Roubini, Nouriel, (2016), “2008 Revisited?”, Project Syndicate, 2 March.
NEW YORK – The question I am asked most often nowadays is this: Are we back to 2008 and another global financial crisis and recession? My answer is a straightforward no, but that the recent episode of global financial market turmoil is likely to be more serious than any period of volatility and risk-off behavior since 2009. This is because there are now at least seven sources of global tail risk, as opposed to the single factors – the eurozone crisis, the Federal Reserve “taper tantrum,” a possible Greek exit from the eurozone, and a hard economic landing in China – that have fueled volatility in recent years.
Relevant Posts
- Briciu, Lucian, Lisi, Giulio, (2015), “An event-study analysis of ECB balance sheet policies since October 2008”, European Commission publications, Economic Brief 001, July 2015.
- Pratley, Nils, (2015), “Greek referendum: we are back to wild markets of the 2008 banking crisis”, The Guardian, 6 July.