The economic crisis in 2008 is known to be the worst crisis in Denmark for decades - and it is also said to be different from previous economic crises in regard to what caused it. The objective of this thesis is to analyse to what extend the 2008 economic crisis is different from previous economic crises in Denmark The economic crisis in 2008 consists of three different elements, the housing crisis, which began in 2006, the financial crisis, which began in 2008 and the consumption crisis which also began in 2008. This thesis therefore compares the crisis in 2008 with two previous Danish crises that consist both of a housing crisis and a financial crisis. The two crises, which the 2008 crisis will be compared to, are the crisis that began in 1920 and the crisis that began in 1987. The consumption crisis in 2008 does not have an equivalent in 1920 and 1987 and will therefore only be part of the analyses for the 2008 crisis. 1920, 1987 and 2008 crises will firstly be analysed separately in order to determine which factors were the most dominant in provoking the different crises. The housing crises will be analysed according to shifts in fundamentals that are proven to have an influence on the demand curve for houses. The financial crises will be analysed according to different theories that can help us understand which factors were the most predominant for the financial crises to occur. The consumption crisis in 2008 will be analysed in regard to if/how it is linked to the housing and financial crisis. The main findings in the thesis are that the leading fundamentals in the two previous housing crises are income, interest rate and borrowing capacity while the main reason to the housing crisis in 2006 is the burst of a housing bubble. The main factors in the previous financial crises are borrowing capacity, corporate governance and great risk-taking, which is the same for the financial crisis in 2008. The thesis also finds that the two previous financial crises are mostly driven by shocks in the home market while the shock to the financial market in 2008 primarily is sparked by changes outside of Denmark. The main finding regarding the consumption crisis in 2008 is that it is an effect of both the housing and financial crisis more than a cause for the economic crisis to occur. Based on the findings the thesis concludes that the economic crisis in 2008 is different from the previous economic crises in more ways than one.
|Uddannelser||Cand.merc.fir Finansiering og Regnskab, (Kandidatuddannelse) Afsluttende afhandling|