  And finally, how different, ultimately, are the experiences after these responses have occurred? Differences across the country It is worth observing that not all “shocks” that hit the economy have markedly different effects by region or industry. Some of them are fairly widespread in their effect. Take the sudden intensification of financial turmoil in September 2008.
Confidence slumped and people began to “batten down the hatches” – in just about every industry and every region around the world – more or less simultaneously. Banks became more cautious in lending – most particularly to the property sector, but generally to almost all borrowers – in every country. Other shocks are more particular.