This part of the dissertation seeks to understand and investigate the cause of the current global recession and how it has affected the housing market in the UK. After the housing markets spectacular collapse in the s, the UK housing market staged a significant revival. Cameron suggests that house prices surpassed their peak, relative to average household incomes. The other traditional measure of affordability, the ratio of interest payments to income, is not so overstretched, but only if capital repayments and unsecured debt are ignored. In addition, the strength of the housing market reflects the exceptional economic performance of the economy in , which in turn is partially due to the sensible independent monetary policies pursued by the Bank of England Cameron
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Stabilization in the Wake of Economic Crisis Perhaps the most significant reason Pittsburgh was able to recover from the collapse of steel was the decision, made early on by city officials and local developers, to seek out new industries rather than cling to the vestiges of the old. Beginning in , the Allegheny Conference ACC , a non-profit coalition of local business and political leaders, made economic diversification their primary goal. The conference established a committee whose sole. The major sign of an economic crisis is the falling of GDP, the drying up of liquidity and rising or falling of prices generated by inflation or deflation.
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A global recession is recession that affects many countries around the world—that is, a period of global economic slowdown or declining economic output. Informally, a national recession is a period of declining economic output. In a New York Times article, Julius Shiskin suggested several rules of thumb to identify a recession, which included two successive quarterly declines in gross domestic product GDP , a measure of the nation's output.
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