Global Financial Crisis

a) In 2009 the world was affected by the Global Financial Crisis. European Governments (e.g.

Spain, Greece and the UK responded with

Fiscal Austerity”. The USA responded with

Fiscal Stimulus”

Explain these two terms and how these policies applied in real

world?

(b) Since the 2009 Global Financial Crisis , which policy approach (Austerity or Stimulus)

appears to have been more successful

Also, I need graphs to show production possibility curve and effects of increases in aggregate demand(during recession)

The following are

resources may useful:

New York Times, Oct 20 2012: How the fiscal stimulus helped and could have done

www.nytimes.coml2012l1ol21lbusinesslhow-the-fiscal-stimulus-helped-and-could-have-donemore.

html

Guardian, April 22 2013 : EU austerity

measures offered few gains in 2012

www.guardian.co.uklbusinessl2013laprI22leuropian-austerity-measure-little-gains

BBC News May 21 2012 EU

austerity drive country by country

www.bbc.co.uklnewsl10162176

Policymic : Austerity didn’t work in Europe and the US should take

note.

www.policymic.comlarticles/8029lausterity-didn-t-work-in-europe-and-the-u-s-should-take-note

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