praj-17/QA-MCQ-Open-ended huggingface dataset:
Title: Financial_crisis_of_2007%E2%80%9308
Context: This meant that nearly one-third of the U.S. lending mechanism was frozen and continued to be frozen into June 2009. According to the Brookings Institution, the traditional banking system does not have the capital to close this gap as of June 2009: "It would take a number of years of strong profits to generate sufficient capital to support that additional lending volume". The authors also indicate that some forms of securitization are "likely to vanish forever, having been an artifact of excessively loose credit conditions". While traditional banks have raised their lending standards, it was the collapse of the shadow banking system that is the primary cause of the reduction in funds available for borrowing.

question: How much of the U.S. lending mechanism was frozen until June 2009? 

answer: nearly one-third

question: What is the primary cause of the reduction in funds available for borrowing? 

answer: the collapse of the shadow banking system

question: What institution reported that the traditional banking systems does not have the capital to close the gap in the lending mechanism? 

answer: Brookings Institution

question: What is likely to vanish forever, as a result of excessively loose credit conditions? 

answer: some forms of securitization

question: As of June 2009, the Brookings Institution reports that traditional banking system does not have enough of what to close the lending gap? 

answer: capital
Title: Financial_crisis_of_2007%E2%80%9308
Context: There is a direct relationship between declines in wealth and declines in consumption and business investment, which along with government spending, represent the economic engine. Between June 2007 and November 2008, Americans lost an estimated average of more than a quarter of their collective net worth.[citation needed] By early November 2008, a broad U.S. stock index the S&P 500, was down 45% from its 2007 high. Housing prices had dropped 20% from their 2006 peak, with futures markets signaling a 30–35% potential drop. Total home equity in the United States, which was valued at $13 trillion at its peak in 2006, had dropped to $8.8 trillion by mid-2008 and was still falling in late 2008. Total retirement assets, Americans' second-largest household asset, dropped by 22%, from $10.3 trillion in 2006 to $8 trillion in mid-2008. During the same period, savings and investment assets (apart from retirement savings) lost $1.2 trillion and pension assets lost $1.3 trillion. Taken together, these losses total a staggering $8.3 trillion. Since peaking in the second quarter of 2007, household wealth is down $14 trillion.

question: How much net worth did Americans lose between June 2007 and November 2008? 

answer: more than a quarter

question: In November 2008, how much was the U.S. stock index down from its 2007 high? 

answer: 45%

question: In November 2008, how much had housing prices drop from their 2006 peak? 

answer: 20%

question: How much was home equity valued in the United States at its peak in 2006? 

answer: $13 trillion

question: How much was home equity valued in the United States in mid-2008? 

answer: $8.8 trillion
Title: Financial_crisis_of_2007%E2%80%9308
Context: In November 2008, economist Dean Baker observed: "There is a really good reason for tighter credit. Tens of millions of homeowners who had substantial equity in their homes two years ago have little or nothing today. Businesses are facing the worst downturn since the Great Depression. This matters for credit decisions. A homeowner with equity in her home is very unlikely to default on a car loan or credit card debt. They will draw on this equity rather than lose their car and/or have a default placed on their credit record. On the other hand, a homeowner who has no equity is a serious default risk. In the case of businesses, their creditworthiness depends on their future profits. Profit prospects look much worse in November 2008 than they did in November 2007... While many banks are obviously at the brink, consumers and businesses would be facing a much harder time getting credit right now even if the financial system were rock solid. The problem with the economy is the loss of close to $6 trillion in housing wealth and an even larger amount of stock wealth.

question: According to economist Dean Baker, a homeowner who has no equity if this type default risk? 

answer: serious

question: What is one of the major problems with the economy in November 2008? 

answer: loss of close to $6 trillion in housing wealth

question: How many homeowners who had substantial equity in their homes two years ago, have little no equity as of November 2008? 

answer: Tens of millions

question: What does the creditworthiness of businesses depend on? 

answer: future profits

question: How did profit prospects for businesses look in November 2008 compared to November 2007? 

answer: much worse
Title: Financial_crisis_of_2007%E2%80%9308
Context: Several commentators have suggested that if the liquidity crisis continues, an extended recession or worse could occur. The continuing development of the crisis has prompted fears of a global economic collapse although there are now many cautiously optimistic forecasters in addition to some prominent sources who remain negative. The financial crisis is likely to yield the biggest banking shakeout since the savings-and-loan meltdown. Investment bank UBS stated on October 6 that 2008 would see a clear global recession, with recovery unlikely for at least two years. Three days later UBS economists announced that the "beginning of the end" of the crisis had begun, with the world starting to make the necessary actions to fix the crisis: capital injection by governments; injection made systemically; interest rate cuts to help borrowers. The United Kingdom had started systemic injection, and the world's central banks were now cutting interest rates. UBS emphasized the United States needed to implement systemic injection. UBS further emphasized that this fixes only the financial crisis, but that in economic terms "the worst is still to come". UBS quantified their expected recession durations on October 16: the Eurozone's would last two quarters, the United States' would last three quarters, and the United Kingdom's would last four quarters. The economic crisis in Iceland involved all three of the country's major banks. Relative to the size of its economy, Iceland’s banking collapse is the largest suffered by any country in economic history.

question: In 2008, what type collapse was feared? 

answer: global economic collapse

question: What investment bank stated on October 6 that 2008 would see a global recession lasting for at least two years? 

answer: UBS

question: On October 16, 2008, how long did UBS predict the United States' recession would last? 

answer: three quarters

question: Relative to the size of its economy, what country's banking collapse was the largest experienced by any country in economic history? 

answer: Iceland

question: What was one of the actions taken by government to fix the financial crisis? 

answer: capital injection
Title: Financial_crisis_of_2007%E2%80%9308
Context: The Brookings Institution reported in June 2009 that U.S. consumption accounted for more than a third of the growth in global consumption between 2000 and 2007. "The US economy has been spending too much and borrowing too much for years and the rest of the world depended on the U.S. consumer as a source of global demand." With a recession in the U.S. and the increased savings rate of U.S. consumers, declines in growth elsewhere have been dramatic. For the first quarter of 2009, the annualized rate of decline in GDP was 14.4% in Germany, 15.2% in Japan, 7.4% in the UK, 18% in Latvia, 9.8% in the Euro area and 21.5% for Mexico.

question: According to The Brookings Institution report in June 2009, how much growth did U.S. consumption account for between 2000 and 2007? 

answer: more than a third

question: For the first quarter of 2009, what was the annualized rate of decline in GDP in Germany? 

answer: 14.4%

question: For the first quarter of 2009, what was the annualized rate of decline in GDP in Mexico? 

answer: 21.5%

question: Who depended on the U.S. consumer as a source of global demand? 

answer: the rest of the world

question: What is one reason for the decline in growth around the world in 2009? 

answer: recession in the U.S.
Title: Financial_crisis_of_2007%E2%80%9308
Context: Some developing countries that had seen strong economic growth saw significant slowdowns. For example, growth forecasts in Cambodia show a fall from more than 10% in 2007 to close to zero in 2009, and Kenya may achieve only 3–4% growth in 2009, down from 7% in 2007. According to the research by the Overseas Development Institute, reductions in growth can be attributed to falls in trade, commodity prices, investment and remittances sent from migrant workers (which reached a record $251 billion in 2007, but have fallen in many countries since). This has stark implications and has led to a dramatic rise in the number of households living below the poverty line, be it 300,000 in Bangladesh or 230,000 in Ghana. Especially states with a fragile political system have to fear that investors from Western states withdraw their money because of the crisis. Bruno Wenn of the German DEG recommends to provide a sound economic policymaking and good governance to attract new investors

question: What is the growth forecast for Cambodia in 2009? 

answer: close to zero

question: How much were remittances sent from migrant workers in 2007? 

answer: $251 billion

question: How many people live below the poverty line in Bangladesh? 

answer: 300,000

question: What does Bruno Wenn of the German DEG recommend to attract new investors? 

answer: sound economic policymaking and good governance

question: According to Overseas Development Institute, what is one reason for the reduction in growth in developing countries? 

answer: falls in trade
Title: Financial_crisis_of_2007%E2%80%9308
Context: The World Bank reported in February 2009 that the Arab World was far less severely affected by the credit crunch. With generally good balance of payments positions coming into the crisis or with alternative sources of financing for their large current account deficits, such as remittances, Foreign Direct Investment (FDI) or foreign aid, Arab countries were able to avoid going to the market in the latter part of 2008. This group is in the best position to absorb the economic shocks. They entered the crisis in exceptionally strong positions. This gives them a significant cushion against the global downturn. The greatest impact of the global economic crisis will come in the form of lower oil prices, which remains the single most important determinant of economic performance. Steadily declining oil prices would force them to draw down reserves and cut down on investments. Significantly lower oil prices could cause a reversal of economic performance as has been the case in past oil shocks. Initial impact will be seen on public finances and employment for foreign workers.

question: What area of the world was less severely affected by the credit crunch according to The World Bank report In February 2009? 

answer: Arab World

question: What does the abbreviation FDI stand for? 

answer: Foreign Direct Investment

question: Arab countries entered the financial crisis in exceptionally strong positions giving them a cushion against this? 

answer: global downturn

question: What will have the greatest impact on the global economic crisis? 

answer: lower oil prices

question: What is the single most important determinant of economic performance? 

answer: oil prices
Title: Financial_crisis_of_2007%E2%80%9308
Context: The output of goods and services produced by labor and property located in the United States—decreased at an annual rate of approximately 6% in the fourth quarter of 2008 and first quarter of 2009, versus activity in the year-ago periods. The U.S. unemployment rate increased to 10.1% by October 2009, the highest rate since 1983 and roughly twice the pre-crisis rate. The average hours per work week declined to 33, the lowest level since the government began collecting the data in 1964. With the decline of gross domestic product came the decline in innovation. With fewer resources to risk in creative destruction, the number of patent applications flat-lined. Compared to the previous 5 years of exponential increases in patent application, this stagnation correlates to the similar drop in GDP during the same time period.

question: What was the U.S. unemployment rate in October 2009? 

answer: 10.1%

question: What was the average hours per work week in October 2009? 

answer: 33

question: What was the annual rate of decrease for the output of goods and services produced by labor and property in 4Q 2008 and 1Q 2009? 

answer: 6%

question: The U.E. employment rate was 10.2% in October 2009, which was the highest rate since what year? 

answer: 1983

question: The decline of gross domestic product also caused a decline in innovation, evidenced by the flat-lining of what? 

answer: patent applications
Title: Financial_crisis_of_2007%E2%80%9308
Context: European regulators introduced Basel III regulations for banks. It increased capital ratios, limits on leverage, narrow definition of capital (to exclude subordinated debt), limit counter-party risk, and new liquidity requirements. Critics argue that Basel III doesn’t address the problem of faulty risk-weightings. Major banks suffered losses from AAA-rated created by financial engineering (which creates apparently risk-free assets out of high risk collateral) that required less capital according to Basel II. Lending to AA-rated sovereigns has a risk-weight of zero, thus increasing lending to governments and leading to the next crisis. Johan Norberg argues that regulations (Basel III among others) have indeed led to excessive lending to risky governments (see European sovereign-debt crisis) and the ECB pursues even more lending as the solution.

question: Critics argue that Basel III doesn't address which problem? 

answer: faulty risk-weightings

question: What term describes creating risk-free assets out of high risk collateral? 

answer: financial engineering

question: What did European regulators introduce to increase the oversight of banks? 

answer: Basel III regulations

question: Who argued that regulations led to excessive lending to risky governments? 

answer: Johan Norberg

question: What was increased by Basel III regulations? 

answer: capital ratios
Title: Financial_crisis_of_2007%E2%80%9308
Context: The U.S. recession that began in December 2007 ended in June 2009, according to the U.S. National Bureau of Economic Research (NBER) and the financial crisis appears to have ended about the same time. In April 2009 TIME magazine declared "More Quickly Than It Began, The Banking Crisis Is Over." The United States Financial Crisis Inquiry Commission dates the crisis to 2008. President Barack Obama declared on January 27, 2010, "the markets are now stabilized, and we've recovered most of the money we spent on the banks."

question: When did the U.S. recession that began in December 2007 end? 

answer: June 2009

question: When did the financial crisis appear to have ended? 

answer: June 2009

question: When does the United States Financial Crisis Inquiry Commission date the crisis to? 

answer: 2008

question: What was the name of the article that appeared in TIME magazine in April 2009 declaring the crisis over? 

answer: More Quickly Than It Began, The Banking Crisis Is Over."

question: On what date did President Barack Obama declare that the markets are stabilized? 

answer: January 27, 2010
Title: Financial_crisis_of_2007%E2%80%9308
Context: Advanced economies led global economic growth prior to the financial crisis with "emerging" and "developing" economies lagging behind. The crisis completely overturned this relationship. The International Monetary Fund found that "advanced" economies accounted for only 31% of global GDP while emerging and developing economies accounted for 69% of global GDP from 2007 to 2014. In the tables, the names of emergent economies are shown in boldface type, while the names of developed economies are in Roman (regular) type.

question: Who led global economic growth after the financial crisis? 

answer: "emerging" and "developing" economies

question: How much global GDP did emerging and developing economies account for from 2007 to 2014? 

answer: 69%

question: What relationship between advanced and emerging/developing was completely overturned by the financial crisis of 2007? 

answer: global economic growth

question: How much global GDP did "advanced" economies account for from 2007 to 2014? 

answer: 31%

question: What economies led global economic growth prior to the financial crisis? 

answer: Advanced economies
Title: Financial_crisis_of_2007%E2%80%9308
Context: Krugman's contention (that the growth of a commercial real estate bubble indicates that U.S. housing policy was not the cause of the crisis) is challenged by additional analysis. After researching the default of commercial loans during the financial crisis, Xudong An and Anthony B. Sanders reported (in December 2010): "We find limited evidence that substantial deterioration in CMBS [commercial mortgage-backed securities] loan underwriting occurred prior to the crisis." Other analysts support the contention that the crisis in commercial real estate and related lending took place after the crisis in residential real estate. Business journalist Kimberly Amadeo reports: "The first signs of decline in residential real estate occurred in 2006. Three years later, commercial real estate started feeling the effects. Denice A. Gierach, a real estate attorney and CPA, wrote:

question: Who believed that the growth of the commercial real estate bubble indicated that U.S. housing policy was not the cause of the crisis? 

answer: Krugman

question: When did Xudong An and Anthony B. Sanders issue a report about commercial mortgage-backed securities? 

answer: December 2010

question: According to business journalist Kimberly Amadeo, when did the first signs of decline in real estate occur? 

answer: 2006

question: What are CMBS? 

answer: commercial mortgage-backed securities

question: According to most analysts, what crisis took place after the crisis in residential real estate? 

answer: the crisis in commercial real estate
Title: Financial_crisis_of_2007%E2%80%9308
Context: In a Peabody Award winning program, NPR correspondents argued that a "Giant Pool of Money" (represented by $70 trillion in worldwide fixed income investments) sought higher yields than those offered by U.S. Treasury bonds early in the decade. This pool of money had roughly doubled in size from 2000 to 2007, yet the supply of relatively safe, income generating investments had not grown as fast. Investment banks on Wall Street answered this demand with products such as the mortgage-backed security and the collateralized debt obligation that were assigned safe ratings by the credit rating agencies.

question: What is one investment assigned safe ratings by the credit rating agencies? 

answer: collateralized debt obligation

question: How much was invested worldwide in fixed income investments? 

answer: $70 trillion

question: How much did the pool of money invested worldwide in fixed income investments grow in size from 2000 to 2007? 

answer: roughly doubled in size

question: What is an example of a product Wall Street invented to answer the demand for income generating investments? 

answer: mortgage-backed security

question: In the 2000s, investors were seeking higher yields than those offered by this investment? 

answer: U.S. Treasury bonds
Title: Financial_crisis_of_2007%E2%80%9308
Context: The collateralized debt obligation in particular enabled financial institutions to obtain investor funds to finance subprime and other lending, extending or increasing the housing bubble and generating large fees. This essentially places cash payments from multiple mortgages or other debt obligations into a single pool from which specific securities draw in a specific sequence of priority. Those securities first in line received investment-grade ratings from rating agencies. Securities with lower priority had lower credit ratings but theoretically a higher rate of return on the amount invested.

question: What is the name of the securities that enabled financial institutions to obtain investor funds to finance subprime? 

answer: collateralized debt obligation

question: What was the outcome of collateralized debt obligations? 

answer: extending or increasing the housing bubble

question: What type ratings did securities first in line receive from rating agencies? 

answer: investment-grade ratings

question: What type pool do collateralized debt obligations place their payments from mortgages into? 

answer: single pool

question: What securities had lower credit ratings but potentially a higher rate of return? 

answer: Securities with lower priority
Title: Financial_crisis_of_2007%E2%80%9308
Context: By September 2008, average U.S. housing prices had declined by over 20% from their mid-2006 peak. As prices declined, borrowers with adjustable-rate mortgages could not refinance to avoid the higher payments associated with rising interest rates and began to default. During 2007, lenders began foreclosure proceedings on nearly 1.3 million properties, a 79% increase over 2006. This increased to 2.3 million in 2008, an 81% increase vs. 2007. By August 2008, 9.2% of all U.S. mortgages outstanding were either delinquent or in foreclosure. By September 2009, this had risen to 14.4%.

question: How much had average U.S. housing prices declined by September 2008? 

answer: over 20%

question: When was the peak of U.S. housing prices? 

answer: mid-2006

question: How many foreclosure proceedings were initiated by lenders in 2007? 

answer: nearly 1.3 million

question: What was the percentage increase on foreclosure proceedings from 2007 to 2008? 

answer: 81%

question: How many U.S. mortgages were either delinquent or in foreclosure by September 2009? 

answer: 14.4%
Title: Financial_crisis_of_2007%E2%80%9308
Context: Lower interest rates encouraged borrowing. From 2000 to 2003, the Federal Reserve lowered the federal funds rate target from 6.5% to 1.0%. This was done to soften the effects of the collapse of the dot-com bubble and the September 2001 terrorist attacks, as well as to combat a perceived risk of deflation. As early as 2002 it was apparent that credit was fueling housing instead of business investment as some economists went so far as to advocate that the Fed "needs to create a housing bubble to replace the Nasdaq bubble". Moreover, empirical studies using data from advanced countries show that excessive credit growth contributed greatly to the severity of the crisis.

question: Was was the federal funds rate target lowered to by the Federal Reserve in 2003? 

answer: 1.0%

question: What is one reason the Federal Reserve lowered the federal funds rate target to 1.0% in 2003? 

answer: to combat a perceived risk of deflation

question: In the early 2000s, what type bubble did some economists believe the Fed needed to create to replace the Nasdaq bubble? 

answer: a housing bubble

question: What contributed greatly to the severity of the financial crisis of 2007? 

answer: excessive credit growth

question: What encouraged borrowing from 2000 to 2003? 

answer: Lower interest rates