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Some economists argue that financial crises are caused by recessions instead of the other way around, and that even where a financial crisis is the initial shock that sets off a recession, other factors may be more important in prolonging the recession.
The world growth is projected to slow from 5% in 2007 to 3.75% in 2008 and to just over 2% in 2009. Downward revisions in GDP growth vary across regions. Among the most affected are commodity exporters, and countries with acute external financing and liquidity problems. If a global recession were to occur in its full magnitude, an estimated 100 ...
The term "contagion" was first introduced in July 1997, when the currency crisis in Thailand quickly spread throughout East Asia and then on to Russia and Brazil.Even developed markets in North America and Europe were affected, as the relative prices of financial instruments shifted and caused the collapse of Long-Term Capital Management (LTCM), a large U.S. hedge fund.
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The financial links among the economies has also increased. And the macroeconomic and financial conditions improved, especially during 2003-2007, with record economic growth and low financial market volatility. As it will explained later, this are important factors in generating the increased globalisation of financial markets.
A continuous buildup of toxic assets in the form of subprime mortgages purchased by Lehman Brothers ultimately led to the firm's bankruptcy in September 2008. The collapse of Lehman Brothers is often cited as both the culmination of the subprime mortgage crisis, and the catalyst for the Great Recession in the United States.
Economic collapse, also called economic meltdown, is any of a broad range of poor economic conditions, ranging from a severe, prolonged depression with high bankruptcy rates and high unemployment (such as the Great Depression of the 1930s), to a breakdown in normal commerce caused by hyperinflation (such as in Weimar Germany in the 1920s), or even an economically caused sharp rise in the death ...
The World Economic Forum (WEF) recently published its annual Global Competitiveness Report, which looks at dozens of measures of economic and institutional health to compile a ranking of countries.