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Subject: 
English
Rating: 
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Tags: 
macroeconomics
Systemic risk
Economic bubbles
business cycle
World economy
Financial crisis
Kenneth Rogoff
Recession
Depression
Global recession
Twin crises

Surname 2 Name Instructor Course Date US Recessions According to the article, the financial crisis experienced in the US in the year 2007 is to blame for the persistently low level of per capita GDP and high level of unemployment. The authors use this outcome as evidence to support the assertion that financial crises resulting from systemic banking crisis are often deep and long lasting (Reinhart and Rogoff).

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