Okay, wrapping up Unit 12. We're going to look at the sources of spillovers from  the U.S. financial crisis. Countries are linked through the flows across national  borders of goods, services, labor, financial capital, and information. Countries do not exist in isolation, and these linkages imply that problems in one country can  be transmitted to others. In the financial crisis of 2008, we can point to three  broad channels of spillover from the United States to the rest of the world. One,  within financial markets across borders, you can see that problems were  undertaken there as well in their financial markets, global financial markets from  financial markets into real markets in the United States, followed by real  spillover across countries into their real markets. So the contagion effect through the market psychology. So the contagion effect, people's mindsets were kind of  in panic because there was so much uncertainty across the globe. No one  understood how it was going to be corrected or when things would get back to  normal, and there was just a lot of uncertainty in the air. The first two linkages  can be seen in the circular flow of income, in the figure on the next slide, the  foreign sector and the circular flow. In this version of the circular flow, we  highlight the interactions between a country and the rest of the world. So these  interactions operate through the flow of goods and services and financial assets. During good times, they are a key part of the workings of the world economy.  But during bad times, such as a financial crisis, these same links create  channels for us for the sharing of the financial crisis. There are three  international flows in the figure that we just saw: the foreign sector in the circular flow, one exports, households, firms, and the government in the rest of the world purchase goods and services produced in the home country. Two imports,  households, and also firms and the government purchase goods and services  produced in the rest of the world. Number three financial flows: financial  intermediaries in the home country buy and sell financial assets. Flows from to  from. to flows from or to the rest of the world. The net flow can go in either  direction. The figure that we just stated, the foreign sector and the circular flow  shows the case where there is a net flow of money into the home country.



Modifié le: jeudi 8 octobre 2026, 11:05