But India's well-regulated banking system and adequate policy responses should ensure that the fallout, at least on the banking sector, will be contained.
International Institute for Labour Studies (IILS) Regulating for Decent Work.
New directions in labour market regulation From the Great Recession to Labour Market Recovery.
The turning point was the decision in September 2008 to let Lehman Brothers fail, an event that had a series of ruinous cascading effects.
Given the depth of the crisis in the United States and Europe, it was only to be expected that India too would be affected.
This essay examines the consequences of the global economic and financial crisis for income distribution.
It first discusses the distributional background of the crisis, which is followed by an assessment of the impact, again on distribution, in different countries and then outlines the policy implications.
Although more banks failed during the Depression, these failures were scattered between 19 and involved far smaller balance sheets.
In 2008, both the scale and the speed of the implosion were breathtaking.
The basic story of the financial crisis is familiar enough. Thanks to the deep integration of global banking, securities, and funding markets, the contagion quickly spread to major financial institutions around the world.
By late 2008, banks in Belgium, France, Germany, Ireland, Latvia, the Netherlands, Portugal, Russia, Spain, South Korea, the United Kingdom, and the United States were all facing existential crises.