Writing a Credit Crunch Essay |
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The study of economics is one of the most contemporary areas of academic research. Understanding economics involves the in depth analysis of what is currently happening in the economy and how this can be explained or influenced by other factors. It is not surprising, therefore, that a huge amount of current focus is on the global credit crunch and the surrounding issues. Credit crunch essays, in their various forms are becoming the backbone of many economics courses and, as such, a student should take the time to consider just how they are going to approach that dreaded credit crunch essay.
Different Approaches to the Credit Crunch EssayCredit crunch essays can come in a variety of different styles, ranging from the speculative, theoretical approach such as who is to blame for the credit crunch or how it could have been avoided, to the more analytical, essays such as how would you use interest rates to manage the credit crunch?Each style of credit crunch essay requires a slightly different tactic, although essentially they are both asking the student to demonstrate that they understand the causes, reactions and possible solutions to the current credit crunch situation. When planning a credit crunch essay, the main thing to remember is that although it is a global issue each country has a very different approach to dealing with it. These differences are primarily down to the different financial ethos and the differing resources available to the various countries. The different approaches to a credit crunch essay are all potentially both descriptive and analytical in nature. Therefore, anyone faced with a credit crunch essay should try to create a framework in which to demonstrate both elements, as this shows a much wider understanding of the issues. Always use case studies when writing a credit crunch essay; there are plenty of them available in the current climate and they are incredibly helpful when it comes to structuring the essay and making relevant commentary on the credit crunch situation. By using a pertinent case study, the credit crunch essay will remain structured and will cover every point as it arises. Structuring a Credit Crunch EssayRegardless of the essay topic, the credit crunch essay should still follow the same basic structure. An introduction is essential in any essay, but even more important in a credit crunch essay is the need to explore and establish the contemporary nature of the setting in which the credit crunch has occurred. In a credit crunch essay it is imperative that the author clearly states the way in which they are going to approach the topic.Once the context and the layout have been established, the credit crunch essay should move on to look at the current thinking on the area. Whilst the current credit crunch is new, the underlying economic principles are not new and one section of this type of essay should focus on the literature that already exists on the issues that are being raised in the credit crunch essay at hand. The main body of any credit crunch essay should be used to deal with the question being asked. Remain focussed on the question and make sure that all points are covered. If the credit crunch essay asks for an analysis, then make sure that this is done thoroughly. Where the credit crunch essay requires greater speculation of what is likely to happen in the future, then always back this up with firm evidence as to why certain conclusions have been reached. When concluding a credit crunch essay, draw all factors together to reach a well reasoned final position. Draw current thinking together with your own analysis to answer fully the specific essay topic set. An Example Credit Crunch EssayAlthough there is a wide range of possible credit crunch essays that could possibly be set, the one that we are going to consider in more detail here is general in nature to try and give the broadest possible explanations. A typical credit crunch essay will ask the writer to consider why the credit crunch has happened and who, if anyone, was responsible for the current credit crunch position.This offers a wide enough scope within the credit crunch essay to show an understanding of the economic factors that have caused the credit crunch, an opportunity to analyse, critically, the behaviours of the various entities and also to suggest possible solutions to the current credit crunch scenario. A good way of dealing with this credit crunch essay would be to consider the factors that were blamed for previous credit crunches. Once this has been accomplished, the essay should then look to differentiate between the previous credit crunch situations and this particular one. Why is this credit crunch different? Time should also be given in the credit crunch essay to attempt to attribute blame to some of the main entities. Whilst this type of credit crunch essay allows the writer to avoid any real analytical work, it would be beneficial to include some analysis, even if this is done in a very cursory manner. Developing the Credit Crunch EssayWith this credit crunch essay, the writer is given a considerable degree of freedom to do with it what they wish. These suggestions are just one way that this credit crunch essay could be answered; there are, of course, numerous other ways that would be equally acceptable.With this credit crunch essay, the introduction should state how the writer intends to deal with the apportionment of blame and the way the various factors have caused the credit crunch problem to deepen. Make sure that the credit crunch essay states clearly on which geographic area the essay will focus. This is important as the credit crunch essay can only really focus on one jurisdiction and this should be made clear at the outset. Tackle the two different elements separately; firstly, look at the various factors that have led to the credit crunch and secondly go on to look at who or what could be to blame. In terms of the various factors that should be explored during the credit crunch essay, these would include the issue of bad debts and how banking institutions deal with increasing bad debts, i.e. through increasing interest rates. As well as looking at the bad debts issue, in a credit crunch essay, liquidity or lack of it, should also be dealt with fully. Pull together all of these factors with a case study, such as the mortgage market in the United States of America. Take the underlying issues raised in the credit crunch essay and apply these to the various institutions to attempt to apportion blame. An obvious candidate to take the blame in this particular credit crunch essay are the financial institutions and more specifically the banks that were offering unsuitable levels of credit to certain customers who had little or no chance of meeting their repayment obligations. There has been a plentiful amount of literature covering the way in which economic downturns happen and these should be at least referred to in this credit crunch essay. A good source of this type of information is the work of John Maynard Keynes who wrote about the great depression in the early 20th century. Much of his work would be suitable for the literature review in this credit crunch essay. Although this credit crunch essay does not directly ask for potential solutions to the credit crunch, it would be prudent to include this as a way of showing a completely rounded understanding of the issues involved. Conclusions on Writing a Credit Crunch Essay
Concluding a credit crunch essay is absolutely critical to the overall success of the essay. All credit crunch essays require several strands to be considered, so being able to tie all of these factors together will be crucial. Decide on the main point that the credit crunch essay is making. In this particular example, it is likely to be the way in which the banking institutions behaved in the period before the credit crunch hit, fully. Bring all of the factors together to this one central point at the end of the credit crunch essay. It is also helpful to make suggestions as to how the situation should be dealt with, going forward. A good credit crunch essay will make suggestions as to what future research should be carried out and how the current position should be rectified.
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