms "the worst is still to come". UBS quantified their expected recession durations on October 16: the Eurozone's would last two quarters, the United States' would last three quarters, and the United Kingdom's would last four quarters. The economic crisis in Iceland involved all three of the country's major banks. Relative to the size of its economy, Iceland’s banking collapse is the largest suffered by any country in economic history.
In 2008, what type collapse was feared?
573376974776f41900660b3e
185
global economic collapse
322
Several commentators have suggested that if the liquidity crisis continues, an extended recession or worse could occur. The continuing development of the crisis has prompted fears of a global economic collapse although there are now many cautiously optimistic forecasters in addition to some prominent sources who remain negative. The financial crisis is likely to yield the biggest banking shakeout since the savings-and-loan meltdown. Investment bank UBS stated on October 6 that 2008 would see a clear global recession, with recovery unlikely for at least two years. Three days later UBS economists announced that the "beginning of the end" of the crisis had begun, with the world starting to make the necessary actions to fix the crisis: capital injection by governments; injection made systemically; interest rate cuts to help borrowers. The United Kingdom had started systemic injection, and the world's central banks were now cutting interest rates. UBS emphasized the United States needed to implement systemic injection. UBS further emphasized that this fixes only the financial crisis, but that in economic terms "the worst is still to come". UBS quantified their expected recession durations on October 16: the Eurozone's would last two quarters, the United States' would last three quarters, and the United Kingdom's would last four quarters. The economic crisis in Iceland involved all three of the country's major banks. Relative to the size of its economy, Iceland’s banking collapse is the largest suffered by any country in economic history.
What investment bank stated on October 6 that 2008 would see a global recession lasting for at least two years?
573376974776f41900660b3f
453
UBS
323
Several commentators have suggested that if the liquidity crisis continues, an extended recession or worse could occur. The continuing development of the crisis has prompted fears of a global economic collapse although there are now many cautiously optimistic forecasters in addition to some prominent sources who remain negative. The financial crisis is likely to yield the biggest banking shakeout since the savings-and-loan meltdown. Investment bank UBS stated on October 6 that 2008 would see a clear global recession, with recovery unlikely for at least two years. Three days later UBS economists announced that the "beginning of the end" of the crisis had begun, with the world starting to make the necessary actions to fix the crisis: capital injection by governments; injection made systemically; interest rate cuts to help borrowers. The United Kingdom had started systemic injection, and the world's central banks were now cutting interest rates. UBS emphasized the United States needed to implement systemic injection. UBS further emphasized that this fixes only the financial crisis, but that in economic terms "the worst is still to come". UBS quantified their expected recession durations on October 16: the Eurozone's would last two quarters, the United States' would last three quarters, and the United Kingdom's would last four quarters. The economic crisis in Iceland involved all three of the country's major banks. Relative to the size of its economy, Iceland’s banking collapse is the largest suffered by any country in economic history.
On October 16, 2008, how long did UBS predict the United States' recession would last?
573376974776f41900660b40
1,288
three quarters
324
Several commentators have suggested that if the liquidity crisis continues, an extended recession or worse could occur. The continuing development of the crisis has prompted fears of a global economic collapse although there are now many cautiously optimistic forecasters in addition to some prominent sources who remain negative. The financial crisis is likely to yield the biggest banking shakeout since the savings-and-loan meltdown. Investment bank UBS stated on October 6 that 2008 would see a clear global recession, with recovery unlikely for at least two years. Three days later UBS economists announced that the "beginning of the end" of the crisis had begun, with the world starting to make the necessary actions to fix the crisis: capital injection by governments; injection made systemically; interest rate cuts to help borrowers. The United Kingdom had started systemic injection, and the world's central banks were now cutting interest rates. UBS emphasized the United States needed to implement systemic injection. UBS further emphasized that this fixes only the financial crisis, but that in economic terms "the worst is still to come". UBS quantified their expected recession durations on October 16: the Eurozone's would last two quarters, the United States' would last three quarters, and the United Kingdom's would last four quarters. The economic crisis in Iceland involved all three of the country's major banks. Relative to the size of its economy, Iceland’s banking collapse is the largest suffered by any country in economic history.
Relative to the size of its economy, what country's banking collapse was the largest experienced by any country in economic history?
573376974776f41900660b41
1,472
Iceland
325
Several commentators have suggested that if the liquidity crisis continues, an extended recession or worse could occur. The continuing development of the crisis has prompted fears of a global economic collapse although there are now many cautiously optimistic forecasters in addition to some prominent sources who remain negative. The financial crisis is likely to yield the biggest banking shakeout since the savings-and-loan meltdown. Investment bank UBS stated on October 6 that 2008 would see a clear global recession, with recovery unlikely for at least two years. Three days later UBS economists announced that the "beginning of the end" of the crisis had begun, with the world starting to make the necessary actions to fix the crisis: capital injection by governments; injection made systemically; interest rate cuts to help borrowers. The United Kingdom had started systemic injection, and the world's central banks were now cutting interest rates. UBS emphasized the United States needed to implement systemic injection. UBS further emphasized that this fixes only the financial crisis, but that in economic terms "the worst is still to come". UBS quantified their expected recession durations on October 16: the Eurozone's would last two quarters, the United States' would last three quarters, and the United Kingdom's would last four quarters. The economic crisis in Iceland involved all three of the country's major banks. Relative to the size of its economy, Iceland’s banking collapse is the largest suffered by any country in economic history.
What was one of the actions taken by government to fix the financial crisis?
573376974776f41900660b42
742
capital injection
326
The Brookings Institution reported in June 2009 that U.S. consumption accounted for more than a third of the growth in global consumption between 2000 and 2007. "The US economy has been spending too much and borrowing too much for years and the rest of the world depended on the U.S. consumer as a source of global demand." With a recession in the U.S. and the increased savings rate of U.S. consumers, declines in growth elsewhere have been dramatic. For the first quarter of 2009, the annualized rate of decline in GDP was 14.4% in Germany, 15.2% in Japan, 7.4% in the UK, 18% in Latvia, 9.8% in the Euro area and 21.5% for Mexico.
According to The Brookings Institution report in June 2009, how much growth did U.S. consumption account for between 2000 and 2007?
573377904776f41900660b4d
84
more than a third
327
The Brookings Institution reported in June 2009 that U.S. consumption accounted for more than a third of the growth in global consumption between 2000 and 2007. "The US economy has been spending too much and borrowing too much for years and the rest of the world depended on the U.S. consumer as a source of global demand." With a recession in the U.S. and the increased savings rate of U.S. consumers, declines in growth elsewhere have been dramatic. For the first quarter of 2009, the annualized rate of decline in GDP was 14.4% in Germany, 15.2% in Japan, 7.4% in the UK, 18% in Latvia, 9.8% in the Euro area and 21.5% for Mexico.
For the first quarter of 2009, what was the annualized rate of decline in GDP in Germany?
573377904776f41900660b4e
525
14.40%
328
The Brookings Institution reported in June 2009 that U.S. consumption accounted for more than a third of the growth in global consumption between 2000 and 2007. "The US economy has been spending too much and borrowing too much for years and the rest of the world depended on the U.S. consumer as a source of global demand." With a recession in the U.S. and the increased savings rate of U.S. consumers, declines in growth elsewhere have been dramatic. For the first quarter of 2009, the annualized rate of decline in GDP was 14.4% in Germany, 15.2% in Japan, 7.4% in the UK, 18% in Latvia, 9.8% in the Euro area and 21.5% for Mexico.
For the first quarter of 2009, what was the annualized rate of decline in GDP in Mexico?
573377904776f41900660b4f
616
21.50%
329
The Brookings Institution reported in June 2009 that U.S. consumption accounted for more than a third of the growth in global consumption between 2000 and 2007. "The US economy has been spending too much and borrowing too much for years and the rest of the world depended on the U.S. consumer as a source of global demand." With a recession in the U.S. and the increased savings rate of U.S. consumers, declines in growth elsewhere have been dramatic. For the first quarter of 2009, the annualized rate of decline in GDP was 14.4% in Germany, 15.2% in Japan, 7.4% in the UK, 18% in Latvia, 9.8% in the Euro area and 21.5% for Mexico.
Who depended on the U.S. consumer as a source of global demand?
573377904776f41900660b50
241
the rest of the world
330
The Brookings Institution reported in June 2009 that U.S. consumption accounted for more than a third of the growth in global consumption between 2000 and 2007. "The US economy has been spending too much and borrowing too much for years and the rest of the world depended on the U.S. consumer as a source of global demand." With a recession in the U.S. and the increased savings rate of U.S. consumers, declines in growth elsewhere have been dramatic. For the first quarter of 2009, the annualized rate of decline in GDP was 14.4% in Germany, 15.2% in Japan, 7.4% in the UK, 18% in Latvia, 9.8% in the Euro area and 21.5% for Mexico.
What is one reason for the decline in growth around the world in 2009?
573377904776f41900660b51
331
recession in the U.S.
331
Some developing countries that had seen strong economic growth saw significant slowdowns. For example, growth forecasts in Cambodia show a fall from more than 10% in 2007 to close to zero in 2009, and Kenya may achieve only 3–4% growth in 2009, down from 7% in 2007. According to the research by the Overseas Development Institute, reductions in growth can be attributed to falls in trade, commodity prices, investment and remittances sent from migrant workers (which reached a record $251 billion in 2007, but have fallen in many countries since). This has stark implications and has led to a dramatic rise in the number of households living below the poverty line, be it 300,000 in Bangladesh or 230,000 in Ghana. Especially states with a fragile political system have to fear that investors from Western states withdraw their money because of the crisis. Bruno Wenn of the German DEG recommends to provide a sound economic policymaking and good governance to attract new investors
What is the growth forecast for Cambodia in 2009?
573378a84776f41900660b57
174
close to zero
332
Some developing countries that had seen strong economic growth saw significant slowdowns. For example, growth forecasts in Cambodia show a fall from more than 10% in 2007 to close to zero in 2009, and Kenya may achieve only 3–4% growth in 2009, down from 7% in 2007. According to the research by the Overseas Development Institute, reductions in growth can be attributed to falls in trade, commodity prices, investment and remittances sent from migrant workers (which reached a record $251 billion in 2007, but have fallen in many countries since). This has stark implications and has led to a dramatic rise in the number of households living below the poverty line, be it 300,000 in Bangladesh or 230,000 in Ghana. Especially states with a fragile political system have to fear that investors from Western states withdraw their money because of the crisis. Bruno Wenn of the German DEG recommends to provide a sound economic policymaking and good governance to attract new investors
How much were remittances sent from migrant workers in 2007?
573378a84776f41900660b58
485
$251 billion
333
Some developing countries that had seen strong economic growth saw significant slowdowns. For example, growth forecasts in Cambodia show a fall from more than 10% in 2007 to close to zero in 2009, and Kenya may achieve only 3–4% growth in 2009, down from 7% in 2007. According to the research by the Overseas Development Institute, reductions in growth can be attributed to falls in trade, commodity prices, investment and remittances sent from migrant workers (which reached a record $251 billion in 2007, but have fallen in many countries since). This has stark implications and has led to a dramatic rise in the number of households living below the poverty line, be it 300,000 in Bangladesh or 230,000 in Ghana. Especially states with a fragile political system have to fear that investors from Western states withdraw their money because of the crisis. Bruno Wenn of the German DEG recommends to provide a sound economic policymaking and good governance to attract new investors
How many people live below the poverty line in Bangladesh?
573378a84776f41900660b59
673
3,00,000
334
Some developing countries that had seen strong economic growth saw significant slowdowns. For example, growth forecasts in Cambodia show a fall from more than 10% in 2007 to close to zero in 2009, and Kenya may achieve only 3–4% growth in 2009, down from 7% in 2007. According to the research by the Overseas Development Institute, reductions in growth can be attributed to falls in trade, commodity prices, investment and remittances sent from migrant workers (which reached a record $251 billion in 2007, but have fallen in many countries since). This has stark implications and has led to a dramatic rise in the number of households living below the poverty line, be it 300,000 in Bangladesh or 230,000 in Ghana. Especially states with a fragile political system have to fear that investors from Western states withdraw their money because of the crisis. Bruno Wenn of the German DEG recommends to provide a sound economic policymaking and good governance to attract new investors
What does Bruno Wenn of the German DEG recommend to attract new investors?
573378a84776f41900660b5a
911
sound economic policymaking and good governance
335
Some developing countries that had seen strong economic growth saw significant slowdowns. For example, growth forecasts in Cambodia show a fall from more than 10% in 2007 to close to zero in 2009, and Kenya may achieve only 3–4% growth in 2009, down from 7% in 2007. According to the research by the Overseas Development Institute, reductions in growth can be attributed to falls in trade, commodity prices, investment and remittances sent from migrant workers (which reached a record $251 billion in 2007, but have fallen in many countries since). This has stark implications and has led to a dramatic rise in the number of households living below the poverty line, be it 300,000 in Bangladesh or 230,000 in Ghana. Especially states with a fragile political system have to fear that investors from Western states withdraw their money because of the crisis. Bruno Wenn of the German DEG recommends to provide a sound economic policymaking and good governance to attract new investors
According to Overseas Development Institute, what is one reason for the reduction in growth in developing countries?
573378a84776f41900660b5b
374
falls in trade
336
The World Bank reported in February 2009 that the Arab World was far less severely affected by the credit crunch. With generally good balance of payments positions coming into the crisis or with alternative sources of financing for their large current account deficits, such as remittances, Foreign Direct Investment (FDI) or foreign aid, Arab countries were able to avoid going to the market in the latter part of 2008. This group is in the best position to absorb the economic shocks. They entered the crisis in exceptionally strong positions. This gives them a significant cushion against the global downturn. The greatest impact of the global economic crisis will come in the form of lower oil prices, which remains the single most important determinant of economic performance. Steadily declining oil prices would force them to draw down reserves and cut down on investments. Significantly lower oil prices could cause a reversal of economic performance as has been the case in past oil shocks. Initial impact will be seen on public finances and employment for foreign workers.
What area of the world was less severely affected by the credit crunch according to The World Bank report In February 2009?
5733797b4776f41900660b6b
50
Arab World
337
The World Bank reported in February 2009 that the Arab World was far less severely affected by the credit crunch. With generally good balance of payments positions coming into the crisis or with alternative sources of financing for their large current account deficits, such as remittances, Foreign Direct Investment (FDI) or foreign aid, Arab countries were able to avoid going to the market in the latter part of 2008. This group is in the best position to absorb the economic shocks. They entered the crisis in exceptionally strong positions. This gives them a significant cushion against the global downturn. The greatest impact of the global economic crisis will come in the form of lower oil prices, which remains the single most important determinant of economic performance. Steadily declining oil prices would force them to draw down reserves and cut down on investments. Significantly lower oil prices could cause a reversal of economic performance as has been the case in past oil shocks. Initial impact will be seen on public finances and employment for foreign workers.
What does the abbreviation FDI stand for?
5733797b4776f41900660b6c
291
Foreign Direct Investment
338
The World Bank reported in February 2009 that the Arab World was far less severely affected by the credit crunch. With generally good balance of payments positions coming into the crisis or with alternative sources of financing for their large current account deficits, such as remittances, Foreign Direct Investment (FDI) or foreign aid, Arab countries were able to avoid going to the market in the latter part of 2008. This group is in the best position to absorb the economic shocks. They entered the crisis in exceptionally strong positions. This gives them a significant cushion against the global downturn. The greatest impact of the global economic crisis will come in the form of lower oil prices, which remains the single most important determinant of economic performance. Steadily declining oil prices would force them to draw down reserves and cut down on investments. Significantly lower oil prices could cause a reversal of economic performance as has been the case in past oil shocks. Initial impact will be seen on public finances and employment for foreign workers.
Arab countries entered the financial crisis in exceptionally strong positions giving them a cushion against this?
5733797b4776f41900660b6d
596
global downturn
339
The World Bank reported in February 2009 that the Arab World was far less severely affected by the credit crunch. With generally good balance of payments positions coming into the crisis or with alternative sources of financing for their large current account deficits, such as remittances, Foreign Direct Investment (FDI) or foreign aid, Arab countries were able to avoid going to the market in the latter part of 2008. This group is in the best position to absorb the economic shocks. They entered the crisis in exceptionally strong positions. This gives them a significant cushion against the global downturn. The greatest impact of the global economic crisis will come in the form of lower oil prices, which remains the single most important determinant of economic performance. Steadily declining oil prices would force them to draw down reserves and cut down on investments. Significantly lower oil prices could cause a reversal of economic performance as has been the case in past oil shocks. Initial impact will be seen on public finances and employment for foreign workers.
What will have the greatest impact on the global economic crisis?
5733797b4776f41900660b6e
688
lower oil prices
340
The World Bank reported in February 2009 that the Arab World was far less severely affected by the credit crunch. With generally good balance of payments positions coming into the crisis or with alternative sources of financing for their large current account deficits, such as remittances, Foreign Direct Investment (FDI) or foreign aid, Arab countries were able to avoid going to the market in the latter part of 2008. This group is in the best position to absorb the economic shocks. They entered the crisis in exceptionally strong positions. This gives them a significant cushion against the global downturn. The greatest impact of the global economic crisis will come in the form of lower oil prices, which remains the single most important determinant of economic performance. Steadily declining oil prices would force them to draw down reserves and cut down on investments. Significantly lower oil prices could cause a reversal of economic performance as has been the case in past oil shocks. Initial impact will be seen on public finances and employment for foreign workers.
What is the single most important determinant of economic performance?
5733797b4776f41900660b6f
802
oil prices
341
The output of goods and services produced by labor and property located in the United States—decreased at an annual rate of approximately 6% in the fourth quarter of 2008 and first quarter of 2009, versus activity in the year-ago periods. The U.S. unemployment rate increased to 10.1% by October 2009, the highest rate since 1983 and roughly twice the pre-crisis rate. The average hours per work week declined to 33, the lowest level since the government began collecting the data in 1964. With the decline of gross domestic product came the decline in innovation. With fewer resources to risk in creative destruction, the number of patent applications flat-lined. Compared to the previous 5 years of exponential increases in patent application, this stagnation correlates to the similar drop in GDP during the same time period.
What was the annual rate of decrease for the output of goods and services produced by labor and property in 4Q 2008 and 1Q 2009?
57337ebd4776f41900660bda
138
6%
342
The output of goods and services produced by labor and property located in the United States—decreased at an annual rate of approximately 6% in the fourth quarter of 2008 and first quarter of 2009, versus activity in the year-ago periods. The U.S. unemployment rate increased to 10.1% by October 2009, the highest rate since 1983 and roughly twice the pre-crisis rate. The average hours per work week declined to 33, the lowest level since the government began collecting the data in 1964. With the decline of gross domestic product came the decline in innovation. With fewer resources to risk in creative destruction, the number of patent applications flat-lined. Compared to the previous 5 years of exponential increases in patent application, this stagnation correlates to the similar drop in GDP during the same time period.
What was the U.S. unemployment rate in October 2009?
57337ebd4776f41900660bdb
279
10.10%
343
The output of goods and services produced by labor and property located in the United States—decreased at an annual rate of approximately 6% in the fourth quarter of 2008 and first quarter of 2009, versus activity in the year-ago periods. The U.S. unemployment rate increased to 10.1% by October 2009, the highest rate since 1983 and roughly twice the pre-crisis rate. The average hours per work week declined to 33, the lowest level since the government began collecting the data in 1964. With the decline of gross domestic product came the decline in innovation. With fewer resources to risk in creative destruction, the number of patent applications flat-lined. Compared to the previous 5 years of exponential increases in patent application, this stagnation correlates to the similar drop in GDP during the same time period.
The U.E. employment rate was 10.2% in October 2009, which was the highest rate since what year?
57337ebd4776f41900660bdc
325
1983
344
The output of goods and services produced by labor and property located in the United States—decreased at an annual rate of approximately 6% in the fourth quarter of 2008 and first quarter of 2009, versus activity in the year-ago periods. The U.S. unemployment rate increased to 10.1% by October 2009, the highest rate since 1983 and roughly twice the pre-crisis rate. The average hours per work week declined to 33, the lowest level since the government began collecting the data in 1964. With the decline of gross domestic product came the decline in innovation. With fewer resources to risk in creative destruction, the number of patent applications flat-lined. Compared to the previous 5 years of exponential increases in patent application, this stagnation correlates to the similar drop in GDP during the same time period.
What was the average hours per work week in October 2009?
57337ebd4776f41900660bdd
413
33
345
The output of goods and services produced by labor and property located in the United States—decreased at an annual rate of approximately 6% in the fourth quarter of 2008 and first quarter of 2009, versus activity in the year-ago periods. The U.S. unemployment rate increased to 10.1% by October 2009, the highest rate since 1983 and roughly twice the pre-crisis rate. The average hours per work week declined to 33, the lowest level since the government began collecting the data in 1964. With the decline of gross domestic product came the decline in innovation. With fewer resources to risk in creative destruction, the number of patent applications flat-lined. Compared to the previous 5 years of exponential increases in patent application, this stagnation correlates to the similar drop in GDP during the same time period.
The decline of gross domestic product also caused a decline in innovation, evidenced by the flat-lining of what?
57337ebd4776f41900660bde
633
patent applications
346
Typical American families did not fare as well, nor did those "wealthy-but-not wealthiest" families just beneath the pyramid's top. On the other hand, half of the poorest families did not have wealth declines at all during the crisis. The Federal Reserve surveyed 4,000 households between 2007 and 2009, and found that the total wealth of 63 percent of all Americans declined in that period. 77 percent of the richest families had a decrease in total wealth, while only 50 percent of those on the bottom of the pyramid suffered a decrease.
How many of the poorest families did not have any wealth decline during the financial crisis?
57337fd34776f41900660bf9
151
half
347
Typical American families did not fare as well, nor did those "wealthy-but-not wealthiest" families just beneath the pyramid's top. On the other hand, half of the poorest families did not have wealth declines at all during the crisis. The Federal Reserve surveyed 4,000 households between 2007 and 2009, and found that the total wealth of 63 percent of all Americans declined in that period. 77 percent of the richest families had a decrease in total wealth, while only 50 percent of those on the bottom of the pyramid suffered a decrease.
In a Federal Reserve survey of 4,000 households, what percent reported wealth decline between 2007 and 2009?
57337fd34776f41900660bfa
339
63
348
Typical American families did not fare as well, nor did those "wealthy-but-not wealthiest" families just beneath the pyramid's top. On the other hand, half of the poorest families did not have wealth declines at all during the crisis. The Federal Reserve surveyed 4,000 households between 2007 and 2009, and found that the total wealth of 63 percent of all Americans declined in that period. 77 percent of the richest families had a decrease in total wealth, while only 50 percent of those on the bottom of the pyramid suffered a decrease.
How many of the richest families had a decrease in total wealth between 2007 and 2009?
57337fd34776f41900660bfb
392
77
349
Typical American families did not fare as well, nor did those "wealthy-but-not wealthiest" families just beneath the pyramid's top. On the other hand, half of the poorest families did not have wealth declines at all during the crisis. The Federal Reserve surveyed 4,000 households between 2007 and 2009, and found that the total wealth of 63 percent of all Americans declined in that period. 77 percent of the richest families had a decrease in total wealth, while only 50 percent of those on the bottom of the pyramid suffered a decrease.
How many families at the bottom of the pyramid had a decrease in total wealth between 2007 and 2009?
57337fd34776f41900660bfc
470
50
350
Typical American families did not fare as well, nor did those "wealthy-but-not wealthiest" families just beneath the pyramid's top. On the other hand, half of the poorest families did not have wealth declines at all during the crisis. The Federal Reserve surveyed 4,000 households between 2007 and 2009, and found that the total wealth of 63 percent of all Americans declined in that period. 77 percent of the richest families had a decrease in total wealth, while only 50 percent of those on the bottom of the pyramid suffered a decrease.
Which families experienced the least decline in wealth between 2007 and 2009?
57337fd34776f41900660bfd
163
poorest families
351
On November 3, 2008, the European Commission at Brussels predicted for 2009 an extremely weak growth of GDP, by 0.1%, for the countries of the Eurozone (France, Germany, Italy, Belgium etc.) and even negative number for the UK (−1.0%), Ireland and Spain. On November 6, the IMF at Washington, D.C., launched numbers predicting a worldwide recession by −0.3% for 2009, averaged over the developed economies. On the same day, the Bank of England and the European Central Bank, respectively, reduced their interest rates from 4.5% down to 3%, and from 3.75% down to 3.25%. As a consequence, starting from November 2008, several countries launched large "help packages" for their economies.
On November 3, 2008, who predicted extremely weak GDP growth for the Eurozone in 2009?
573381524776f41900660c15
25
European Commission at Brussels
352
On November 3, 2008, the European Commission at Brussels predicted for 2009 an extremely weak growth of GDP, by 0.1%, for the countries of the Eurozone (France, Germany, Italy, Belgium etc.) and even negative number for the UK (−1.0%), Ireland and Spain. On November 6, the IMF at Washington, D.C., launched numbers predicting a worldwide recession by −0.3% for 2009, averaged over the developed economies. On the same day, the Bank of England and the European Central Bank, respectively, reduced their interest rates from 4.5% down to 3%, and from 3.75% down to 3.25%. As a consequence, starting from November 2008, several countries launched large "help packages" for their economies.
How much did the European Commission estimate the GDP growth for Eurozone countries would be in 2009?
573381524776f41900660c16
112
0.10%
353
On November 3, 2008, the European Commission at Brussels predicted for 2009 an extremely weak growth of GDP, by 0.1%, for the countries of the Eurozone (France, Germany, Italy, Belgium etc.) and even negative number for the UK (−1.0%), Ireland and Spain. On November 6, the IMF at Washington, D.C., launched numbers predicting a worldwide recession by −0.3% for 2009, averaged over the developed economies. On the same day, the Bank of England and the European Central Bank, respectively, reduced their interest rates from 4.5% down to 3%, and from 3.75% down to 3.25%. As a consequence, starting from November 2008, several countries launched large "help packages" for their economies.
How much did the European Commission estimate the GDP growth for the UK would be in 2009?
573381524776f41900660c17
228
−1.0%
354
On November 3, 2008, the European Commission at Brussels predicted for 2009 an extremely weak growth of GDP, by 0.1%, for the countries of the Eurozone (France, Germany, Italy, Belgium etc.) and even negative number for the UK (−1.0%), Ireland and Spain. On November 6, the IMF at Washington, D.C., launched numbers predicting a worldwide recession by −0.3% for 2009, averaged over the developed economies. On the same day, the Bank of England and the European Central Bank, respectively, reduced their interest rates from 4.5% down to 3%, and from 3.75% down to 3.25%. As a consequence, starting from November 2008, several countries launched large "help packages" for their economies.
On November 6, in Washington, D.C., who predicted a worldwide recession for 2009?
573381524776f41900660c18
270
the IMF
355
On November 3, 2008, the European Commission at Brussels predicted for 2009 an extremely weak growth of GDP, by 0.1%, for the countries of the Eurozone (France, Germany, Italy, Belgium etc.) and even negative number for the UK (−1.0%), Ireland and Spain. On November 6, the IMF at Washington, D.C., launched numbers predicting a worldwide recession by −0.3% for 2009, averaged over the developed economies. On the same day, the Bank of England and the European Central Bank, respectively, reduced their interest rates from 4.5% down to 3%, and from 3.75% down to 3.25%. As a consequence, starting from November 2008, several countries launched large "help packages" for their economies.
On November 5, 2008, the Bank of England reduced their interest rate from 4.5% to what?
573381524776f41900660c19
536
3%
356
The U.S. Federal Reserve and central banks around the world have taken steps to expand money supplies to avoid the risk of a deflationary spiral, in which lower wages and higher unemployment lead to a self-reinforcing decline in global consumption. In addition, governments have enacted large fiscal stimulus packages, by borrowing and spending to offset the reduction in private sector demand caused by the crisis. The U.S. Federal Reserve's new and expanded liquidity facilities were intended to enable the central bank to fulfill its traditional lender-of-last-resort role during the crisis while mitigating stigma, broadening the set of institutions with access to liquidity, and increasing the flexibility with which institutions could tap such liquidity.
What have central banks around the world done to avoid the risk of a deflationary spiral?
5733823bd058e614000b5c03
80
expand money supplies
357
The U.S. Federal Reserve and central banks around the world have taken steps to expand money supplies to avoid the risk of a deflationary spiral, in which lower wages and higher unemployment lead to a self-reinforcing decline in global consumption. In addition, governments have enacted large fiscal stimulus packages, by borrowing and spending to offset the reduction in private sector demand caused by the crisis. The U.S. Federal Reserve's new and expanded liquidity facilities were intended to enable the central bank to fulfill its traditional lender-of-last-resort role during the crisis while mitigating stigma, broadening the set of institutions with access to liquidity, and increasing the flexibility with which institutions could tap such liquidity.
What have governments done to offset the reduction in private sector demand?
5733823bd058e614000b5c04
279
enacted large fiscal stimulus packages
358
The U.S. Federal Reserve and central banks around the world have taken steps to expand money supplies to avoid the risk of a deflationary spiral, in which lower wages and higher unemployment lead to a self-reinforcing decline in global consumption. In addition, governments have enacted large fiscal stimulus packages, by borrowing and spending to offset the reduction in private sector demand caused by the crisis. The U.S. Federal Reserve's new and expanded liquidity facilities were intended to enable the central bank to fulfill its traditional lender-of-last-resort role during the crisis while mitigating stigma, broadening the set of institutions with access to liquidity, and increasing the flexibility with which institutions could tap such liquidity.
What is the U.S. Federal Reserve's traditional role during a crisis?
5733823bd058e614000b5c05
549
lender-of-last-resort
359
The U.S. Federal Reserve and central banks around the world have taken steps to expand money supplies to avoid the risk of a deflationary spiral, in which lower wages and higher unemployment lead to a self-reinforcing decline in global consumption. In addition, governments have enacted large fiscal stimulus packages, by borrowing and spending to offset the reduction in private sector demand caused by the crisis. The U.S. Federal Reserve's new and expanded liquidity facilities were intended to enable the central bank to fulfill its traditional lender-of-last-resort role during the crisis while mitigating stigma, broadening the set of institutions with access to liquidity, and increasing the flexibility with which institutions could tap such liquidity.
What did the U.S. Federal Reserve do to increase access to liquidity?
5733823bd058e614000b5c06
451
expanded liquidity facilities
360
The U.S. Federal Reserve and central banks around the world have taken steps to expand money supplies to avoid the risk of a deflationary spiral, in which lower wages and higher unemployment lead to a self-reinforcing decline in global consumption. In addition, governments have enacted large fiscal stimulus packages, by borrowing and spending to offset the reduction in private sector demand caused by the crisis. The U.S. Federal Reserve's new and expanded liquidity facilities were intended to enable the central bank to fulfill its traditional lender-of-last-resort role during the crisis while mitigating stigma, broadening the set of institutions with access to liquidity, and increasing the flexibility with which institutions could tap such liquidity.
What type decline does lower wages and higher unemployment lead to?
5733823bd058e614000b5c07
201
self-reinforcing decline
361
This credit freeze brought the global financial system to the brink of collapse. The response of the Federal Reserve, the European Central Bank, the Bank of England and other central banks was immediate and dramatic. During the last quarter of 2008, these central banks purchased US$2.5 trillion of government debt and troubled private assets from banks. This was the largest liquidity injection into the credit market, and the largest monetary policy action, in world history. Following a model initiated by the United Kingdom bank rescue package, the governments of European nations and the USA guaranteed the debt issued by their banks and raised the capital of their national banking systems, ultimately purchasing $1.5 trillion newly issued preferred stock in their major banks. In October 2010, Nobel laureate Joseph Stiglitz explained how the U.S. Federal Reserve was implementing another monetary policy —creating currency— as a method to combat the liquidity trap. By creating $600 billion and inserting[clarification needed] this directly into banks, the Federal Reserve intended to spur banks to finance more domestic loans and refinance mortgages. However, banks instead were spending the money in more profitable areas by investing internationally in emerging markets. Banks were also investing in foreign currencies, which Stiglitz and others point out may lead to currency wars while China redirects its currency holdings away from the United States.
What brought the global financial system to the brink of collapse?
5733835e4776f41900660c4b
5
credit freeze
362
This credit freeze brought the global financial system to the brink of collapse. The response of the Federal Reserve, the European Central Bank, the Bank of England and other central banks was immediate and dramatic. During the last quarter of 2008, these central banks purchased US$2.5 trillion of government debt and troubled private assets from banks. This was the largest liquidity injection into the credit market, and the largest monetary policy action, in world history. Following a model initiated by the United Kingdom bank rescue package, the governments of European nations and the USA guaranteed the debt issued by their banks and raised the capital of their national banking systems, ultimately purchasing $1.5 trillion newly issued preferred stock in their major banks. In October 2010, Nobel laureate Joseph Stiglitz explained how the U.S. Federal Reserve was implementing another monetary policy —creating currency— as a method to combat the liquidity trap. By creating $600 billion and inserting[clarification needed] this directly into banks, the Federal Reserve intended to spur banks to finance more domestic loans and refinance mortgages. However, banks instead were spending the money in more profitable areas by investing internationally in emerging markets. Banks were also investing in foreign currencies, which Stiglitz and others point out may lead to currency wars while China redirects its currency holdings away from the United States.
How much government debt and troubled private assets did central banks purchase during the last quarter of 2008?
5733835e4776f41900660c4c
280
US$2.5 trillion
363
This credit freeze brought the global financial system to the brink of collapse. The response of the Federal Reserve, the European Central Bank, the Bank of England and other central banks was immediate and dramatic. During the last quarter of 2008, these central banks purchased US$2.5 trillion of government debt and troubled private assets from banks. This was the largest liquidity injection into the credit market, and the largest monetary policy action, in world history. Following a model initiated by the United Kingdom bank rescue package, the governments of European nations and the USA guaranteed the debt issued by their banks and raised the capital of their national banking systems, ultimately purchasing $1.5 trillion newly issued preferred stock in their major banks. In October 2010, Nobel laureate Joseph Stiglitz explained how the U.S. Federal Reserve was implementing another monetary policy —creating currency— as a method to combat the liquidity trap. By creating $600 billion and inserting[clarification needed] this directly into banks, the Federal Reserve intended to spur banks to finance more domestic loans and refinance mortgages. However, banks instead were spending the money in more profitable areas by investing internationally in emerging markets. Banks were also investing in foreign currencies, which Stiglitz and others point out may lead to currency wars while China redirects its currency holdings away from the United States.
How much preferred stock did governments of European nations and the USA purchase in their major banks?
5733835e4776f41900660c4d
719
$1.5 trillion
364
This credit freeze brought the global financial system to the brink of collapse. The response of the Federal Reserve, the European Central Bank, the Bank of England and other central banks was immediate and dramatic. During the last quarter of 2008, these central banks purchased US$2.5 trillion of government debt and troubled private assets from banks. This was the largest liquidity injection into the credit market, and the largest monetary policy action, in world history. Following a model initiated by the United Kingdom bank rescue package, the governments of European nations and the USA guaranteed the debt issued by their banks and raised the capital of their national banking systems, ultimately purchasing $1.5 trillion newly issued preferred stock in their major banks. In October 2010, Nobel laureate Joseph Stiglitz explained how the U.S. Federal Reserve was implementing another monetary policy —creating currency— as a method to combat the liquidity trap. By creating $600 billion and inserting[clarification needed] this directly into banks, the Federal Reserve intended to spur banks to finance more domestic loans and refinance mortgages. However, banks instead were spending the money in more profitable areas by investing internationally in emerging markets. Banks were also investing in foreign currencies, which Stiglitz and others point out may lead to currency wars while China redirects its currency holdings away from the United States.
In October 2010, who was the Nobel laureate that explained how the U.S. Federal Reserve was creating currency to combat the liquidity trap?
5733835e4776f41900660c4e
816
Joseph Stiglitz
365
This credit freeze brought the global financial system to the brink of collapse. The response of the Federal Reserve, the European Central Bank, the Bank of England and other central banks was immediate and dramatic. During the last quarter of 2008, these central banks purchased US$2.5 trillion of government debt and troubled private assets from banks. This was the largest liquidity injection into the credit market, and the largest monetary policy action, in world history. Following a model initiated by the United Kingdom bank rescue package, the governments of European nations and the USA guaranteed the debt issued by their banks and raised the capital of their national banking systems, ultimately purchasing $1.5 trillion newly issued preferred stock in their major banks. In October 2010, Nobel laureate Joseph Stiglitz explained how the U.S. Federal Reserve was implementing another monetary policy —creating currency— as a method to combat the liquidity trap. By creating $600 billion and inserting[clarification needed] this directly into banks, the Federal Reserve intended to spur banks to finance more domestic loans and refinance mortgages. However, banks instead were spending the money in more profitable areas by investing internationally in emerging markets. Banks were also investing in foreign currencies, which Stiglitz and others point out may lead to currency wars while China redirects its currency holdings away from the United States.
What did the banks chose to do with the money created by the Federal Reserve instead of financing more domestic loans and refinancing mortgages?
5733835e4776f41900660c4f
1,235
investing internationally in emerging markets
366
United States President Barack Obama and key advisers introduced a series of regulatory proposals in June 2009. The proposals address consumer protection, executive pay, bank financial cushions or capital requirements, expanded regulation of the shadow banking system and derivatives, and enhanced authority for the Federal Reserve to safely wind-down systemically important institutions, among others. In January 2010, Obama proposed additional regulations limiting the ability of banks to engage in proprietary trading. The proposals were dubbed "The Volcker Rule", in recognition of Paul Volcker, who has publicly argued for the proposed changes.
What was introduced by President Barack Obama in June 2009?
57338497d058e614000b5c4c
65
a series of regulatory proposals
367
United States President Barack Obama and key advisers introduced a series of regulatory proposals in June 2009. The proposals address consumer protection, executive pay, bank financial cushions or capital requirements, expanded regulation of the shadow banking system and derivatives, and enhanced authority for the Federal Reserve to safely wind-down systemically important institutions, among others. In January 2010, Obama proposed additional regulations limiting the ability of banks to engage in proprietary trading. The proposals were dubbed "The Volcker Rule", in recognition of Paul Volcker, who has publicly argued for the proposed changes.
What was one of the items important to consumers that was addressed by the new regulatory proposals introduced in June 2009?
57338497d058e614000b5c4d
134
consumer protection
368
United States President Barack Obama and key advisers introduced a series of regulatory proposals in June 2009. The proposals address consumer protection, executive pay, bank financial cushions or capital requirements, expanded regulation of the shadow banking system and derivatives, and enhanced authority for the Federal Reserve to safely wind-down systemically important institutions, among others. In January 2010, Obama proposed additional regulations limiting the ability of banks to engage in proprietary trading. The proposals were dubbed "The Volcker Rule", in recognition of Paul Volcker, who has publicly argued for the proposed changes.
Regulations were proposed by Obama in January 2010 to limit the ability of banks to engage in which type trading?
57338497d058e614000b5c4e
501
proprietary
369
United States President Barack Obama and key advisers introduced a series of regulatory proposals in June 2009. The proposals address consumer protection, executive pay, bank financial cushions or capital requirements, expanded regulation of the shadow banking system and derivatives, and enhanced authority for the Federal Reserve to safely wind-down systemically important institutions, among others. In January 2010, Obama proposed additional regulations limiting the ability of banks to engage in proprietary trading. The proposals were dubbed "The Volcker Rule", in recognition of Paul Volcker, who has publicly argued for the proposed changes.
Who were proposed new regulations called "The Volcker Rule" named after?
57338497d058e614000b5c4f
586
Paul Volcker
370
United States President Barack Obama and key advisers introduced a series of regulatory proposals in June 2009. The proposals address consumer protection, executive pay, bank financial cushions or capital requirements, expanded regulation of the shadow banking system and derivatives, and enhanced authority for the Federal Reserve to safely wind-down systemically important institutions, among others. In January 2010, Obama proposed additional regulations limiting the ability of banks to engage in proprietary trading. The proposals were dubbed "The Volcker Rule", in recognition of Paul Volcker, who has publicly argued for the proposed changes.
Who publicly argued for changes limiting the ability of banks to engage in proprietary trading?
57338497d058e614000b5c50
586
Paul Volcker
371
The U.S. Senate passed a reform bill in May 2010, following the House which passed a bill in December 2009. These bills must now be reconciled. The New York Times provided a comparative summary of the features of the two bills, which address to varying extent the principles enumerated by the Obama administration. For instance, the Volcker Rule against proprietary trading is not part of the legislation, though in the Senate bill regulators have the discretion but not the obligation to prohibit these trades.
When did the U.S. Senate first pass a financial reform bill?
5733857b4776f41900660c89
40
May-10
372
The U.S. Senate passed a reform bill in May 2010, following the House which passed a bill in December 2009. These bills must now be reconciled. The New York Times provided a comparative summary of the features of the two bills, which address to varying extent the principles enumerated by the Obama administration. For instance, the Volcker Rule against proprietary trading is not part of the legislation, though in the Senate bill regulators have the discretion but not the obligation to prohibit these trades.
When did the U.S. House first pass a financial reform bill?
5733857b4776f41900660c8a
93
Dec-09
373
The U.S. Senate passed a reform bill in May 2010, following the House which passed a bill in December 2009. These bills must now be reconciled. The New York Times provided a comparative summary of the features of the two bills, which address to varying extent the principles enumerated by the Obama administration. For instance, the Volcker Rule against proprietary trading is not part of the legislation, though in the Senate bill regulators have the discretion but not the obligation to prohibit these trades.
What rule against proprietary trading was not part of legislation passed by either the Senate or House?
5733857b4776f41900660c8b
333
Volcker Rule
374
The U.S. Senate passed a reform bill in May 2010, following the House which passed a bill in December 2009. These bills must now be reconciled. The New York Times provided a comparative summary of the features of the two bills, which address to varying extent the principles enumerated by the Obama administration. For instance, the Volcker Rule against proprietary trading is not part of the legislation, though in the Senate bill regulators have the discretion but not the obligation to prohibit these trades.
Which bill gave regulators the discretion to prohibit proprietary trades?
5733857b4776f41900660c8c
420
Senate
375
European regulators introduced Basel III regulations for banks. It increased capital ratios, limits on leverage, narrow definition of capital (to exclude subordinated debt), limit counter-party risk, and new liquidity requirements. Critics argue that Basel III doesn’t address the problem of faulty risk-weightings. Major banks suffered losses from AAA-rated created by financial engineering (which creates apparently risk-free assets out of high risk collateral) that required less capital according to Basel II. Lending to AA-rated sovereigns has a risk-weight of zero, thus increasing lending to governments and leading to the next crisis. Johan Norberg argues that regulations (Basel III among others) have indeed led to excessive lending to risky governments (see European sovereign-debt crisis) and the ECB pursues even more lending as the solution.
What did European regulators introduce to increase the oversight of banks?
573386814776f41900660ca0
31
Basel III regulations
376
European regulators introduced Basel III regulations for banks. It increased capital ratios, limits on leverage, narrow definition of capital (to exclude subordinated debt), limit counter-party risk, and new liquidity requirements. Critics argue that Basel III doesn’t address the problem of faulty risk-weightings. Major banks suffered losses from AAA-rated created by financial engineering (which creates apparently risk-free assets out of high risk collateral) that required less capital according to Basel II. Lending to AA-rated sovereigns has a risk-weight of zero, thus increasing lending to governments and leading to the next crisis. Johan Norberg argues that regulations (Basel III among others) have indeed led to excessive lending to risky governments (see European sovereign-debt crisis) and the ECB pursues even more lending as the solution.
Critics argue that Basel III doesn't address which problem?
573386814776f41900660ca1
292
faulty risk-weightings
377
European regulators introduced Basel III regulations for banks. It increased capital ratios, limits on leverage, narrow definition of capital (to exclude subordinated debt), limit counter-party risk, and new liquidity requirements. Critics argue that Basel III doesn’t address the problem of faulty risk-weightings. Major banks suffered losses from AAA-rated created by financial engineering (which creates apparently risk-free assets out of high risk collateral) that required less capital according to Basel II. Lending to AA-rated sovereigns has a risk-weight of zero, thus increasing lending to governments and leading to the next crisis. Johan Norberg argues that regulations (Basel III among others) have indeed led to excessive lending to risky governments (see European sovereign-debt crisis) and the ECB pursues even more lending as the solution.
Who argued that regulations led to excessive lending to risky governments?
573386814776f41900660ca2
643
Johan Norberg
378
European regulators introduced Basel III regulations for banks. It increased capital ratios, limits on leverage, narrow definition of capital (to exclude subordinated debt), limit counter-party risk, and new liquidity requirements. Critics argue that Basel III doesn’t address the problem of faulty risk-weightings. Major banks suffered losses from AAA-rated created by financial engineering (which creates apparently risk-free assets out of high risk collateral) that required less capital according to Basel II. Lending to AA-rated sovereigns has a risk-weight of zero, thus increasing lending to governments and leading to the next crisis. Johan Norberg argues that regulations (Basel III among others) have indeed led to excessive lending to risky governments (see European sovereign-debt crisis) and the ECB pursues even more lending as the solution.
What was increased by Basel III regulations?
573386814776f41900660ca3
77
capital ratios
379
European regulators introduced Basel III regulations for banks. It increased capital ratios, limits on leverage, narrow definition of capital (to exclude subordinated debt), limit counter-party risk, and new liquidity requirements. Critics argue that Basel III doesn’t address the problem of faulty risk-weightings. Major banks suffered losses from AAA-rated created by financial engineering (which creates apparently risk-free assets out of high risk collateral) that required less capital according to Basel II. Lending to AA-rated sovereigns has a risk-weight of zero, thus increasing lending to governments and leading to the next crisis. Johan Norberg argues that regulations (Basel III among others) have indeed led to excessive lending to risky governments (see European sovereign-debt crisis) and the ECB pursues even more lending as the solution.
What term describes creating risk-free assets out of high risk collateral?
573386814776f41900660ca4
370
financial engineering
380
The U.S. recession that began in December 2007 ended in June 2009, according to the U.S. National Bureau of Economic Research (NBER) and the financial crisis appears to have ended about the same time. In April 2009 TIME magazine declared "More Quickly Than It Began, The Banking Crisis Is Over." The United States Financial Crisis Inquiry Commission dates the crisis to 2008. President Barack Obama declared on January 27, 2010, "the markets are now stabilized, and we've recovered most of the money we spent on the banks."
When did the U.S. recession that began in December 2007 end?
573387494776f41900660caf
56
Jun-09
381
The U.S. recession that began in December 2007 ended in June 2009, according to the U.S. National Bureau of Economic Research (NBER) and the financial crisis appears to have ended about the same time. In April 2009 TIME magazine declared "More Quickly Than It Began, The Banking Crisis Is Over." The United States Financial Crisis Inquiry Commission dates the crisis to 2008. President Barack Obama declared on January 27, 2010, "the markets are now stabilized, and we've recovered most of the money we spent on the banks."
When did the financial crisis appear to have ended?
573387494776f41900660cb0
56
Jun-09
382
The U.S. recession that began in December 2007 ended in June 2009, according to the U.S. National Bureau of Economic Research (NBER) and the financial crisis appears to have ended about the same time. In April 2009 TIME magazine declared "More Quickly Than It Began, The Banking Crisis Is Over." The United States Financial Crisis Inquiry Commission dates the crisis to 2008. President Barack Obama declared on January 27, 2010, "the markets are now stabilized, and we've recovered most of the money we spent on the banks."
What was the name of the article that appeared in TIME magazine in April 2009 declaring the crisis over?
573387494776f41900660cb1
239
More Quickly Than It Began, The Banking Crisis Is Over."
383
The U.S. recession that began in December 2007 ended in June 2009, according to the U.S. National Bureau of Economic Research (NBER) and the financial crisis appears to have ended about the same time. In April 2009 TIME magazine declared "More Quickly Than It Began, The Banking Crisis Is Over." The United States Financial Crisis Inquiry Commission dates the crisis to 2008. President Barack Obama declared on January 27, 2010, "the markets are now stabilized, and we've recovered most of the money we spent on the banks."
On what date did President Barack Obama declare that the markets are stabilized?
573387494776f41900660cb2
411
January 27, 2010
384
The U.S. recession that began in December 2007 ended in June 2009, according to the U.S. National Bureau of Economic Research (NBER) and the financial crisis appears to have ended about the same time. In April 2009 TIME magazine declared "More Quickly Than It Began, The Banking Crisis Is Over." The United States Financial Crisis Inquiry Commission dates the crisis to 2008. President Barack Obama declared on January 27, 2010, "the markets are now stabilized, and we've recovered most of the money we spent on the banks."
When does the United States Financial Crisis Inquiry Commission date the crisis to?
573387494776f41900660cb3
370
2008
385
Advanced economies led global economic growth prior to the financial crisis with "emerging" and "developing" economies lagging behind. The crisis completely overturned this relationship. The International Monetary Fund found that "advanced" economies accounted for only 31% of global GDP while emerging and developing economies accounted for 69% of global GDP from 2007 to 2014. In the tables, the names of emergent economies are shown in boldface type, while the names of developed economies are in Roman (regular) type.
Who led global economic growth after the financial crisis?
573388854776f41900660cb9
81
"emerging" and "developing" economies
386
Advanced economies led global economic growth prior to the financial crisis with "emerging" and "developing" economies lagging behind. The crisis completely overturned this relationship. The International Monetary Fund found that "advanced" economies accounted for only 31% of global GDP while emerging and developing economies accounted for 69% of global GDP from 2007 to 2014. In the tables, the names of emergent economies are shown in boldface type, while the names of developed economies are in Roman (regular) type.
How much global GDP did emerging and developing economies account for from 2007 to 2014?
573388854776f41900660cba
342
69%
387
Advanced economies led global economic growth prior to the financial crisis with "emerging" and "developing" economies lagging behind. The crisis completely overturned this relationship. The International Monetary Fund found that "advanced" economies accounted for only 31% of global GDP while emerging and developing economies accounted for 69% of global GDP from 2007 to 2014. In the tables, the names of emergent economies are shown in boldface type, while the names of developed economies are in Roman (regular) type.
How much global GDP did "advanced" economies account for from 2007 to 2014?
573388854776f41900660cbb
270
31%
388
Advanced economies led global economic growth prior to the financial crisis with "emerging" and "developing" economies lagging behind. The crisis completely overturned this relationship. The International Monetary Fund found that "advanced" economies accounted for only 31% of global GDP while emerging and developing economies accounted for 69% of global GDP from 2007 to 2014. In the tables, the names of emergent economies are shown in boldface type, while the names of developed economies are in Roman (regular) type.
What economies led global economic growth prior to the financial crisis?
573388854776f41900660cbc
0
Advanced economies
389
Advanced economies led global economic growth prior to the financial crisis with "emerging" and "developing" economies lagging behind. The crisis completely overturned this relationship. The International Monetary Fund found that "advanced" economies accounted for only 31% of global GDP while emerging and developing economies accounted for 69% of global GDP from 2007 to 2014. In the tables, the names of emergent economies are shown in boldface type, while the names of developed economies are in Roman (regular) type.
What relationship between advanced and emerging/developing was completely overturned by the financial crisis of 2007?
573388854776f41900660cbd
23
global economic growth
0
Portugal (Portuguese: [puɾtuˈɣaɫ]), officially the Portuguese Republic (Portuguese: República Portuguesa), is a country on the Iberian Peninsula, in Southwestern Europe. It is the westernmost country of mainland Europe, being bordered by the Atlantic Ocean to the west and south and by Spain to the north and east. The Portugal–Spain border is 1,214 km (754 mi) long and considered the longest uninterrupted border within the European Union. The republic also includes the Atlantic archipelagos of the Azores and Madeira, both autonomous regions with their own regional governments.
What ocean does Portugal border?
57326292e17f3d140042292b
242
Atlantic Ocean
1
Portugal (Portuguese: [puɾtuˈɣaɫ]), officially the Portuguese Republic (Portuguese: República Portuguesa), is a country on the Iberian Peninsula, in Southwestern Europe. It is the westernmost country of mainland Europe, being bordered by the Atlantic Ocean to the west and south and by Spain to the north and east. The Portugal–Spain border is 1,214 km (754 mi) long and considered the longest uninterrupted border within the European Union. The republic also includes the Atlantic archipelagos of the Azores and Madeira, both autonomous regions with their own regional governments.
What other country does Portugal border?
57326292e17f3d140042292c
286
Spain
2
Portugal (Portuguese: [puɾtuˈɣaɫ]), officially the Portuguese Republic (Portuguese: República Portuguesa), is a country on the Iberian Peninsula, in Southwestern Europe. It is the westernmost country of mainland Europe, being bordered by the Atlantic Ocean to the west and south and by Spain to the north and east. The Portugal–Spain border is 1,214 km (754 mi) long and considered the longest uninterrupted border within the European Union. The republic also includes the Atlantic archipelagos of the Azores and Madeira, both autonomous regions with their own regional governments.
What is the longest uninterrupted border within the European Union?
57326292e17f3d140042292d
319
Portugal–Spain
3
Portugal (Portuguese: [puɾtuˈɣaɫ]), officially the Portuguese Republic (Portuguese: República Portuguesa), is a country on the Iberian Peninsula, in Southwestern Europe. It is the westernmost country of mainland Europe, being bordered by the Atlantic Ocean to the west and south and by Spain to the north and east. The Portugal–Spain border is 1,214 km (754 mi) long and considered the longest uninterrupted border within the European Union. The republic also includes the Atlantic archipelagos of the Azores and Madeira, both autonomous regions with their own regional governments.
Where is Portugal located?
573323754776f419006606ff
127
Iberian Peninsula, in Southwestern Europe
4
Portugal (Portuguese: [puɾtuˈɣaɫ]), officially the Portuguese Republic (Portuguese: República Portuguesa), is a country on the Iberian Peninsula, in Southwestern Europe. It is the westernmost country of mainland Europe, being bordered by the Atlantic Ocean to the west and south and by Spain to the north and east. The Portugal–Spain border is 1,214 km (754 mi) long and considered the longest uninterrupted border within the European Union. The republic also includes the Atlantic archipelagos of the Azores and Madeira, both autonomous regions with their own regional governments.
How long is the Portugal-Spain border?
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1,214 km (754 mi)
5
Portugal (Portuguese: [puɾtuˈɣaɫ]), officially the Portuguese Republic (Portuguese: República Portuguesa), is a country on the Iberian Peninsula, in Southwestern Europe. It is the westernmost country of mainland Europe, being bordered by the Atlantic Ocean to the west and south and by Spain to the north and east. The Portugal–Spain border is 1,214 km (754 mi) long and considered the longest uninterrupted border within the European Union. The republic also includes the Atlantic archipelagos of the Azores and Madeira, both autonomous regions with their own regional governments.
What two autonomous regions have their own governments in Portugal?
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Azores and Madeira
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The land within the borders of current Portugal has been continuously settled and fought over since prehistoric times. The Celts and the Romans were followed by the Visigothic and the Suebi Germanic peoples, who were themselves later invaded by the Moors. These Muslim peoples were eventually expelled during the Christian Reconquista of the peninsula. By 1139, Portugal had established itself as a kingdom independent from León. In the 15th and 16th centuries, as the result of pioneering the Age of Discovery, Portugal expanded Western influence and established the first global empire, becoming one of the world's major economic, political and military powers.
Who were the first inhabitants of Portugal?
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The Celts and the Romans
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The land within the borders of current Portugal has been continuously settled and fought over since prehistoric times. The Celts and the Romans were followed by the Visigothic and the Suebi Germanic peoples, who were themselves later invaded by the Moors. These Muslim peoples were eventually expelled during the Christian Reconquista of the peninsula. By 1139, Portugal had established itself as a kingdom independent from León. In the 15th and 16th centuries, as the result of pioneering the Age of Discovery, Portugal expanded Western influence and established the first global empire, becoming one of the world's major economic, political and military powers.
Which two groups followed the first inhabitants?
573324834776f41900660709
165
Visigothic and the Suebi Germanic peoples
8
The land within the borders of current Portugal has been continuously settled and fought over since prehistoric times. The Celts and the Romans were followed by the Visigothic and the Suebi Germanic peoples, who were themselves later invaded by the Moors. These Muslim peoples were eventually expelled during the Christian Reconquista of the peninsula. By 1139, Portugal had established itself as a kingdom independent from León. In the 15th and 16th centuries, as the result of pioneering the Age of Discovery, Portugal expanded Western influence and established the first global empire, becoming one of the world's major economic, political and military powers.
By what year had Portugal established itself as an independent kingdom?
573324834776f4190066070a
356
1139
9
The land within the borders of current Portugal has been continuously settled and fought over since prehistoric times. The Celts and the Romans were followed by the Visigothic and the Suebi Germanic peoples, who were themselves later invaded by the Moors. These Muslim peoples were eventually expelled during the Christian Reconquista of the peninsula. By 1139, Portugal had established itself as a kingdom independent from León. In the 15th and 16th centuries, as the result of pioneering the Age of Discovery, Portugal expanded Western influence and established the first global empire, becoming one of the world's major economic, political and military powers.
What age did Portugal pioneer?
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Age of Discovery
10
The land within the borders of current Portugal has been continuously settled and fought over since prehistoric times. The Celts and the Romans were followed by the Visigothic and the Suebi Germanic peoples, who were themselves later invaded by the Moors. These Muslim peoples were eventually expelled during the Christian Reconquista of the peninsula. By 1139, Portugal had established itself as a kingdom independent from León. In the 15th and 16th centuries, as the result of pioneering the Age of Discovery, Portugal expanded Western influence and established the first global empire, becoming one of the world's major economic, political and military powers.
In which centuries did Portugal establish the first global empire?
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437
15th and 16th centuries
11
Portugal lost much of its wealth and status with the destruction of Lisbon in a 1755 earthquake, occupation during the Napoleonic Wars, and the independence of Brazil, its wealthiest colony, in 1822. After the 1910 revolution deposed the monarchy, the democratic but unstable Portuguese First Republic was established, later being superseded by the "Estado Novo" right-wing authoritarian regime. Democracy was restored after the Portuguese Colonial War and the Carnation Revolution in 1974. Shortly after, independence was granted to all its colonies, with the exception of Macau, which was handed over to China in 1999. This marked the end of the longest-lived European colonial empire, leaving a profound cultural and architectural influence across the globe and a legacy of over 250 million Portuguese speakers today.
In Portugal, which city was destroyed in the 1755 earthquake?
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Lisbon
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Portugal lost much of its wealth and status with the destruction of Lisbon in a 1755 earthquake, occupation during the Napoleonic Wars, and the independence of Brazil, its wealthiest colony, in 1822. After the 1910 revolution deposed the monarchy, the democratic but unstable Portuguese First Republic was established, later being superseded by the "Estado Novo" right-wing authoritarian regime. Democracy was restored after the Portuguese Colonial War and the Carnation Revolution in 1974. Shortly after, independence was granted to all its colonies, with the exception of Macau, which was handed over to China in 1999. This marked the end of the longest-lived European colonial empire, leaving a profound cultural and architectural influence across the globe and a legacy of over 250 million Portuguese speakers today.
In which year did Brazel become independent?
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1822
13
Portugal lost much of its wealth and status with the destruction of Lisbon in a 1755 earthquake, occupation during the Napoleonic Wars, and the independence of Brazil, its wealthiest colony, in 1822. After the 1910 revolution deposed the monarchy, the democratic but unstable Portuguese First Republic was established, later being superseded by the "Estado Novo" right-wing authoritarian regime. Democracy was restored after the Portuguese Colonial War and the Carnation Revolution in 1974. Shortly after, independence was granted to all its colonies, with the exception of Macau, which was handed over to China in 1999. This marked the end of the longest-lived European colonial empire, leaving a profound cultural and architectural influence across the globe and a legacy of over 250 million Portuguese speakers today.
In which year was the Portugal monarchy deposed?
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1910
14
Portugal lost much of its wealth and status with the destruction of Lisbon in a 1755 earthquake, occupation during the Napoleonic Wars, and the independence of Brazil, its wealthiest colony, in 1822. After the 1910 revolution deposed the monarchy, the democratic but unstable Portuguese First Republic was established, later being superseded by the "Estado Novo" right-wing authoritarian regime. Democracy was restored after the Portuguese Colonial War and the Carnation Revolution in 1974. Shortly after, independence was granted to all its colonies, with the exception of Macau, which was handed over to China in 1999. This marked the end of the longest-lived European colonial empire, leaving a profound cultural and architectural influence across the globe and a legacy of over 250 million Portuguese speakers today.
Which Portugese colony was lost to China in 1999?
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574
Macau
15
Portugal lost much of its wealth and status with the destruction of Lisbon in a 1755 earthquake, occupation during the Napoleonic Wars, and the independence of Brazil, its wealthiest colony, in 1822. After the 1910 revolution deposed the monarchy, the democratic but unstable Portuguese First Republic was established, later being superseded by the "Estado Novo" right-wing authoritarian regime. Democracy was restored after the Portuguese Colonial War and the Carnation Revolution in 1974. Shortly after, independence was granted to all its colonies, with the exception of Macau, which was handed over to China in 1999. This marked the end of the longest-lived European colonial empire, leaving a profound cultural and architectural influence across the globe and a legacy of over 250 million Portuguese speakers today.
How many Portugese speakers are there today?
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782
250 million
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Portugal maintains a unitary semi-presidential republican form of government and is a developed country with an advanced economy, and a high living standard, having the 18th highest Social Progress in the world, putting it ahead of other Western European countries like France, Spain and Italy. It is a member of numerous international organizations, including the United Nations, the European Union, the Eurozone, OECD, NATO and the Community of Portuguese Language Countries. Portugal is also known for having decriminalized the usage of all common drugs in 2001, the first country in the world to do so. However, drugs are still illegal in Portugal.
What form of government does Portugal maintain?
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unitary semi-presidential republican
17
Portugal maintains a unitary semi-presidential republican form of government and is a developed country with an advanced economy, and a high living standard, having the 18th highest Social Progress in the world, putting it ahead of other Western European countries like France, Spain and Italy. It is a member of numerous international organizations, including the United Nations, the European Union, the Eurozone, OECD, NATO and the Community of Portuguese Language Countries. Portugal is also known for having decriminalized the usage of all common drugs in 2001, the first country in the world to do so. However, drugs are still illegal in Portugal.
What is Portugal's Social Progress ranking?
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18th highest
18
Portugal maintains a unitary semi-presidential republican form of government and is a developed country with an advanced economy, and a high living standard, having the 18th highest Social Progress in the world, putting it ahead of other Western European countries like France, Spain and Italy. It is a member of numerous international organizations, including the United Nations, the European Union, the Eurozone, OECD, NATO and the Community of Portuguese Language Countries. Portugal is also known for having decriminalized the usage of all common drugs in 2001, the first country in the world to do so. However, drugs are still illegal in Portugal.
Which three Western European countries have a lower Social Progress ranking than Portugal?
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France, Spain and Italy
19
Portugal maintains a unitary semi-presidential republican form of government and is a developed country with an advanced economy, and a high living standard, having the 18th highest Social Progress in the world, putting it ahead of other Western European countries like France, Spain and Italy. It is a member of numerous international organizations, including the United Nations, the European Union, the Eurozone, OECD, NATO and the Community of Portuguese Language Countries. Portugal is also known for having decriminalized the usage of all common drugs in 2001, the first country in the world to do so. However, drugs are still illegal in Portugal.
What are three international organizations that Portugal belongs to?
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365
United Nations, the European Union, the Eurozone, OECD, NATO and the Community of Portuguese Language Countries
20
Portugal maintains a unitary semi-presidential republican form of government and is a developed country with an advanced economy, and a high living standard, having the 18th highest Social Progress in the world, putting it ahead of other Western European countries like France, Spain and Italy. It is a member of numerous international organizations, including the United Nations, the European Union, the Eurozone, OECD, NATO and the Community of Portuguese Language Countries. Portugal is also known for having decriminalized the usage of all common drugs in 2001, the first country in the world to do so. However, drugs are still illegal in Portugal.
In 2001, Portugal was the first country in the world to do what?
57333879d058e614000b578e
512
decriminalized the usage of all common drugs
21
The early history of Portugal is shared with the rest of the Iberian Peninsula located in South Western Europe. The name of Portugal derives from the joined Romano-Celtic name Portus Cale. The region was settled by Pre-Celts and Celts, giving origin to peoples like the Gallaeci, Lusitanians, Celtici and Cynetes, visited by Phoenicians and Carthaginians, incorporated in the Roman Republic dominions as Lusitania and part of Gallaecia, after 45 BC until 298 AD, settled again by Suebi, Buri, and Visigoths, and conquered by Moors. Other influences include some 5th-century vestiges of Alan settlement, which were found in Alenquer (old Germanic Alankerk, from Alan+kerk; meaning church of the Alan (people), Coimbra and Lisbon.
From what name is Portugal derived?
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Portus Cale
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The early history of Portugal is shared with the rest of the Iberian Peninsula located in South Western Europe. The name of Portugal derives from the joined Romano-Celtic name Portus Cale. The region was settled by Pre-Celts and Celts, giving origin to peoples like the Gallaeci, Lusitanians, Celtici and Cynetes, visited by Phoenicians and Carthaginians, incorporated in the Roman Republic dominions as Lusitania and part of Gallaecia, after 45 BC until 298 AD, settled again by Suebi, Buri, and Visigoths, and conquered by Moors. Other influences include some 5th-century vestiges of Alan settlement, which were found in Alenquer (old Germanic Alankerk, from Alan+kerk; meaning church of the Alan (people), Coimbra and Lisbon.
By what group was the Portugal region settled?
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Pre-Celts and Celts
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The early history of Portugal is shared with the rest of the Iberian Peninsula located in South Western Europe. The name of Portugal derives from the joined Romano-Celtic name Portus Cale. The region was settled by Pre-Celts and Celts, giving origin to peoples like the Gallaeci, Lusitanians, Celtici and Cynetes, visited by Phoenicians and Carthaginians, incorporated in the Roman Republic dominions as Lusitania and part of Gallaecia, after 45 BC until 298 AD, settled again by Suebi, Buri, and Visigoths, and conquered by Moors. Other influences include some 5th-century vestiges of Alan settlement, which were found in Alenquer (old Germanic Alankerk, from Alan+kerk; meaning church of the Alan (people), Coimbra and Lisbon.
To what four peoples did the settlement of Portugal give rise?
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Gallaeci, Lusitanians, Celtici and Cynetes
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The early history of Portugal is shared with the rest of the Iberian Peninsula located in South Western Europe. The name of Portugal derives from the joined Romano-Celtic name Portus Cale. The region was settled by Pre-Celts and Celts, giving origin to peoples like the Gallaeci, Lusitanians, Celtici and Cynetes, visited by Phoenicians and Carthaginians, incorporated in the Roman Republic dominions as Lusitania and part of Gallaecia, after 45 BC until 298 AD, settled again by Suebi, Buri, and Visigoths, and conquered by Moors. Other influences include some 5th-century vestiges of Alan settlement, which were found in Alenquer (old Germanic Alankerk, from Alan+kerk; meaning church of the Alan (people), Coimbra and Lisbon.
During what years was the Portugal region incorporated in the Roman Republic?
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443
45 BC until 298 AD
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The early history of Portugal is shared with the rest of the Iberian Peninsula located in South Western Europe. The name of Portugal derives from the joined Romano-Celtic name Portus Cale. The region was settled by Pre-Celts and Celts, giving origin to peoples like the Gallaeci, Lusitanians, Celtici and Cynetes, visited by Phoenicians and Carthaginians, incorporated in the Roman Republic dominions as Lusitania and part of Gallaecia, after 45 BC until 298 AD, settled again by Suebi, Buri, and Visigoths, and conquered by Moors. Other influences include some 5th-century vestiges of Alan settlement, which were found in Alenquer (old Germanic Alankerk, from Alan+kerk; meaning church of the Alan (people), Coimbra and Lisbon.
From what old Germanic word is Alenquer originate?
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646
Alankerk
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In 27 BC, Lusitania gained the status of Roman province. Later, a northern province of Lusitania was formed, known as Gallaecia, with capital in Bracara Augusta, today's Braga. There are still many ruins of castros (hill forts) all over modern Portugal and remains of Castro culture. Numerous Roman sites are scattered around present-day Portugal, some urban remains are quite large, like Conímbriga and Mirobriga. The former, beyond being one of the largest Roman settlements in Portugal, is also classified as a National Monument. Conímbriga lies 16 km from Coimbra which by its turn was the ancient Aeminium). The site also has a museum that displays objects found by archaeologists during their excavations.
In what year did Lusitania become a Roman province?
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27 BC