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class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Banking_crisis"> <div class="vector-toc-text"> <span class="vector-toc-numb">1.1</span> <span>Banking crisis</span> </div> </a> <ul id="toc-Banking_crisis-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Currency_crisis" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Currency_crisis"> <div class="vector-toc-text"> <span class="vector-toc-numb">1.2</span> <span>Currency crisis</span> </div> </a> <ul id="toc-Currency_crisis-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Speculative_bubbles_and_crashes" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Speculative_bubbles_and_crashes"> <div class="vector-toc-text"> <span class="vector-toc-numb">1.3</span> <span>Speculative bubbles and crashes</span> </div> </a> <ul id="toc-Speculative_bubbles_and_crashes-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-International_financial_crisis" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#International_financial_crisis"> <div class="vector-toc-text"> <span class="vector-toc-numb">1.4</span> <span>International financial crisis</span> </div> </a> <ul id="toc-International_financial_crisis-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Wider_economic_crisis" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Wider_economic_crisis"> <div class="vector-toc-text"> <span class="vector-toc-numb">1.5</span> <span>Wider economic crisis</span> </div> </a> <ul id="toc-Wider_economic_crisis-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-Causes_and_consequences" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#Causes_and_consequences"> <div class="vector-toc-text"> <span class="vector-toc-numb">2</span> <span>Causes and consequences</span> </div> </a> <button aria-controls="toc-Causes_and_consequences-sublist" class="cdx-button cdx-button--weight-quiet cdx-button--icon-only vector-toc-toggle"> <span class="vector-icon mw-ui-icon-wikimedia-expand"></span> <span>Toggle Causes and consequences subsection</span> </button> <ul id="toc-Causes_and_consequences-sublist" class="vector-toc-list"> <li id="toc-Strategic_complementarities_in_financial_markets" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Strategic_complementarities_in_financial_markets"> <div class="vector-toc-text"> <span class="vector-toc-numb">2.1</span> <span>Strategic complementarities in financial markets</span> </div> </a> <ul id="toc-Strategic_complementarities_in_financial_markets-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Leverage" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Leverage"> <div class="vector-toc-text"> <span class="vector-toc-numb">2.2</span> <span>Leverage</span> </div> </a> <ul id="toc-Leverage-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Asset-liability_mismatch" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Asset-liability_mismatch"> <div class="vector-toc-text"> <span class="vector-toc-numb">2.3</span> <span>Asset-liability mismatch</span> </div> </a> <ul id="toc-Asset-liability_mismatch-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Uncertainty_and_herd_behavior" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Uncertainty_and_herd_behavior"> <div class="vector-toc-text"> <span class="vector-toc-numb">2.4</span> <span>Uncertainty and herd behavior</span> </div> </a> <ul id="toc-Uncertainty_and_herd_behavior-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Regulatory_failures" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Regulatory_failures"> <div class="vector-toc-text"> <span class="vector-toc-numb">2.5</span> <span>Regulatory failures</span> </div> </a> <ul id="toc-Regulatory_failures-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Contagion" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Contagion"> <div class="vector-toc-text"> <span class="vector-toc-numb">2.6</span> <span>Contagion</span> </div> </a> <ul id="toc-Contagion-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Interest_rate_disparity_and_capital_flows" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Interest_rate_disparity_and_capital_flows"> <div class="vector-toc-text"> <span class="vector-toc-numb">2.7</span> <span>Interest rate disparity and capital flows</span> </div> </a> <ul id="toc-Interest_rate_disparity_and_capital_flows-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Recessionary_effects" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Recessionary_effects"> <div class="vector-toc-text"> <span class="vector-toc-numb">2.8</span> <span>Recessionary effects</span> </div> </a> <ul id="toc-Recessionary_effects-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-Theories" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#Theories"> <div class="vector-toc-text"> <span class="vector-toc-numb">3</span> <span>Theories</span> </div> </a> <button aria-controls="toc-Theories-sublist" class="cdx-button cdx-button--weight-quiet cdx-button--icon-only vector-toc-toggle"> <span class="vector-icon mw-ui-icon-wikimedia-expand"></span> <span>Toggle Theories subsection</span> </button> <ul id="toc-Theories-sublist" class="vector-toc-list"> <li id="toc-Austrian_theories" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Austrian_theories"> <div class="vector-toc-text"> <span class="vector-toc-numb">3.1</span> <span>Austrian theories</span> </div> </a> <ul id="toc-Austrian_theories-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Marxist_theories" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Marxist_theories"> <div class="vector-toc-text"> <span class="vector-toc-numb">3.2</span> <span>Marxist theories</span> </div> </a> <ul id="toc-Marxist_theories-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Minsky's_theory" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Minsky's_theory"> <div class="vector-toc-text"> <span class="vector-toc-numb">3.3</span> <span>Minsky's theory</span> </div> </a> <ul id="toc-Minsky's_theory-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Banking_School_theory_of_crises" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Banking_School_theory_of_crises"> <div class="vector-toc-text"> <span class="vector-toc-numb">3.4</span> <span>Banking School theory of crises</span> </div> </a> <ul id="toc-Banking_School_theory_of_crises-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Coordination_games" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Coordination_games"> <div class="vector-toc-text"> <span class="vector-toc-numb">3.5</span> <span>Coordination games</span> </div> </a> <ul id="toc-Coordination_games-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Herding_models_and_learning_models" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Herding_models_and_learning_models"> <div class="vector-toc-text"> <span class="vector-toc-numb">3.6</span> <span>Herding models and learning models</span> </div> </a> <ul id="toc-Herding_models_and_learning_models-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-Global_financial_crisis" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#Global_financial_crisis"> <div class="vector-toc-text"> <span class="vector-toc-numb">4</span> <span>Global financial crisis</span> </div> </a> <ul id="toc-Global_financial_crisis-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-History" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#History"> <div class="vector-toc-text"> <span class="vector-toc-numb">5</span> <span>History</span> </div> </a> <button aria-controls="toc-History-sublist" class="cdx-button cdx-button--weight-quiet cdx-button--icon-only vector-toc-toggle"> <span class="vector-icon mw-ui-icon-wikimedia-expand"></span> <span>Toggle History subsection</span> </button> <ul id="toc-History-sublist" class="vector-toc-list"> <li id="toc-Prior_to_19th_century" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Prior_to_19th_century"> <div class="vector-toc-text"> <span class="vector-toc-numb">5.1</span> <span>Prior to 19th century</span> </div> </a> <ul id="toc-Prior_to_19th_century-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-19th_century" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#19th_century"> <div class="vector-toc-text"> <span class="vector-toc-numb">5.2</span> <span>19th century</span> </div> </a> <ul id="toc-19th_century-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-20th_century" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#20th_century"> <div class="vector-toc-text"> <span class="vector-toc-numb">5.3</span> <span>20th century</span> </div> </a> <ul id="toc-20th_century-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-21st_century" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#21st_century"> <div class="vector-toc-text"> <span class="vector-toc-numb">5.4</span> <span>21st century</span> </div> </a> <ul id="toc-21st_century-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-See_also" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#See_also"> <div class="vector-toc-text"> <span class="vector-toc-numb">6</span> <span>See also</span> </div> </a> <ul id="toc-See_also-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Literature" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#Literature"> <div class="vector-toc-text"> <span class="vector-toc-numb">7</span> <span>Literature</span> </div> </a> <button aria-controls="toc-Literature-sublist" class="cdx-button cdx-button--weight-quiet cdx-button--icon-only vector-toc-toggle"> <span class="vector-icon mw-ui-icon-wikimedia-expand"></span> <span>Toggle Literature subsection</span> </button> <ul id="toc-Literature-sublist" class="vector-toc-list"> <li id="toc-General_perspectives" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#General_perspectives"> <div class="vector-toc-text"> <span class="vector-toc-numb">7.1</span> <span>General perspectives</span> </div> </a> <ul id="toc-General_perspectives-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Banking_crises" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Banking_crises"> <div class="vector-toc-text"> <span class="vector-toc-numb">7.2</span> <span>Banking crises</span> </div> </a> <ul id="toc-Banking_crises-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Bubbles_and_crashes" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Bubbles_and_crashes"> <div class="vector-toc-text"> <span class="vector-toc-numb">7.3</span> <span>Bubbles and crashes</span> </div> </a> <ul id="toc-Bubbles_and_crashes-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-International_financial_crises" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#International_financial_crises"> <div class="vector-toc-text"> <span class="vector-toc-numb">7.4</span> <span>International financial crises</span> </div> </a> <ul id="toc-International_financial_crises-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-The_Great_Depression_and_earlier_banking_crises" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#The_Great_Depression_and_earlier_banking_crises"> <div class="vector-toc-text"> <span class="vector-toc-numb">7.5</span> <span>The Great Depression and earlier banking crises</span> </div> </a> <ul id="toc-The_Great_Depression_and_earlier_banking_crises-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Recent_international_financial_crises" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Recent_international_financial_crises"> <div class="vector-toc-text"> <span class="vector-toc-numb">7.6</span> <span>Recent international financial crises</span> </div> </a> <ul id="toc-Recent_international_financial_crises-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-2007–2012_financial_crisis" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#2007–2012_financial_crisis"> <div class="vector-toc-text"> <span class="vector-toc-numb">7.7</span> <span>2007–2012 financial crisis</span> </div> </a> <ul id="toc-2007–2012_financial_crisis-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-References" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#References"> <div class="vector-toc-text"> <span class="vector-toc-numb">8</span> <span>References</span> </div> </a> <ul id="toc-References-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-External_links" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#External_links"> <div class="vector-toc-text"> <span class="vector-toc-numb">9</span> <span>External links</span> </div> </a> <ul id="toc-External_links-sublist" class="vector-toc-list"> </ul> </li> </ul> </div> </div> </nav> </div> </div> <div class="mw-content-container"> <main id="content" class="mw-body"> <header class="mw-body-header vector-page-titlebar"> <nav aria-label="Contents" class="vector-toc-landmark"> <div id="vector-page-titlebar-toc" class="vector-dropdown vector-page-titlebar-toc vector-button-flush-left" > <input type="checkbox" id="vector-page-titlebar-toc-checkbox" role="button" aria-haspopup="true" data-event-name="ui.dropdown-vector-page-titlebar-toc" class="vector-dropdown-checkbox " aria-label="Toggle the table of contents" > <label id="vector-page-titlebar-toc-label" for="vector-page-titlebar-toc-checkbox" class="vector-dropdown-label cdx-button cdx-button--fake-button cdx-button--fake-button--enabled cdx-button--weight-quiet cdx-button--icon-only " aria-hidden="true" ><span class="vector-icon mw-ui-icon-listBullet mw-ui-icon-wikimedia-listBullet"></span> <span class="vector-dropdown-label-text">Toggle the table of contents</span> </label> <div class="vector-dropdown-content"> <div id="vector-page-titlebar-toc-unpinned-container" class="vector-unpinned-container"> </div> </div> </div> </nav> <h1 id="firstHeading" class="firstHeading mw-first-heading"><span class="mw-page-title-main">Financial crisis</span></h1> <div id="p-lang-btn" class="vector-dropdown mw-portlet mw-portlet-lang" > <input type="checkbox" id="p-lang-btn-checkbox" role="button" aria-haspopup="true" data-event-name="ui.dropdown-p-lang-btn" class="vector-dropdown-checkbox mw-interlanguage-selector" aria-label="Go to an article in another language. Available in 55 languages" > <label id="p-lang-btn-label" for="p-lang-btn-checkbox" class="vector-dropdown-label cdx-button cdx-button--fake-button cdx-button--fake-button--enabled cdx-button--weight-quiet cdx-button--action-progressive mw-portlet-lang-heading-55" aria-hidden="true" ><span class="vector-icon mw-ui-icon-language-progressive mw-ui-icon-wikimedia-language-progressive"></span> <span class="vector-dropdown-label-text">55 languages</span> </label> <div class="vector-dropdown-content"> <div class="vector-menu-content"> <ul class="vector-menu-content-list"> <li class="interlanguage-link interwiki-ar mw-list-item"><a href="https://ar.wikipedia.org/wiki/%D8%A3%D8%B2%D9%85%D8%A9_%D9%85%D8%A7%D9%84%D9%8A%D8%A9" title="أزمة مالية – Arabic" lang="ar" hreflang="ar" data-title="أزمة مالية" data-language-autonym="العربية" data-language-local-name="Arabic" class="interlanguage-link-target"><span>العربية</span></a></li><li class="interlanguage-link interwiki-az mw-list-item"><a href="https://az.wikipedia.org/wiki/Maliyy%C9%99_b%C3%B6hran%C4%B1" title="Maliyyə böhranı – Azerbaijani" lang="az" hreflang="az" data-title="Maliyyə böhranı" data-language-autonym="Azərbaycanca" data-language-local-name="Azerbaijani" class="interlanguage-link-target"><span>Azərbaycanca</span></a></li><li class="interlanguage-link interwiki-be mw-list-item"><a href="https://be.wikipedia.org/wiki/%D0%A4%D1%96%D0%BD%D0%B0%D0%BD%D1%81%D0%B0%D0%B2%D1%8B_%D0%BA%D1%80%D1%8B%D0%B7%D1%96%D1%81" title="Фінансавы крызіс – Belarusian" lang="be" hreflang="be" data-title="Фінансавы крызіс" data-language-autonym="Беларуская" data-language-local-name="Belarusian" class="interlanguage-link-target"><span>Беларуская</span></a></li><li class="interlanguage-link interwiki-bg mw-list-item"><a href="https://bg.wikipedia.org/wiki/%D0%A4%D0%B8%D0%BD%D0%B0%D0%BD%D1%81%D0%BE%D0%B2%D0%B0_%D0%BA%D1%80%D0%B8%D0%B7%D0%B0" title="Финансова криза – Bulgarian" lang="bg" hreflang="bg" data-title="Финансова криза" data-language-autonym="Български" data-language-local-name="Bulgarian" class="interlanguage-link-target"><span>Български</span></a></li><li class="interlanguage-link interwiki-ca mw-list-item"><a href="https://ca.wikipedia.org/wiki/Crisi_financera" title="Crisi financera – Catalan" lang="ca" hreflang="ca" data-title="Crisi financera" data-language-autonym="Català" data-language-local-name="Catalan" class="interlanguage-link-target"><span>Català</span></a></li><li class="interlanguage-link interwiki-cs mw-list-item"><a href="https://cs.wikipedia.org/wiki/Finan%C4%8Dn%C3%AD_krize" title="Finanční krize – Czech" lang="cs" hreflang="cs" data-title="Finanční krize" data-language-autonym="Čeština" data-language-local-name="Czech" class="interlanguage-link-target"><span>Čeština</span></a></li><li class="interlanguage-link interwiki-da mw-list-item"><a href="https://da.wikipedia.org/wiki/Finanskrise" title="Finanskrise – Danish" lang="da" hreflang="da" data-title="Finanskrise" data-language-autonym="Dansk" data-language-local-name="Danish" class="interlanguage-link-target"><span>Dansk</span></a></li><li class="interlanguage-link interwiki-de mw-list-item"><a href="https://de.wikipedia.org/wiki/Finanzkrise" title="Finanzkrise – German" lang="de" hreflang="de" data-title="Finanzkrise" data-language-autonym="Deutsch" data-language-local-name="German" class="interlanguage-link-target"><span>Deutsch</span></a></li><li class="interlanguage-link interwiki-et mw-list-item"><a href="https://et.wikipedia.org/wiki/Finantskriis" title="Finantskriis – Estonian" lang="et" hreflang="et" data-title="Finantskriis" data-language-autonym="Eesti" data-language-local-name="Estonian" class="interlanguage-link-target"><span>Eesti</span></a></li><li class="interlanguage-link interwiki-el mw-list-item"><a href="https://el.wikipedia.org/wiki/%CE%9F%CE%B9%CE%BA%CE%BF%CE%BD%CE%BF%CE%BC%CE%B9%CE%BA%CE%AE_%CE%BA%CF%81%CE%AF%CF%83%CE%B7" title="Οικονομική κρίση – Greek" lang="el" hreflang="el" data-title="Οικονομική κρίση" data-language-autonym="Ελληνικά" data-language-local-name="Greek" class="interlanguage-link-target"><span>Ελληνικά</span></a></li><li class="interlanguage-link interwiki-es mw-list-item"><a href="https://es.wikipedia.org/wiki/Crisis_financiera" title="Crisis financiera – Spanish" lang="es" hreflang="es" data-title="Crisis financiera" data-language-autonym="Español" data-language-local-name="Spanish" class="interlanguage-link-target"><span>Español</span></a></li><li class="interlanguage-link interwiki-eu mw-list-item"><a href="https://eu.wikipedia.org/wiki/Finantza-krisi" title="Finantza-krisi – Basque" lang="eu" hreflang="eu" data-title="Finantza-krisi" data-language-autonym="Euskara" data-language-local-name="Basque" class="interlanguage-link-target"><span>Euskara</span></a></li><li class="interlanguage-link interwiki-fa mw-list-item"><a href="https://fa.wikipedia.org/wiki/%D8%A8%D8%AD%D8%B1%D8%A7%D9%86_%D9%85%D8%A7%D9%84%DB%8C" title="بحران مالی – Persian" lang="fa" hreflang="fa" data-title="بحران مالی" data-language-autonym="فارسی" data-language-local-name="Persian" class="interlanguage-link-target"><span>فارسی</span></a></li><li class="interlanguage-link interwiki-fr mw-list-item"><a href="https://fr.wikipedia.org/wiki/Crise_financi%C3%A8re" title="Crise financière – French" lang="fr" hreflang="fr" data-title="Crise financière" data-language-autonym="Français" data-language-local-name="French" class="interlanguage-link-target"><span>Français</span></a></li><li class="interlanguage-link interwiki-ko mw-list-item"><a href="https://ko.wikipedia.org/wiki/%EA%B8%88%EC%9C%B5%EC%9C%84%EA%B8%B0" title="금융위기 – Korean" lang="ko" hreflang="ko" data-title="금융위기" data-language-autonym="한국어" data-language-local-name="Korean" class="interlanguage-link-target"><span>한국어</span></a></li><li class="interlanguage-link interwiki-ha mw-list-item"><a href="https://ha.wikipedia.org/wiki/Tattalin_arzikin_duniya" title="Tattalin arzikin duniya – Hausa" lang="ha" hreflang="ha" data-title="Tattalin arzikin duniya" data-language-autonym="Hausa" data-language-local-name="Hausa" class="interlanguage-link-target"><span>Hausa</span></a></li><li class="interlanguage-link interwiki-hy mw-list-item"><a href="https://hy.wikipedia.org/wiki/%D5%96%D5%AB%D5%B6%D5%A1%D5%B6%D5%BD%D5%A1%D5%AF%D5%A1%D5%B6_%D5%B3%D5%A3%D5%B6%D5%A1%D5%AA%D5%A1%D5%B4" title="Ֆինանսական ճգնաժամ – Armenian" lang="hy" hreflang="hy" data-title="Ֆինանսական ճգնաժամ" data-language-autonym="Հայերեն" data-language-local-name="Armenian" class="interlanguage-link-target"><span>Հայերեն</span></a></li><li class="interlanguage-link interwiki-hr mw-list-item"><a href="https://hr.wikipedia.org/wiki/Financijska_kriza" title="Financijska kriza – Croatian" lang="hr" hreflang="hr" data-title="Financijska kriza" data-language-autonym="Hrvatski" data-language-local-name="Croatian" class="interlanguage-link-target"><span>Hrvatski</span></a></li><li class="interlanguage-link interwiki-id mw-list-item"><a href="https://id.wikipedia.org/wiki/Krisis_finansial" title="Krisis finansial – Indonesian" lang="id" hreflang="id" data-title="Krisis finansial" data-language-autonym="Bahasa Indonesia" data-language-local-name="Indonesian" class="interlanguage-link-target"><span>Bahasa Indonesia</span></a></li><li class="interlanguage-link interwiki-xh mw-list-item"><a href="https://xh.wikipedia.org/wiki/Ingxaki_yemali" title="Ingxaki yemali – Xhosa" lang="xh" hreflang="xh" data-title="Ingxaki yemali" data-language-autonym="IsiXhosa" data-language-local-name="Xhosa" class="interlanguage-link-target"><span>IsiXhosa</span></a></li><li class="interlanguage-link interwiki-is mw-list-item"><a href="https://is.wikipedia.org/wiki/Kreppa" title="Kreppa – Icelandic" lang="is" hreflang="is" data-title="Kreppa" data-language-autonym="Íslenska" data-language-local-name="Icelandic" class="interlanguage-link-target"><span>Íslenska</span></a></li><li class="interlanguage-link interwiki-it mw-list-item"><a href="https://it.wikipedia.org/wiki/Crisi_finanziaria" title="Crisi finanziaria – Italian" lang="it" hreflang="it" data-title="Crisi finanziaria" data-language-autonym="Italiano" data-language-local-name="Italian" class="interlanguage-link-target"><span>Italiano</span></a></li><li class="interlanguage-link interwiki-he mw-list-item"><a href="https://he.wikipedia.org/wiki/%D7%9E%D7%A9%D7%91%D7%A8_%D7%9B%D7%9C%D7%9B%D7%9C%D7%99" title="משבר כלכלי – Hebrew" lang="he" hreflang="he" data-title="משבר כלכלי" data-language-autonym="עברית" data-language-local-name="Hebrew" class="interlanguage-link-target"><span>עברית</span></a></li><li class="interlanguage-link interwiki-jv mw-list-item"><a href="https://jv.wikipedia.org/wiki/Krisis_finansial" title="Krisis finansial – Javanese" lang="jv" hreflang="jv" data-title="Krisis finansial" data-language-autonym="Jawa" data-language-local-name="Javanese" class="interlanguage-link-target"><span>Jawa</span></a></li><li class="interlanguage-link interwiki-ka mw-list-item"><a href="https://ka.wikipedia.org/wiki/%E1%83%A4%E1%83%98%E1%83%9C%E1%83%90%E1%83%9C%E1%83%A1%E1%83%A3%E1%83%A0%E1%83%98_%E1%83%99%E1%83%A0%E1%83%98%E1%83%96%E1%83%98%E1%83%A1%E1%83%98" title="ფინანსური კრიზისი – Georgian" lang="ka" hreflang="ka" data-title="ფინანსური კრიზისი" data-language-autonym="ქართული" data-language-local-name="Georgian" class="interlanguage-link-target"><span>ქართული</span></a></li><li class="interlanguage-link interwiki-kk mw-list-item"><a href="https://kk.wikipedia.org/wiki/%D2%9A%D0%B0%D1%80%D0%B6%D1%8B_%D0%B4%D0%B0%D2%93%D0%B4%D0%B0%D1%80%D1%8B%D1%81%D1%8B" title="Қаржы дағдарысы – Kazakh" lang="kk" hreflang="kk" data-title="Қаржы дағдарысы" data-language-autonym="Қазақша" data-language-local-name="Kazakh" class="interlanguage-link-target"><span>Қазақша</span></a></li><li class="interlanguage-link interwiki-sw mw-list-item"><a href="https://sw.wikipedia.org/wiki/Mgogoro_wa_kifedha" title="Mgogoro wa kifedha – Swahili" lang="sw" hreflang="sw" data-title="Mgogoro wa kifedha" data-language-autonym="Kiswahili" data-language-local-name="Swahili" class="interlanguage-link-target"><span>Kiswahili</span></a></li><li class="interlanguage-link interwiki-la mw-list-item"><a href="https://la.wikipedia.org/wiki/Crisis_pecuniaria" title="Crisis pecuniaria – Latin" lang="la" hreflang="la" data-title="Crisis pecuniaria" data-language-autonym="Latina" data-language-local-name="Latin" class="interlanguage-link-target"><span>Latina</span></a></li><li class="interlanguage-link interwiki-lv mw-list-item"><a href="https://lv.wikipedia.org/wiki/Ekonomisk%C4%81_kr%C4%ABze" title="Ekonomiskā krīze – Latvian" lang="lv" hreflang="lv" data-title="Ekonomiskā krīze" data-language-autonym="Latviešu" data-language-local-name="Latvian" class="interlanguage-link-target"><span>Latviešu</span></a></li><li class="interlanguage-link interwiki-lt mw-list-item"><a href="https://lt.wikipedia.org/wiki/Finans%C5%B3_kriz%C4%97" title="Finansų krizė – Lithuanian" lang="lt" hreflang="lt" data-title="Finansų krizė" data-language-autonym="Lietuvių" data-language-local-name="Lithuanian" class="interlanguage-link-target"><span>Lietuvių</span></a></li><li class="interlanguage-link interwiki-lfn mw-list-item"><a href="https://lfn.wikipedia.org/wiki/Crise_finansial" title="Crise finansial – Lingua Franca Nova" lang="lfn" hreflang="lfn" data-title="Crise finansial" data-language-autonym="Lingua Franca Nova" data-language-local-name="Lingua Franca Nova" class="interlanguage-link-target"><span>Lingua Franca Nova</span></a></li><li class="interlanguage-link interwiki-mk mw-list-item"><a href="https://mk.wikipedia.org/wiki/%D0%A4%D0%B8%D0%BD%D0%B0%D0%BD%D1%81%D0%B8%D1%81%D0%BA%D0%B0_%D0%BA%D1%80%D0%B8%D0%B7%D0%B0" title="Финансиска криза – Macedonian" lang="mk" hreflang="mk" data-title="Финансиска криза" data-language-autonym="Македонски" data-language-local-name="Macedonian" class="interlanguage-link-target"><span>Македонски</span></a></li><li class="interlanguage-link interwiki-mg mw-list-item"><a href="https://mg.wikipedia.org/wiki/Krizy_ara-bola" title="Krizy ara-bola – Malagasy" lang="mg" hreflang="mg" data-title="Krizy ara-bola" data-language-autonym="Malagasy" data-language-local-name="Malagasy" class="interlanguage-link-target"><span>Malagasy</span></a></li><li class="interlanguage-link interwiki-mr mw-list-item"><a href="https://mr.wikipedia.org/wiki/%E0%A4%86%E0%A4%B0%E0%A5%8D%E0%A4%A5%E0%A4%BF%E0%A4%95_%E0%A4%B8%E0%A4%82%E0%A4%95%E0%A4%9F" title="आर्थिक संकट – Marathi" lang="mr" hreflang="mr" data-title="आर्थिक संकट" data-language-autonym="मराठी" data-language-local-name="Marathi" class="interlanguage-link-target"><span>मराठी</span></a></li><li class="interlanguage-link interwiki-ms mw-list-item"><a href="https://ms.wikipedia.org/wiki/Krisis_kewangan" title="Krisis kewangan – Malay" lang="ms" hreflang="ms" data-title="Krisis kewangan" data-language-autonym="Bahasa Melayu" data-language-local-name="Malay" class="interlanguage-link-target"><span>Bahasa Melayu</span></a></li><li class="interlanguage-link interwiki-nl mw-list-item"><a href="https://nl.wikipedia.org/wiki/Financi%C3%ABle_crisis" title="Financiële crisis – Dutch" lang="nl" hreflang="nl" data-title="Financiële crisis" data-language-autonym="Nederlands" data-language-local-name="Dutch" class="interlanguage-link-target"><span>Nederlands</span></a></li><li class="interlanguage-link interwiki-ne mw-list-item"><a href="https://ne.wikipedia.org/wiki/%E0%A4%B5%E0%A4%BF%E0%A4%A4%E0%A5%8D%E0%A4%A4%E0%A5%80%E0%A4%AF_%E0%A4%B8%E0%A4%99%E0%A5%8D%E0%A4%95%E0%A4%9F" title="वित्तीय सङ्कट – Nepali" lang="ne" hreflang="ne" data-title="वित्तीय सङ्कट" data-language-autonym="नेपाली" data-language-local-name="Nepali" class="interlanguage-link-target"><span>नेपाली</span></a></li><li class="interlanguage-link interwiki-ja mw-list-item"><a href="https://ja.wikipedia.org/wiki/%E9%87%91%E8%9E%8D%E5%8D%B1%E6%A9%9F" title="金融危機 – Japanese" lang="ja" hreflang="ja" data-title="金融危機" data-language-autonym="日本語" data-language-local-name="Japanese" class="interlanguage-link-target"><span>日本語</span></a></li><li class="interlanguage-link interwiki-no mw-list-item"><a href="https://no.wikipedia.org/wiki/Finanskrise" title="Finanskrise – Norwegian Bokmål" lang="nb" hreflang="nb" data-title="Finanskrise" data-language-autonym="Norsk bokmål" data-language-local-name="Norwegian Bokmål" class="interlanguage-link-target"><span>Norsk bokmål</span></a></li><li class="interlanguage-link interwiki-pa mw-list-item"><a href="https://pa.wikipedia.org/wiki/%E0%A8%AE%E0%A8%BE%E0%A8%B2%E0%A9%80_%E0%A8%B8%E0%A9%B0%E0%A8%95%E0%A8%9F" title="ਮਾਲੀ ਸੰਕਟ – Punjabi" lang="pa" hreflang="pa" data-title="ਮਾਲੀ ਸੰਕਟ" data-language-autonym="ਪੰਜਾਬੀ" data-language-local-name="Punjabi" class="interlanguage-link-target"><span>ਪੰਜਾਬੀ</span></a></li><li class="interlanguage-link interwiki-ps mw-list-item"><a href="https://ps.wikipedia.org/wiki/%D9%85%D8%A7%D9%84%D9%8A_%DA%A9%DA%93%DA%A9%DB%90%DA%86" title="مالي کړکېچ – Pashto" lang="ps" hreflang="ps" data-title="مالي کړکېچ" data-language-autonym="پښتو" data-language-local-name="Pashto" class="interlanguage-link-target"><span>پښتو</span></a></li><li class="interlanguage-link interwiki-nds mw-list-item"><a href="https://nds.wikipedia.org/wiki/Finanzkrise" title="Finanzkrise – Low German" lang="nds" hreflang="nds" data-title="Finanzkrise" data-language-autonym="Plattdüütsch" data-language-local-name="Low German" class="interlanguage-link-target"><span>Plattdüütsch</span></a></li><li class="interlanguage-link interwiki-pl mw-list-item"><a href="https://pl.wikipedia.org/wiki/Kryzys_finansowy" title="Kryzys finansowy – Polish" lang="pl" hreflang="pl" data-title="Kryzys finansowy" data-language-autonym="Polski" data-language-local-name="Polish" class="interlanguage-link-target"><span>Polski</span></a></li><li class="interlanguage-link interwiki-pt mw-list-item"><a href="https://pt.wikipedia.org/wiki/Crise_financeira" title="Crise financeira – Portuguese" lang="pt" hreflang="pt" data-title="Crise financeira" data-language-autonym="Português" data-language-local-name="Portuguese" class="interlanguage-link-target"><span>Português</span></a></li><li class="interlanguage-link interwiki-ru mw-list-item"><a href="https://ru.wikipedia.org/wiki/%D0%A4%D0%B8%D0%BD%D0%B0%D0%BD%D1%81%D0%BE%D0%B2%D1%8B%D0%B9_%D0%BA%D1%80%D0%B8%D0%B7%D0%B8%D1%81" title="Финансовый кризис – Russian" lang="ru" hreflang="ru" data-title="Финансовый кризис" data-language-autonym="Русский" data-language-local-name="Russian" class="interlanguage-link-target"><span>Русский</span></a></li><li class="interlanguage-link interwiki-sh mw-list-item"><a href="https://sh.wikipedia.org/wiki/Financijska_kriza" title="Financijska kriza – Serbo-Croatian" lang="sh" hreflang="sh" data-title="Financijska kriza" data-language-autonym="Srpskohrvatski / српскохрватски" data-language-local-name="Serbo-Croatian" class="interlanguage-link-target"><span>Srpskohrvatski / српскохрватски</span></a></li><li class="interlanguage-link interwiki-fi mw-list-item"><a href="https://fi.wikipedia.org/wiki/Pankkikriisi" title="Pankkikriisi – Finnish" lang="fi" hreflang="fi" data-title="Pankkikriisi" data-language-autonym="Suomi" data-language-local-name="Finnish" class="interlanguage-link-target"><span>Suomi</span></a></li><li class="interlanguage-link interwiki-sv mw-list-item"><a href="https://sv.wikipedia.org/wiki/Finanskris" title="Finanskris – Swedish" lang="sv" hreflang="sv" data-title="Finanskris" data-language-autonym="Svenska" data-language-local-name="Swedish" class="interlanguage-link-target"><span>Svenska</span></a></li><li class="interlanguage-link interwiki-te mw-list-item"><a href="https://te.wikipedia.org/wiki/%E0%B0%86%E0%B0%B0%E0%B1%8D%E0%B0%A5%E0%B0%BF%E0%B0%95_%E0%B0%B8%E0%B0%82%E0%B0%95%E0%B1%8D%E0%B0%B7%E0%B1%8B%E0%B0%AD%E0%B0%82" title="ఆర్థిక సంక్షోభం – Telugu" lang="te" hreflang="te" data-title="ఆర్థిక సంక్షోభం" data-language-autonym="తెలుగు" data-language-local-name="Telugu" class="interlanguage-link-target"><span>తెలుగు</span></a></li><li class="interlanguage-link interwiki-tr mw-list-item"><a href="https://tr.wikipedia.org/wiki/Finansal_kriz" title="Finansal kriz – Turkish" lang="tr" hreflang="tr" data-title="Finansal kriz" data-language-autonym="Türkçe" data-language-local-name="Turkish" class="interlanguage-link-target"><span>Türkçe</span></a></li><li class="interlanguage-link interwiki-uk mw-list-item"><a href="https://uk.wikipedia.org/wiki/%D0%A4%D1%96%D0%BD%D0%B0%D0%BD%D1%81%D0%BE%D0%B2%D0%B0_%D0%BA%D1%80%D0%B8%D0%B7%D0%B0" title="Фінансова криза – Ukrainian" lang="uk" hreflang="uk" data-title="Фінансова криза" data-language-autonym="Українська" data-language-local-name="Ukrainian" class="interlanguage-link-target"><span>Українська</span></a></li><li class="interlanguage-link interwiki-ur mw-list-item"><a href="https://ur.wikipedia.org/wiki/%D9%85%D8%A7%D9%84%DB%8C%D8%A7%D8%AA%DB%8C_%D8%A8%D8%AD%D8%B1%D8%A7%D9%86" title="مالیاتی بحران – Urdu" lang="ur" hreflang="ur" data-title="مالیاتی بحران" data-language-autonym="اردو" data-language-local-name="Urdu" class="interlanguage-link-target"><span>اردو</span></a></li><li class="interlanguage-link interwiki-vi mw-list-item"><a href="https://vi.wikipedia.org/wiki/Kh%E1%BB%A7ng_ho%E1%BA%A3ng_t%C3%A0i_ch%C3%ADnh" title="Khủng hoảng tài chính – Vietnamese" lang="vi" hreflang="vi" data-title="Khủng hoảng tài chính" data-language-autonym="Tiếng Việt" data-language-local-name="Vietnamese" class="interlanguage-link-target"><span>Tiếng Việt</span></a></li><li class="interlanguage-link interwiki-zh-yue mw-list-item"><a href="https://zh-yue.wikipedia.org/wiki/%E9%87%91%E8%9E%8D%E5%8D%B1%E6%A9%9F" title="金融危機 – Cantonese" lang="yue" hreflang="yue" data-title="金融危機" data-language-autonym="粵語" data-language-local-name="Cantonese" class="interlanguage-link-target"><span>粵語</span></a></li><li class="interlanguage-link interwiki-zh mw-list-item"><a href="https://zh.wikipedia.org/wiki/%E9%87%91%E8%9E%8D%E5%8D%B1%E6%9C%BA" title="金融危机 – Chinese" lang="zh" hreflang="zh" data-title="金融危机" data-language-autonym="中文" data-language-local-name="Chinese" class="interlanguage-link-target"><span>中文</span></a></li> </ul> <div class="after-portlet after-portlet-lang"><span class="wb-langlinks-edit wb-langlinks-link"><a href="https://www.wikidata.org/wiki/Special:EntityPage/Q114380#sitelinks-wikipedia" title="Edit interlanguage links" class="wbc-editpage">Edit links</a></span></div> </div> </div> </div> </header> <div class="vector-page-toolbar"> <div class="vector-page-toolbar-container"> <div id="left-navigation"> <nav 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.sidebar-title-with-pretitle a{color:var(--color-progressive)!important}}@media print{body.ns-0 .mw-parser-output .sidebar{display:none!important}}</style><table class="sidebar sidebar-collapse nomobile nowraplinks"><tbody><tr><td class="sidebar-pretitle">Part of <a href="/wiki/Category:Macroeconomics" title="Category:Macroeconomics">a series</a> on</td></tr><tr><th class="sidebar-title-with-pretitle"><a href="/wiki/Macroeconomics" title="Macroeconomics">Macroeconomics</a></th></tr><tr><td class="sidebar-image" style="padding-top:0.6em;"><span class="notpageimage" typeof="mw:File"><a href="/wiki/File:Ec_8_(26088200676)_(cropped).jpg" class="mw-file-description"><img alt="Federal Reserve" src="//upload.wikimedia.org/wikipedia/commons/thumb/8/8f/Ec_8_%2826088200676%29_%28cropped%29.jpg/220px-Ec_8_%2826088200676%29_%28cropped%29.jpg" decoding="async" width="220" height="150" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/8/8f/Ec_8_%2826088200676%29_%28cropped%29.jpg/330px-Ec_8_%2826088200676%29_%28cropped%29.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/8/8f/Ec_8_%2826088200676%29_%28cropped%29.jpg/440px-Ec_8_%2826088200676%29_%28cropped%29.jpg 2x" data-file-width="2400" data-file-height="1633" /></a></span></td></tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:transparent;border-top:1px solid #aaa;text-align:center;;color: var(--color-base)">Basic concepts</div><div class="sidebar-list-content mw-collapsible-content hlist"> <ul><li><a href="/wiki/Aggregate_demand" title="Aggregate demand">Aggregate demand</a></li> <li><a href="/wiki/Aggregate_supply" title="Aggregate supply">Aggregate supply</a></li> <li><a href="/wiki/Business_cycle" title="Business cycle">Business cycle</a></li> <li><a href="/wiki/Compound_annual_growth_rate" title="Compound annual growth rate">CAGR</a></li> <li><a href="/wiki/Deflation" title="Deflation">Deflation</a></li> <li><a href="/wiki/Demand_shock" title="Demand shock">Demand shock</a></li> <li><a href="/wiki/Disinflation" title="Disinflation">Disinflation</a></li> <li><a href="/wiki/Effective_demand" title="Effective demand">Effective demand</a></li> <li>Expectations <ul><li><a href="/wiki/Adaptive_expectations" title="Adaptive expectations">Adaptive</a></li> <li><a href="/wiki/Rational_expectations" title="Rational expectations">Rational</a></li></ul></li> <li><a class="mw-selflink selflink">Financial crisis</a></li> <li><a href="/wiki/Economic_growth" title="Economic growth">Growth</a></li> <li><a href="/wiki/Inflation" title="Inflation">Inflation</a> <ul><li><a href="/wiki/Demand-pull_inflation" title="Demand-pull inflation">Demand-pull</a></li> <li><a href="/wiki/Cost-push_inflation" title="Cost-push inflation">Cost-push</a></li></ul></li> <li><a href="/wiki/Interest_rate" title="Interest rate">Interest rate</a></li> <li><a href="/wiki/Investment_(macroeconomics)" title="Investment (macroeconomics)">Investment</a></li> <li><a href="/wiki/Liquidity_trap" title="Liquidity trap">Liquidity trap</a></li> <li><a href="/wiki/Measures_of_national_income_and_output" title="Measures of national income and output">Measures of national income and output</a> <ul><li><a href="/wiki/Gross_domestic_product" title="Gross domestic product">GDP</a></li> <li><a href="/wiki/Gross_national_income" title="Gross national income">GNI</a></li> <li><a href="/wiki/Net_national_income" title="Net national income">NNI</a></li></ul></li> <li><a href="/wiki/Microfoundations" title="Microfoundations">Microfoundations</a></li> <li><a href="/wiki/Money" title="Money">Money</a> <ul><li><a href="/wiki/Endogenous_money" title="Endogenous money">Endogenous</a></li></ul></li> <li><a href="/wiki/Money_creation" title="Money creation">Money creation</a></li> <li><a href="/wiki/Demand_for_money" title="Demand for money">Demand for money</a> <ul><li><a href="/wiki/Liquidity_preference" title="Liquidity preference">Liquidity preference</a></li></ul></li> <li><a href="/wiki/Money_supply" title="Money supply">Money supply</a></li> <li><a href="/wiki/National_accounts" title="National accounts">National accounts</a> <ul><li><a href="/wiki/System_of_National_Accounts" title="System of National Accounts">SNA</a></li></ul></li> <li><a href="/wiki/Nominal_rigidity" title="Nominal rigidity">Nominal rigidity</a></li> <li><a href="/wiki/Price_level" title="Price level">Price level</a></li> <li><a href="/wiki/Recession" title="Recession">Recession</a></li> <li><a href="/wiki/Shrinkflation" title="Shrinkflation">Shrinkflation</a></li> <li><a href="/wiki/Stagflation" title="Stagflation">Stagflation</a></li> <li><a href="/wiki/Supply_shock" title="Supply shock">Supply shock</a></li> <li><a href="/wiki/National_saving" title="National saving">Saving</a></li> <li><a href="/wiki/Unemployment" title="Unemployment">Unemployment</a></li></ul> </div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:transparent;border-top:1px solid #aaa;text-align:center;;color: var(--color-base)">Policies</div><div class="sidebar-list-content mw-collapsible-content hlist"> <ul><li><a href="/wiki/Fiscal_policy" title="Fiscal policy">Fiscal</a></li> <li><a href="/wiki/Monetary_policy" title="Monetary policy">Monetary</a></li> <li><a href="/wiki/Commercial_policy" title="Commercial policy">Commercial</a></li> <li><a href="/wiki/Central_bank" title="Central bank">Central bank</a></li> <li><a href="/wiki/Universal_basic_income" title="Universal basic income">Universal basic income</a></li></ul> </div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:transparent;border-top:1px solid #aaa;text-align:center;;color: var(--color-base)">Models</div><div class="sidebar-list-content mw-collapsible-content hlist"> <ul><li><a href="/wiki/IS%E2%80%93LM_model" title="IS–LM model">IS–LM</a></li> <li><a href="/wiki/AD%E2%80%93AS_model" title="AD–AS model">AD–AS</a></li> <li><a href="/wiki/Keynesian_cross" title="Keynesian cross">Keynesian cross</a></li> <li><a href="/wiki/Multiplier_(economics)" title="Multiplier (economics)">Multiplier</a></li> <li><a href="/wiki/Accelerator_effect" title="Accelerator effect">Accelerator</a></li> <li><a href="/wiki/Phillips_curve" title="Phillips curve">Phillips curve</a></li> <li><a href="/wiki/Arrow%E2%80%93Debreu_model" title="Arrow–Debreu model">Arrow–Debreu</a></li> <li><a href="/wiki/Harrod%E2%80%93Domar_model" title="Harrod–Domar model">Harrod–Domar</a>Нмиф</li> <li><a href="/wiki/Solow%E2%80%93Swan_model" title="Solow–Swan model">Solow–Swan</a></li> <li><a href="/wiki/Ramsey%E2%80%93Cass%E2%80%93Koopmans_model" title="Ramsey–Cass–Koopmans model">Ramsey–Cass–Koopmans</a></li> <li><a href="/wiki/Overlapping_generations_model" title="Overlapping generations model">Overlapping generations</a></li> <li><a href="/wiki/General_equilibrium_theory" title="General equilibrium theory">General equilibrium</a> <ul><li><a href="/wiki/Dynamic_stochastic_general_equilibrium" title="Dynamic stochastic general equilibrium">DSGE</a></li></ul></li> <li><a href="/wiki/Endogenous_growth_theory" title="Endogenous growth theory">Endogenous growth</a></li> <li><a href="/wiki/Matching_theory_(economics)" class="mw-redirect" title="Matching theory (economics)">Matching theory</a></li> <li><a href="/wiki/Mundell%E2%80%93Fleming_model" title="Mundell–Fleming model">Mundell–Fleming</a></li> <li><a href="/wiki/Overshooting_model" title="Overshooting model">Overshooting</a></li> <li><a href="/wiki/NAIRU" title="NAIRU">NAIRU</a></li></ul> </div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:transparent;border-top:1px solid #aaa;text-align:center;;color: var(--color-base)">Related fields</div><div class="sidebar-list-content mw-collapsible-content hlist"> <ul><li><a href="/wiki/Econometrics" title="Econometrics">Econometrics</a></li> <li><a href="/wiki/Economic_statistics" title="Economic statistics">Economic statistics</a></li> <li><a href="/wiki/Monetary_economics" title="Monetary economics">Monetary economics</a></li> <li><a href="/wiki/Development_economics" title="Development economics">Development economics</a></li> <li><a href="/wiki/International_economics" title="International economics">International economics</a></li></ul> </div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:transparent;border-top:1px solid #aaa;text-align:center;;color: var(--color-base)"><a href="/wiki/History_of_macroeconomic_thought" title="History of macroeconomic thought">Schools</a></div><div class="sidebar-list-content mw-collapsible-content hlist"><i>Mainstream</i> <ul><li><a href="/wiki/Keynesian_economics" title="Keynesian economics">Keynesian</a> <ul><li><a href="/wiki/Neo-Keynesian_economics" class="mw-redirect" title="Neo-Keynesian economics">Neo-</a></li> <li><a href="/wiki/New_Keynesian_economics" title="New Keynesian economics">New</a></li></ul></li> <li><a href="/wiki/Monetarism" title="Monetarism">Monetarism</a></li> <li><a href="/wiki/New_classical_macroeconomics" title="New classical macroeconomics">New classical</a> <ul><li><a href="/wiki/Real_business-cycle_theory" title="Real business-cycle theory">Real business-cycle theory</a></li></ul></li> <li><a href="/wiki/Stockholm_school_(economics)" class="mw-redirect" title="Stockholm school (economics)">Stockholm</a></li> <li><a href="/wiki/Supply-side_economics" title="Supply-side economics">Supply-side</a></li> <li><a href="/wiki/New_neoclassical_synthesis" title="New neoclassical synthesis">New neoclassical synthesis</a></li> <li><a href="/wiki/Saltwater_and_freshwater_economics" title="Saltwater and freshwater economics">Saltwater and freshwater</a></li></ul> <p><i>Heterodox</i> </p> <ul><li><a href="/wiki/Austrian_School" class="mw-redirect" title="Austrian School">Austrian</a></li> <li><a href="/wiki/Chartalism" title="Chartalism">Chartalism</a> <ul><li><a href="/wiki/Modern_monetary_theory" title="Modern monetary theory">Modern monetary theory</a></li></ul></li> <li><a href="/wiki/Ecological_economics" title="Ecological economics">Ecological</a></li> <li><a href="/wiki/Post-Keynesian_economics" title="Post-Keynesian economics">Post-Keynesian</a> <ul><li><a href="/wiki/Monetary_circuit_theory" title="Monetary circuit theory">Circuitism</a></li></ul></li> <li><a href="/wiki/Disequilibrium_macroeconomics" title="Disequilibrium macroeconomics">Disequilibrium</a></li> <li><a href="/wiki/Marxian_economics" title="Marxian economics">Marxian</a></li> <li><a href="/wiki/Market_monetarism" title="Market monetarism">Market monetarism</a></li></ul> </div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:transparent;border-top:1px solid #aaa;text-align:center;;color: var(--color-base)"><a href="/wiki/Category:Macroeconomists" title="Category:Macroeconomists">People</a></div><div class="sidebar-list-content mw-collapsible-content hlist"> <ul><li><a href="/wiki/Fran%C3%A7ois_Quesnay" title="François Quesnay">François Quesnay</a></li> <li><a href="/wiki/Adam_Smith" title="Adam Smith">Adam Smith</a></li> <li><a href="/wiki/Thomas_Robert_Malthus" title="Thomas Robert Malthus">Thomas Robert Malthus</a></li> <li><a href="/wiki/Karl_Marx" title="Karl Marx">Karl Marx</a></li> <li><a href="/wiki/L%C3%A9on_Walras" title="Léon Walras">Léon Walras</a></li> <li><a href="/wiki/Knut_Wicksell" title="Knut Wicksell">Knut Wicksell</a></li> <li><a href="/wiki/Irving_Fisher" title="Irving Fisher">Irving Fisher</a></li> <li><a href="/wiki/Wesley_Clair_Mitchell" title="Wesley Clair Mitchell">Wesley Clair Mitchell</a></li> <li><a href="/wiki/John_Maynard_Keynes" title="John Maynard Keynes">John Maynard Keynes</a></li> <li><a href="/wiki/Alvin_Hansen" title="Alvin Hansen">Alvin Hansen</a></li> <li><a href="/wiki/Micha%C5%82_Kalecki" title="Michał Kalecki">Michał Kalecki</a></li> <li><a href="/wiki/Gunnar_Myrdal" title="Gunnar Myrdal">Gunnar Myrdal</a></li> <li><a href="/wiki/Simon_Kuznets" title="Simon Kuznets">Simon Kuznets</a></li> <li><a href="/wiki/Joan_Robinson" title="Joan Robinson">Joan Robinson</a></li> <li><a href="/wiki/Friedrich_Hayek" title="Friedrich Hayek">Friedrich Hayek</a></li> <li><a href="/wiki/John_Hicks" title="John Hicks">John Hicks</a></li> <li><a href="/wiki/Richard_Stone" title="Richard Stone">Richard Stone</a></li> <li><a href="/wiki/Hyman_Minsky" title="Hyman Minsky">Hyman Minsky</a></li> <li><a href="/wiki/Milton_Friedman" title="Milton Friedman">Milton Friedman</a></li> <li><a href="/wiki/Paul_Samuelson" title="Paul Samuelson">Paul Samuelson</a></li> <li><a href="/wiki/Lawrence_Klein" title="Lawrence Klein">Lawrence Klein</a></li> <li><a href="/wiki/Edmund_Phelps" title="Edmund Phelps">Edmund Phelps</a></li> <li><a href="/wiki/Robert_Lucas_Jr." title="Robert Lucas Jr.">Robert Lucas Jr.</a></li> <li><a href="/wiki/Edward_C._Prescott" title="Edward C. Prescott">Edward C. Prescott</a></li> <li><a href="/wiki/Peter_Diamond" title="Peter Diamond">Peter Diamond</a></li> <li><a href="/wiki/William_Nordhaus" title="William Nordhaus">William Nordhaus</a></li> <li><a href="/wiki/Joseph_Stiglitz" title="Joseph Stiglitz">Joseph Stiglitz</a></li> <li><a href="/wiki/Thomas_J._Sargent" title="Thomas J. Sargent">Thomas J. Sargent</a></li> <li><a href="/wiki/Paul_Krugman" title="Paul Krugman">Paul Krugman</a></li> <li><a href="/wiki/Greg_Mankiw" title="Greg Mankiw">N. Gregory Mankiw</a></li></ul> </div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:transparent;border-top:1px solid #aaa;text-align:center;;color: var(--color-base)">See also</div><div class="sidebar-list-content mw-collapsible-content hlist"> <ul><li><a href="/wiki/Macroeconomic_model" title="Macroeconomic model">Macroeconomic model</a></li> <li><a href="/wiki/List_of_important_publications_in_economics#Macroeconomics" title="List of important publications in economics">Publications in macroeconomics</a></li> <li><a href="/wiki/Economics" title="Economics">Economics</a> <ul><li><a href="/wiki/Applied_economics" title="Applied economics">Applied</a></li></ul></li> <li><a href="/wiki/Microeconomics" title="Microeconomics">Microeconomics</a></li> <li><a href="/wiki/Political_economy" title="Political economy">Political economy</a></li> <li><a href="/wiki/Mathematical_economics" title="Mathematical economics">Mathematical economics</a></li></ul> </div></div></td> </tr><tr><td class="sidebar-below plainlist"> <ul><li><span class="nowrap"><span class="noviewer" typeof="mw:File"><span><img alt="icon" src="//upload.wikimedia.org/wikipedia/commons/thumb/5/55/Bills_and_coins.svg/16px-Bills_and_coins.svg.png" decoding="async" width="16" height="8" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/5/55/Bills_and_coins.svg/24px-Bills_and_coins.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/5/55/Bills_and_coins.svg/32px-Bills_and_coins.svg.png 2x" data-file-width="960" data-file-height="465" /></span></span> </span><a href="/wiki/Portal:Money" title="Portal:Money">Money portal</a></li> <li><span class="nowrap"><span class="noviewer" typeof="mw:File"><a href="/wiki/File:Emblem-money.svg" class="mw-file-description"><img alt="icon" src="//upload.wikimedia.org/wikipedia/commons/thumb/f/f3/Emblem-money.svg/16px-Emblem-money.svg.png" decoding="async" width="16" height="16" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/f/f3/Emblem-money.svg/24px-Emblem-money.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/f/f3/Emblem-money.svg/32px-Emblem-money.svg.png 2x" data-file-width="48" data-file-height="48" /></a></span> </span><a href="/wiki/Portal:Business" title="Portal:Business">Business portal</a></li></ul></td></tr><tr><td class="sidebar-navbar"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><style data-mw-deduplicate="TemplateStyles:r1239400231">.mw-parser-output .navbar{display:inline;font-size:88%;font-weight:normal}.mw-parser-output .navbar-collapse{float:left;text-align:left}.mw-parser-output .navbar-boxtext{word-spacing:0}.mw-parser-output .navbar ul{display:inline-block;white-space:nowrap;line-height:inherit}.mw-parser-output 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plainlist"><tbody><tr><td class="sidebar-pretitle">Part of <a href="/wiki/Category:Economic_history" title="Category:Economic history">a series</a> on</td></tr><tr><th class="sidebar-title-with-pretitle" style="font-size:180%;font-weight:bold;"><a href="/wiki/Economic_history" title="Economic history">Economic history</a></th></tr><tr><th class="sidebar-heading" style="background:#ddddff;"> Particular histories of</th></tr><tr><td class="sidebar-content"> <div class="hlist"> <ul><li><a href="/wiki/History_of_advertising" title="History of advertising">Advertising</a></li> <li><a href="/wiki/Business_history" title="Business history">Business</a></li> <li><a href="/wiki/History_of_capitalism" title="History of capitalism">Capitalism</a></li> <li><a href="/wiki/Labor_history" title="Labor history">Labor</a></li> <li><a href="/wiki/History_of_money" title="History of money">Money</a></li> <li><a href="/wiki/History_of_retail" title="History of retail">Retail</a></li> <li><a href="/wiki/History_of_social_democracy" title="History of social democracy">Social democracy</a></li></ul> </div></td> </tr><tr><th class="sidebar-heading" style="background:#ddddff;"> Economics events</th></tr><tr><td class="sidebar-content"> <div class="hlist"> <ul><li><a href="/wiki/Recession" title="Recession">Recession</a></li> <li><a href="/wiki/Economic_miracle" title="Economic miracle">Economic miracle</a></li> <li><a class="mw-selflink selflink">Financial crisis</a></li> <li><a href="/wiki/Shock_(economics)" title="Shock (economics)">Shock</a></li></ul> </div></td> </tr><tr><th class="sidebar-heading" style="background:#ddddff;"> Prominent examples</th></tr><tr><td class="sidebar-content"> <div class="hlist"> <ul><li><a href="/wiki/Economic_antisemitism" title="Economic antisemitism">Economic antisemitism</a></li> <li><a href="/wiki/Economic_history_of_the_Arab_world" title="Economic history of the Arab world">Economic history of the Arab world</a></li> <li><a href="/wiki/Economy_of_the_Inca_Empire" title="Economy of the Inca Empire">Economy of the Inca Empire</a></li> <li><a href="/wiki/Industrialization_in_the_Soviet_Union" title="Industrialization in the Soviet Union">Industrialization in the Soviet Union</a></li></ul> </div></td> </tr><tr><td class="sidebar-navbar"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1239400231"><div class="navbar plainlinks hlist navbar-mini"><ul><li class="nv-view"><a href="/wiki/Template:Economic_history_sidebar" title="Template:Economic history sidebar"><abbr title="View this template">v</abbr></a></li><li class="nv-talk"><a href="/w/index.php?title=Template_talk:Economic_history_sidebar&action=edit&redlink=1" class="new" title="Template talk:Economic history sidebar (page does not exist)"><abbr title="Discuss this template">t</abbr></a></li><li class="nv-edit"><a href="/wiki/Special:EditPage/Template:Economic_history_sidebar" title="Special:EditPage/Template:Economic history sidebar"><abbr title="Edit this template">e</abbr></a></li></ul></div></td></tr></tbody></table> <p>A <b>financial crisis</b> is any of a broad variety of situations in which some financial assets suddenly lose a large part of their nominal value. In the 19th and early 20th centuries, many financial crises were associated with <a href="/wiki/Bank_run#Systemic_banking_crises" title="Bank run">banking panics</a>, and many <a href="/wiki/Recession" title="Recession">recessions</a> coincided with these panics. Other situations that are often called financial crises include <a href="/wiki/Stock_market_crash" title="Stock market crash">stock market crashes</a> and the <a href="/wiki/Life_Cycle_of_an_Economic_Crisis" class="mw-redirect" title="Life Cycle of an Economic Crisis">bursting</a> of other financial <a href="/wiki/Economic_bubble" title="Economic bubble">bubbles</a>, <a href="/wiki/Currency_crisis" title="Currency crisis">currency crises</a>, and <a href="/wiki/Sovereign_default" title="Sovereign default">sovereign defaults</a>.<sup id="cite_ref-1" class="reference"><a href="#cite_note-1"><span class="cite-bracket">[</span>1<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-2" class="reference"><a href="#cite_note-2"><span class="cite-bracket">[</span>2<span class="cite-bracket">]</span></a></sup> Financial crises directly result in a loss of <a href="/wiki/Paper_wealth" title="Paper wealth">paper wealth</a> but do not necessarily result in significant changes in the real economy (for example, the crisis resulting from the famous <a href="/wiki/Tulip_mania" title="Tulip mania">tulip mania</a> bubble in the 17th century). </p><p>Many economists have offered theories about how financial crises develop and how they could be prevented. There is little consensus and financial crises continue to occur from time to time. It is apparent however that a consistent feature of both economic (and other applied finance disciplines) is the obvious inability to predict and avert financial crises.<sup id="cite_ref-3" class="reference"><a href="#cite_note-3"><span class="cite-bracket">[</span>3<span class="cite-bracket">]</span></a></sup> This realization raises the question as to what is known and also capable of being known (i.e. the <a href="/wiki/Epistemology_of_finance" title="Epistemology of finance">epistemology</a>) within economics and applied finance. It has been argued that the assumptions of unique, well-defined causal chains being present in economic thinking, models and data, could, in part, explain why financial crises are often inherent and unavoidable.<sup id="cite_ref-:0_4-0" class="reference"><a href="#cite_note-:0-4"><span class="cite-bracket">[</span>4<span class="cite-bracket">]</span></a></sup> </p> <meta property="mw:PageProp/toc" /> <div class="mw-heading mw-heading2"><h2 id="Types">Types</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Financial_crisis&action=edit&section=1" title="Edit section: Types"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <div class="mw-heading mw-heading3"><h3 id="Banking_crisis">Banking crisis</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Financial_crisis&action=edit&section=2" title="Edit section: Banking crisis"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1236090951">.mw-parser-output .hatnote{font-style:italic}.mw-parser-output div.hatnote{padding-left:1.6em;margin-bottom:0.5em}.mw-parser-output .hatnote i{font-style:normal}.mw-parser-output .hatnote+link+.hatnote{margin-top:-0.5em}@media print{body.ns-0 .mw-parser-output .hatnote{display:none!important}}</style><div role="note" class="hatnote navigation-not-searchable">Main article: <a href="/wiki/Bank_run" title="Bank run">Bank run</a></div> <p>When a bank suffers a sudden rush of withdrawals by depositors, this is called a <i>bank run</i>. Since banks lend out most of the cash they receive in deposits (see <a href="/wiki/Fractional-reserve_banking" title="Fractional-reserve banking">fractional-reserve banking</a>), it is difficult for them to quickly pay back all deposits if these are suddenly demanded, so a run renders the bank insolvent, causing customers to lose their deposits, to the extent that they are not covered by deposit insurance. An event in which bank runs are widespread is called a <i>systemic banking crisis</i> or <i>banking panic</i>.<sup id="cite_ref-5" class="reference"><a href="#cite_note-5"><span class="cite-bracket">[</span>5<span class="cite-bracket">]</span></a></sup> </p><p>Examples of bank runs include the <a href="/wiki/Great_Depression#U.S._Federal_Reserve_and_money_supply" title="Great Depression">run on the Bank of the United States in 1931</a> and the run on <a href="/wiki/Northern_Rock" title="Northern Rock">Northern Rock</a> in 2007.<sup id="cite_ref-6" class="reference"><a href="#cite_note-6"><span class="cite-bracket">[</span>6<span class="cite-bracket">]</span></a></sup> Banking crises generally occur after periods of risky lending and resulting loan defaults. </p> <div class="mw-heading mw-heading3"><h3 id="Currency_crisis">Currency crisis</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Financial_crisis&action=edit&section=3" title="Edit section: Currency crisis"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Main article: <a href="/wiki/Currency_crisis" title="Currency crisis">Currency crisis</a></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">See also: <a href="/wiki/Hyperinflation" title="Hyperinflation">Hyperinflation</a></div> <p>A currency crisis, also called a devaluation crisis,<sup id="cite_ref-theglobaleconomy.com_7-0" class="reference"><a href="#cite_note-theglobaleconomy.com-7"><span class="cite-bracket">[</span>7<span class="cite-bracket">]</span></a></sup> is normally considered as part of a financial crisis. Kaminsky et al. (1998), for instance, define currency crises as occurring when a weighted average of monthly percentage depreciations in the exchange rate and monthly percentage declines in exchange reserves exceeds its mean by more than three standard deviations. Frankel and Rose (1996) define a currency crisis as a nominal depreciation of a currency of at least 25% but it is also defined as at least a 10% increase in the rate of depreciation. In general, a currency crisis can be defined as a situation when the participants in an exchange market come to recognize that a <a href="/wiki/Pegged_exchange_rate" class="mw-redirect" title="Pegged exchange rate">pegged exchange rate</a> is about to fail, causing <a href="/wiki/Speculation" title="Speculation">speculation</a> against the peg that hastens the failure and forces a <a href="/wiki/Devaluation" title="Devaluation">devaluation</a>.<sup id="cite_ref-theglobaleconomy.com_7-1" class="reference"><a href="#cite_note-theglobaleconomy.com-7"><span class="cite-bracket">[</span>7<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Speculative_bubbles_and_crashes">Speculative bubbles and crashes</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Financial_crisis&action=edit&section=4" title="Edit section: Speculative bubbles and crashes"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Main articles: <a href="/wiki/Economic_bubble" title="Economic bubble">Economic bubble</a>, <a href="/wiki/Irrational_exuberance" title="Irrational exuberance">Irrational exuberance</a>, <a href="/wiki/Credit_cycle" title="Credit cycle">Credit cycle</a>, <a href="/wiki/Credit_crunch" title="Credit crunch">Credit crunch</a>, and <a href="/wiki/Liquidity_crisis" title="Liquidity crisis">Liquidity crisis</a></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">See also: <a href="/wiki/Diamond_rush" title="Diamond rush">Diamond rush</a>, <a href="/wiki/Gold_rush" title="Gold rush">Gold rush</a>, <a href="/wiki/Oil_boom" title="Oil boom">Oil boom</a>, <a href="/wiki/List_of_commodity_booms" title="List of commodity booms">List of commodity booms</a>, <a href="/wiki/Minsky_moment" title="Minsky moment">Minsky moment</a>, <a href="/wiki/Real_estate_bubble" class="mw-redirect" title="Real estate bubble">Real estate bubble</a>, <a href="/wiki/Stock_market_bubble" title="Stock market bubble">Stock market bubble</a>, and <a href="/wiki/Stock_market_crash" title="Stock market crash">Stock market crash</a></div> <p>A speculative bubble (also called a financial bubble or an economic bubble) exists in the event of large, sustained overpricing of some class of assets.<sup id="cite_ref-8" class="reference"><a href="#cite_note-8"><span class="cite-bracket">[</span>8<span class="cite-bracket">]</span></a></sup> One factor that frequently contributes to a bubble is the presence of buyers who purchase an asset based solely on the expectation that they can later resell it at a higher price, rather than calculating the income it will generate in the future. If there is a bubble, there is also a risk of a <i>crash</i> in asset prices: market participants will go on buying only as long as they expect others to buy, and when many decide to sell the price will fall. However, it is difficult to predict whether an asset's price actually equals its fundamental value, so it is hard to detect bubbles reliably. Some economists insist that bubbles never or almost never occur.<sup id="cite_ref-9" class="reference"><a href="#cite_note-9"><span class="cite-bracket">[</span>9<span class="cite-bracket">]</span></a></sup> </p> <figure class="mw-default-size" typeof="mw:File/Thumb"><a href="/wiki/File:Schwarzer_Freitag_Wien_1873.jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/0/07/Schwarzer_Freitag_Wien_1873.jpg/220px-Schwarzer_Freitag_Wien_1873.jpg" decoding="async" width="220" height="146" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/0/07/Schwarzer_Freitag_Wien_1873.jpg/330px-Schwarzer_Freitag_Wien_1873.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/0/07/Schwarzer_Freitag_Wien_1873.jpg/440px-Schwarzer_Freitag_Wien_1873.jpg 2x" data-file-width="1581" data-file-height="1050" /></a><figcaption>Black Friday, 9 May 1873, Vienna Stock Exchange. The <a href="/wiki/Panic_of_1873" title="Panic of 1873">Panic of 1873</a> and <a href="/wiki/Long_Depression" title="Long Depression">Long Depression</a> followed.</figcaption></figure> <p>Well-known examples of bubbles (or purported bubbles) and crashes in stock prices and other asset prices include the 17th century Dutch <a href="/wiki/Tulip_mania" title="Tulip mania">tulip mania</a>, the 18th century <a href="/wiki/Bubble_Act" title="Bubble Act">South Sea Bubble</a>, the <a href="/wiki/Wall_Street_Crash_of_1929" class="mw-redirect" title="Wall Street Crash of 1929">Wall Street Crash of 1929</a>, the <a href="/wiki/Japanese_asset_price_bubble" title="Japanese asset price bubble">Japanese property bubble</a> of the 1980s, and the crash of the <a href="/wiki/United_States_housing_bubble" class="mw-redirect" title="United States housing bubble">United States housing bubble</a> during 2006–2008.<sup id="cite_ref-Moyers_Morgenson_10-0" class="reference"><a href="#cite_note-Moyers_Morgenson-10"><span class="cite-bracket">[</span>10<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-WSJ_Housing_Bubble_Burst_11-0" class="reference"><a href="#cite_note-WSJ_Housing_Bubble_Burst-11"><span class="cite-bracket">[</span>11<span class="cite-bracket">]</span></a></sup> The 2000s sparked a real estate bubble where housing prices were increasing significantly as an asset good.<sup id="cite_ref-12" class="reference"><a href="#cite_note-12"><span class="cite-bracket">[</span>12<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="International_financial_crisis">International financial crisis</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Financial_crisis&action=edit&section=5" title="Edit section: International financial crisis"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Main articles: <a href="/wiki/Currency_crisis" title="Currency crisis">Currency crisis</a>, <a href="/wiki/Debt_crisis" title="Debt crisis">Debt crisis</a>, and <a href="/wiki/Sovereign_default" title="Sovereign default">Sovereign default</a></div> <p>When a country that maintains a <a href="/wiki/Fixed_exchange_rate" class="mw-redirect" title="Fixed exchange rate">fixed exchange rate</a> is suddenly forced to <a href="/wiki/Devaluation" title="Devaluation">devalue</a> its currency due to accruing an unsustainable current account deficit, this is called a <i>currency crisis</i> or <i>balance of payments crisis</i>. When a country fails to pay back its <a href="/wiki/Sovereign_debt" class="mw-redirect" title="Sovereign debt">sovereign debt</a>, this is called a <i>sovereign default</i>. While devaluation and default could both be voluntary decisions of the government, they are often perceived to be the involuntary results of a change in investor sentiment that leads to a <a href="/wiki/Sudden_stop_(economics)" title="Sudden stop (economics)">sudden stop</a> in capital inflows or a sudden increase in <a href="/wiki/Capital_flight" title="Capital flight">capital flight</a>. </p><p>Several currencies that formed part of the <a href="/wiki/European_Exchange_Rate_Mechanism" title="European Exchange Rate Mechanism">European Exchange Rate Mechanism</a> suffered crises in 1992–93 and were forced to devalue or withdraw from the mechanism. Another round of currency crises took place in <a href="/wiki/Asian_financial_crisis" class="mw-redirect" title="Asian financial crisis">Asia in 1997–98</a>. Many <a href="/wiki/Latin_American_debt_crisis" title="Latin American debt crisis">Latin American countries defaulted</a> on their debt in the early 1980s. The <a href="/wiki/1998_Russian_financial_crisis" title="1998 Russian financial crisis">1998 Russian financial crisis</a> resulted in a devaluation of the ruble and default on Russian government bonds. </p> <div class="mw-heading mw-heading3"><h3 id="Wider_economic_crisis">Wider economic crisis</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Financial_crisis&action=edit&section=6" title="Edit section: Wider economic crisis"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Main articles: <a href="/wiki/Recession" title="Recession">Recession</a> and <a href="/wiki/Depression_(economics)" class="mw-redirect" title="Depression (economics)">Depression (economics)</a></div> <p>Negative GDP growth lasting two or more quarters is called a <i>recession</i>. An especially prolonged or severe recession may be called a <i>depression</i>, while a long period of slow but not necessarily negative growth is sometimes called <a href="/wiki/Economic_stagnation" title="Economic stagnation">economic stagnation</a>. </p> <figure class="mw-default-size mw-halign-right" typeof="mw:File/Thumb"><a href="/wiki/File:Financialcrisisconsumerspendings.JPG" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/0/0b/Financialcrisisconsumerspendings.JPG/220px-Financialcrisisconsumerspendings.JPG" decoding="async" width="220" height="147" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/0/0b/Financialcrisisconsumerspendings.JPG/330px-Financialcrisisconsumerspendings.JPG 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/0/0b/Financialcrisisconsumerspendings.JPG/440px-Financialcrisisconsumerspendings.JPG 2x" data-file-width="1024" data-file-height="685" /></a><figcaption>Declining consumer spending</figcaption></figure> <p>Some economists argue that many recessions have been caused in large part by financial crises. One important example is the <a href="/wiki/Great_Depression" title="Great Depression">Great Depression</a>, which was preceded in many countries by bank runs and stock market crashes. The <a href="/wiki/Subprime_mortgage_crisis" title="Subprime mortgage crisis">subprime mortgage crisis</a> and the bursting of other real estate bubbles around the world also led to recession in the U.S. and a number of other countries in late 2008 and 2009. 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. In particular, <a href="/wiki/Milton_Friedman" title="Milton Friedman">Milton Friedman</a> and <a href="/wiki/Anna_Schwartz" title="Anna Schwartz">Anna Schwartz</a> <a href="/wiki/A_Monetary_History_of_the_United_States" title="A Monetary History of the United States">argued</a> that the initial economic decline associated with the <a href="/wiki/Wall_Street_Crash_of_1929" class="mw-redirect" title="Wall Street Crash of 1929">crash of 1929</a> and the bank panics of the 1930s would not have turned into a prolonged depression if it had not been reinforced by monetary policy mistakes on the part of the Federal Reserve,<sup id="cite_ref-13" class="reference"><a href="#cite_note-13"><span class="cite-bracket">[</span>13<span class="cite-bracket">]</span></a></sup> a position supported by <a href="/wiki/Ben_Bernanke" title="Ben Bernanke">Ben Bernanke</a>.<sup id="cite_ref-14" class="reference"><a href="#cite_note-14"><span class="cite-bracket">[</span>14<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="Causes_and_consequences">Causes and consequences</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Financial_crisis&action=edit&section=7" title="Edit section: Causes and consequences"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <div class="mw-heading mw-heading3"><h3 id="Strategic_complementarities_in_financial_markets">Strategic complementarities in financial markets</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Financial_crisis&action=edit&section=8" title="Edit section: Strategic complementarities in financial markets"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Main articles: <a href="/wiki/Strategic_complementarity" class="mw-redirect" title="Strategic complementarity">Strategic complementarity</a> and <a href="/wiki/Self-fulfilling_prophecy" title="Self-fulfilling prophecy">Self-fulfilling prophecy</a></div> <p>It is often observed that successful investment requires each investor in a financial market to guess what other investors will do. <a href="/wiki/Reflexivity_(social_theory)" title="Reflexivity (social theory)">Reflexivity</a> refers to the circular relationships often evident in social systems between cause and effect – and relates to the property of self-referencing in financial markets.<sup id="cite_ref-15" class="reference"><a href="#cite_note-15"><span class="cite-bracket">[</span>15<span class="cite-bracket">]</span></a></sup> <a href="/wiki/George_Soros#Political_and_economic_views" title="George Soros">George Soros</a> has been a proponent of the <a href="/wiki/Reflexivity_(social_theory)" title="Reflexivity (social theory)">reflexivity</a> paradigm surrounding financial crises.<sup id="cite_ref-16" class="reference"><a href="#cite_note-16"><span class="cite-bracket">[</span>16<span class="cite-bracket">]</span></a></sup> Similarly, <a href="/wiki/John_Maynard_Keynes" title="John Maynard Keynes">John Maynard Keynes</a> compared financial markets to a <a href="/wiki/Keynesian_beauty_contest" title="Keynesian beauty contest">beauty contest game</a> in which each participant tries to predict which model <i>other</i> participants will consider most beautiful.<sup id="cite_ref-17" class="reference"><a href="#cite_note-17"><span class="cite-bracket">[</span>17<span class="cite-bracket">]</span></a></sup> </p><p>Furthermore, in many cases, investors have incentives to <a href="/wiki/Coordination_game" title="Coordination game">coordinate</a> their choices. For example, someone who thinks other investors want to heavily buy <a href="/wiki/Japanese_yen" title="Japanese yen">Japanese yen</a> may expect the yen to rise in value, and therefore has an incentive to buy yen, too. Likewise, a depositor in <a href="/wiki/IndyMac_Bank" class="mw-redirect" title="IndyMac Bank">IndyMac Bank</a> who expects other depositors to withdraw their funds may expect the bank to fail, and therefore has an incentive to withdraw, too. Economists call an incentive to mimic the strategies of others <i>strategic complementarity</i>.<sup id="cite_ref-18" class="reference"><a href="#cite_note-18"><span class="cite-bracket">[</span>18<span class="cite-bracket">]</span></a></sup> </p><p>It has been argued that if people or firms have a sufficiently strong incentive to do the same thing they expect others to do, then <i>self-fulfilling prophecies</i> may occur.<sup id="cite_ref-19" class="reference"><a href="#cite_note-19"><span class="cite-bracket">[</span>19<span class="cite-bracket">]</span></a></sup> For example, if investors expect the value of the yen to rise, this may cause its value to rise; if depositors expect a bank to fail this may cause it to fail.<sup id="cite_ref-diamonddybvig1983_20-0" class="reference"><a href="#cite_note-diamonddybvig1983-20"><span class="cite-bracket">[</span>20<span class="cite-bracket">]</span></a></sup> Therefore, financial crises are sometimes viewed as a <a href="/wiki/Virtuous_circle_and_vicious_circle" class="mw-redirect" title="Virtuous circle and vicious circle">vicious circle</a> in which investors shun some institution or asset because they expect others to do so.<sup id="cite_ref-obstfeld1996_21-0" class="reference"><a href="#cite_note-obstfeld1996-21"><span class="cite-bracket">[</span>21<span class="cite-bracket">]</span></a></sup> Reflexivity poses a challenge to the epistemic norms typically assumed within financial economics and all of empirical finance.<sup id="cite_ref-:0_4-1" class="reference"><a href="#cite_note-:0-4"><span class="cite-bracket">[</span>4<span class="cite-bracket">]</span></a></sup> The possibility of financial crises being beyond the predictive reach of causality is discussed further within <a href="/wiki/Epistemology_of_finance" title="Epistemology of finance">Epistemology of finance</a>. </p> <div class="mw-heading mw-heading3"><h3 id="Leverage">Leverage</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Financial_crisis&action=edit&section=9" title="Edit section: Leverage"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Main article: <a href="/wiki/Leverage_(finance)" title="Leverage (finance)">Leverage (finance)</a></div> <p><i>Leverage</i>, which means borrowing to finance investments, is frequently cited as a contributor to financial crises. When a financial institution (or an individual) only invests its own money, it can, in the very worst case, lose its own money. But when it borrows in order to invest more, it can potentially earn more from its investment, but it can also lose more than all it has. Therefore, leverage magnifies the potential returns from investment, but also creates a risk of <a href="/wiki/Bankruptcy" title="Bankruptcy">bankruptcy</a>. Since bankruptcy means that a firm fails to honor all its promised payments to other firms, it may spread financial troubles from one firm to another (see <a class="mw-selflink-fragment" href="#Contagion">'Contagion'</a> below). </p><p>For example, borrowing to finance investment in the <a href="/wiki/Stock_market" title="Stock market">stock market</a> ("<a href="/wiki/Margin_(finance)#Margin_buying" title="Margin (finance)">margin buying</a>") became increasingly common prior to the <a href="/wiki/Wall_Street_Crash_of_1929" class="mw-redirect" title="Wall Street Crash of 1929">Wall Street Crash of 1929</a>. </p> <div class="mw-heading mw-heading3"><h3 id="Asset-liability_mismatch">Asset-liability mismatch</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Financial_crisis&action=edit&section=10" title="Edit section: Asset-liability mismatch"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Main article: <a href="/wiki/Asset-liability_mismatch" class="mw-redirect" title="Asset-liability mismatch">Asset-liability mismatch</a></div> <p>Another factor believed to contribute to financial crises is <i>asset-liability mismatch</i>, a situation in which the risks associated with an institution's debts and assets are not appropriately aligned. For example, commercial banks offer deposit accounts that can be withdrawn at any time, and they use the proceeds to make long-term loans to businesses and homeowners. The mismatch between the banks' short-term liabilities (its deposits) and its long-term assets (its loans) is seen as one of the reasons <a href="/wiki/Bank_run" title="Bank run">bank runs</a> occur (when depositors panic and decide to withdraw their funds more quickly than the bank can get back the proceeds of its loans).<sup id="cite_ref-diamonddybvig1983_20-1" class="reference"><a href="#cite_note-diamonddybvig1983-20"><span class="cite-bracket">[</span>20<span class="cite-bracket">]</span></a></sup> Likewise, <a href="/wiki/Bear_Stearns" title="Bear Stearns">Bear Stearns</a> failed in 2007–08 because it was unable to renew the <a href="/wiki/Money_market" title="Money market">short-term debt</a> it used to finance long-term investments in mortgage securities. </p><p>In an international context, many emerging market governments are unable to sell bonds denominated in their own currencies, and therefore sell bonds denominated in US dollars instead. This generates a mismatch between the currency denomination of their liabilities (their bonds) and their assets (their local tax revenues), so that they run a risk of <a href="/wiki/Sovereign_default" title="Sovereign default">sovereign default</a> due to fluctuations in exchange rates.<sup id="cite_ref-22" class="reference"><a href="#cite_note-22"><span class="cite-bracket">[</span>22<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Uncertainty_and_herd_behavior">Uncertainty and herd behavior</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Financial_crisis&action=edit&section=11" title="Edit section: Uncertainty and herd behavior"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Main articles: <a href="/wiki/Behavioral_economics" title="Behavioral economics">Behavioral economics</a> and <a href="/wiki/Herd_behavior" title="Herd behavior">Herd behavior</a></div> <p>Many analyses of financial crises emphasize the role of investment mistakes caused by lack of knowledge or the imperfections of human reasoning. <a href="/wiki/Behavioral_finance" class="mw-redirect" title="Behavioral finance">Behavioural finance</a> studies errors in economic and quantitative reasoning. Psychologist Torbjorn K A Eliazon has also analyzed failures of economic reasoning in his concept of 'œcopathy'.<sup id="cite_ref-23" class="reference"><a href="#cite_note-23"><span class="cite-bracket">[</span>23<span class="cite-bracket">]</span></a></sup> </p><p>Historians, notably <a href="/wiki/Charles_P._Kindleberger" title="Charles P. Kindleberger">Charles P. Kindleberger</a>, have pointed out that crises often follow soon after major financial or technical innovations that present investors with new types of financial opportunities, which he called "displacements" of investors' expectations.<sup id="cite_ref-24" class="reference"><a href="#cite_note-24"><span class="cite-bracket">[</span>24<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-25" class="reference"><a href="#cite_note-25"><span class="cite-bracket">[</span>25<span class="cite-bracket">]</span></a></sup> Early examples include the <a href="/wiki/South_Sea_Bubble" class="mw-redirect" title="South Sea Bubble">South Sea Bubble</a> and <a href="/wiki/Mississippi_Bubble" class="mw-redirect" title="Mississippi Bubble">Mississippi Bubble</a> of 1720, which occurred when the notion of investment in shares of company <a href="/wiki/Stock" title="Stock">stock</a> was itself new and unfamiliar,<sup id="cite_ref-26" class="reference"><a href="#cite_note-26"><span class="cite-bracket">[</span>26<span class="cite-bracket">]</span></a></sup> and the <a href="/wiki/Crash_of_1929" class="mw-redirect" title="Crash of 1929">Crash of 1929</a>, which followed the introduction of new electrical and transportation technologies.<sup id="cite_ref-27" class="reference"><a href="#cite_note-27"><span class="cite-bracket">[</span>27<span class="cite-bracket">]</span></a></sup> More recently, many financial crises followed changes in the investment environment brought about by financial <a href="/wiki/Deregulation" title="Deregulation">deregulation</a>, and the crash of the <a href="/wiki/Dot_com_bubble" class="mw-redirect" title="Dot com bubble">dot com bubble</a> in 2001 arguably began with "irrational exuberance" about Internet technology.<sup id="cite_ref-28" class="reference"><a href="#cite_note-28"><span class="cite-bracket">[</span>28<span class="cite-bracket">]</span></a></sup> </p><p>Unfamiliarity with recent technical and <a href="/wiki/Financial_innovation" title="Financial innovation">financial innovations</a> may help explain how investors sometimes grossly overestimate asset values. Also, if the first investors in a new class of assets (for example, stock in "dot com" companies) profit from rising asset values as other investors learn about the innovation (in our example, as others learn about the potential of the Internet), then still more others may follow their example, driving the price even higher as they rush to buy in hopes of similar profits. If such "<a href="/wiki/Herd_behaviour" class="mw-redirect" title="Herd behaviour">herd behaviour</a>" causes prices to spiral up far above the true value of the assets, a crash may become inevitable. If for any reason the price briefly falls, so that investors realize that further gains are not assured, then the spiral may go into reverse, with price decreases causing a rush of sales, reinforcing the decrease in prices. </p> <div class="mw-heading mw-heading3"><h3 id="Regulatory_failures">Regulatory failures</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Financial_crisis&action=edit&section=12" title="Edit section: Regulatory failures"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Main articles: <a href="/wiki/Financial_regulation" title="Financial regulation">Financial regulation</a> and <a href="/wiki/Bank_regulation" class="mw-redirect" title="Bank regulation">Bank regulation</a></div> <p>Governments have attempted to eliminate or mitigate financial crises by regulating the financial sector. One major goal of regulation is <a href="/wiki/Transparency_(market)" title="Transparency (market)">transparency</a>: making institutions' financial situations publicly known by requiring regular reporting under standardized accounting procedures. Another goal of regulation is making sure institutions have sufficient assets to meet their contractual obligations, through <a href="/wiki/Reserve_requirement" title="Reserve requirement">reserve requirements</a>, <a href="/wiki/Capital_requirement" title="Capital requirement">capital requirements</a>, and other limits on <a href="/wiki/Leverage_(finance)" title="Leverage (finance)">leverage</a>. </p><p>Some financial crises have been blamed on insufficient regulation, and have led to changes in regulation in order to avoid a repeat. For example, the former Managing Director of the <a href="/wiki/International_Monetary_Fund" title="International Monetary Fund">International Monetary Fund</a>, <a href="/wiki/Dominique_Strauss-Kahn" title="Dominique Strauss-Kahn">Dominique Strauss-Kahn</a>, has blamed the <a href="/wiki/Financial_crisis_of_2007%E2%80%932008" class="mw-redirect" title="Financial crisis of 2007–2008">financial crisis of 2007–2008</a> on 'regulatory failure to guard against excessive risk-taking in the financial system, especially in the US'.<sup id="cite_ref-29" class="reference"><a href="#cite_note-29"><span class="cite-bracket">[</span>29<span class="cite-bracket">]</span></a></sup> Likewise, the New York Times singled out the deregulation of <a href="/wiki/Credit_default_swap" title="Credit default swap">credit default swaps</a> as a cause of the crisis.<sup id="cite_ref-30" class="reference"><a href="#cite_note-30"><span class="cite-bracket">[</span>30<span class="cite-bracket">]</span></a></sup> </p><p>However, excessive regulation has also been cited as a possible cause of financial crises. In particular, the <a href="/wiki/Basel_II_Accord" class="mw-redirect" title="Basel II Accord">Basel II Accord</a> has been criticized for requiring banks to increase their capital when risks rise, which might cause them to decrease lending precisely when capital is scarce, potentially aggravating a financial crisis.<sup id="cite_ref-31" class="reference"><a href="#cite_note-31"><span class="cite-bracket">[</span>31<span class="cite-bracket">]</span></a></sup> </p><p>International regulatory convergence has been interpreted in terms of regulatory herding, deepening market herding (discussed above) and so increasing systemic risk.<sup id="cite_ref-risk1_32-0" class="reference"><a href="#cite_note-risk1-32"><span class="cite-bracket">[</span>32<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-33" class="reference"><a href="#cite_note-33"><span class="cite-bracket">[</span>33<span class="cite-bracket">]</span></a></sup> From this perspective, maintaining diverse regulatory regimes would be a safeguard. </p><p>Fraud has played a role in the collapse of some financial institutions, when companies have attracted depositors with misleading claims about their investment strategies, or have <a href="/wiki/Embezzlement" title="Embezzlement">embezzled</a> the resulting income. Examples include <a href="/wiki/Charles_Ponzi" title="Charles Ponzi">Charles Ponzi</a>'s scam in early 20th century Boston, the collapse of the <a href="/wiki/MMM_(Ponzi_scheme)" class="mw-redirect" title="MMM (Ponzi scheme)">MMM</a> investment fund in Russia in 1994, the scams that led to the <a href="/wiki/1997_rebellion_in_Albania" class="mw-redirect" title="1997 rebellion in Albania">Albanian Lottery Uprising</a> of 1997, and the collapse of <a href="/wiki/Bernard_Madoff" class="mw-redirect" title="Bernard Madoff">Madoff Investment Securities</a> in 2008. </p><p>Many <a href="/wiki/Rogue_trader" title="Rogue trader">rogue traders</a> that have caused large losses at financial institutions have been accused of acting fraudulently in order to hide their trades. Fraud in mortgage financing has also been cited as one possible cause of the 2008 <a href="/wiki/Subprime_mortgage_crisis" title="Subprime mortgage crisis">subprime mortgage crisis</a>; government officials stated on 23 September 2008 that the <a href="/wiki/Federal_Bureau_of_Investigation" title="Federal Bureau of Investigation">FBI</a> was looking into possible fraud by mortgage financing companies <a href="/wiki/Fannie_Mae" title="Fannie Mae">Fannie Mae</a> and <a href="/wiki/Freddie_Mac" title="Freddie Mac">Freddie Mac</a>, <a href="/wiki/Lehman_Brothers" title="Lehman Brothers">Lehman Brothers</a>, and insurer <a href="/wiki/American_International_Group" title="American International Group">American International Group</a>.<sup id="cite_ref-34" class="reference"><a href="#cite_note-34"><span class="cite-bracket">[</span>34<span class="cite-bracket">]</span></a></sup> Likewise it has been argued that many financial companies failed in the <span class="cleanup-needed-content" style="padding-left:0.1em; padding-right:0.1em; color:var(--color-subtle, #54595d); border:1px solid var(--border-color-subtle, #c8ccd1);">recent crisis</span><sup class="noprint Inline-Template" style="margin-left:0.1em; white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Please_clarify" title="Wikipedia:Please clarify"><span title="which "recent crisis?" (February 2023)">clarification needed</span></a></i>]</sup> because their managers failed to carry out their fiduciary duties.<sup id="cite_ref-35" class="reference"><a href="#cite_note-35"><span class="cite-bracket">[</span>35<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Contagion">Contagion</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Financial_crisis&action=edit&section=13" title="Edit section: Contagion"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Main articles: <a href="/wiki/Financial_contagion" title="Financial contagion">Financial contagion</a> and <a href="/wiki/Systemic_risk" title="Systemic risk">Systemic risk</a></div> <p><i><a href="/wiki/Life_Cycle_of_an_Economic_Crisis" class="mw-redirect" title="Life Cycle of an Economic Crisis">Contagion</a></i> refers to the idea that financial crises may spread from one institution to another, as when a bank run spreads from a few banks to many others, or from one country to another, as when currency crises, sovereign defaults, or stock market crashes spread across countries. When the failure of one particular financial institution threatens the stability of many other institutions, this is called <i>systemic risk</i>.<sup id="cite_ref-risk1_32-1" class="reference"><a href="#cite_note-risk1-32"><span class="cite-bracket">[</span>32<span class="cite-bracket">]</span></a></sup> </p><p>One widely cited example of contagion was the spread of the <a href="/wiki/Asian_financial_crisis#Thailand" class="mw-redirect" title="Asian financial crisis">Thai crisis in 1997</a> to other countries like <a href="/wiki/South_Korea" title="South Korea">South Korea</a>. However, economists often debate whether observing crises in many countries around the same time is truly caused by contagion from one market to another, or whether it is instead caused by similar underlying problems that would have affected each country individually even in the absence of international linkages. </p> <div class="mw-heading mw-heading3"><h3 id="Interest_rate_disparity_and_capital_flows">Interest rate disparity and capital flows</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Financial_crisis&action=edit&section=14" title="Edit section: Interest rate disparity and capital flows"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>The nineteenth century Banking School theory of crises suggested that crises were caused by flows of investment capital between areas with different rates of interest. Capital could be borrowed in areas with low interest rates and invested in areas of high interest. Using this method a small profit could be made with little or no capital. However, when interest rates changed and the incentive for the flow was removed or reversed sudden changes in capital flows could occur. The subjects of investment might be starved of cash possibly becoming insolvent and creating a <a href="/wiki/Credit_crunch" title="Credit crunch">credit crunch</a> and the loaning banks would be left with defaulting investors leading to a banking crisis.<sup id="cite_ref-36" class="reference"><a href="#cite_note-36"><span class="cite-bracket">[</span>36<span class="cite-bracket">]</span></a></sup> As Charles Read has pointed out, the modern equivalent of this process involves the <a href="/wiki/Carry_(investment)" title="Carry (investment)">Carry Trade, see Carry (investment)</a>.<sup id="cite_ref-37" class="reference"><a href="#cite_note-37"><span class="cite-bracket">[</span>37<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Recessionary_effects">Recessionary effects</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Financial_crisis&action=edit&section=15" title="Edit section: Recessionary effects"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Some financial crises have little effect outside of the financial sector, like the <a href="/wiki/Black_Monday_(1987)" title="Black Monday (1987)">Wall Street crash of 1987</a>, but other crises are believed to have played a role in decreasing growth in the rest of the economy. There are many theories why a financial crisis could have a recessionary effect on the rest of the economy. These theoretical ideas include the '<a href="/wiki/Financial_accelerator" title="Financial accelerator">financial accelerator</a>', '<a href="/wiki/Flight_to_quality" class="mw-redirect" title="Flight to quality">flight to quality</a>' and '<a href="/wiki/Flight_to_liquidity" class="mw-redirect" title="Flight to liquidity">flight to liquidity</a>', and the <a href="/wiki/Kiyotaki-Moore_model" class="mw-redirect" title="Kiyotaki-Moore model">Kiyotaki-Moore model</a>. Some <a href="/wiki/Currency_crisis#Theories" title="Currency crisis">'third generation' models of currency crises</a> explore how currency crises and banking crises together can cause recessions.<sup id="cite_ref-38" class="reference"><a href="#cite_note-38"><span class="cite-bracket">[</span>38<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="Theories">Theories</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Financial_crisis&action=edit&section=16" title="Edit section: Theories"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <div class="mw-heading mw-heading3"><h3 id="Austrian_theories">Austrian theories</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Financial_crisis&action=edit&section=17" title="Edit section: Austrian theories"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Main article: <a href="/wiki/Austrian_business_cycle_theory" title="Austrian business cycle theory">Austrian business cycle theory</a></div> <p><a href="/wiki/Austrian_School" class="mw-redirect" title="Austrian School">Austrian School</a> economists Ludwig von Mises and Friedrich Hayek discussed the business cycle starting with Mises' <i>Theory of Money and Credit</i>, published in 1912. </p> <div class="mw-heading mw-heading3"><h3 id="Marxist_theories">Marxist theories</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Financial_crisis&action=edit&section=18" title="Edit section: Marxist theories"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Main article: <a href="/wiki/Crisis_(Marxian)" class="mw-redirect" title="Crisis (Marxian)">Crisis (Marxian)</a></div> <p>Recurrent major depressions in the world economy at the pace of 20 and 50 years have been the subject of studies since <a href="/wiki/Jean_Charles_L%C3%A9onard_de_Sismondi" title="Jean Charles Léonard de Sismondi">Jean Charles Léonard de Sismondi</a> (1773–1842) provided the first theory of crisis in a critique of classical political economy's assumption of equilibrium between supply and demand. Developing an economic <a href="/wiki/Crisis_theory" title="Crisis theory">crisis theory</a> became the central recurring concept throughout <a href="/wiki/Karl_Marx" title="Karl Marx">Karl Marx</a>'s mature work. Marx's <a href="/wiki/Tendency_of_the_rate_of_profit_to_fall" title="Tendency of the rate of profit to fall">law of the tendency for the rate of profit to fall</a> borrowed many features of the presentation of <a href="/wiki/John_Stuart_Mill" title="John Stuart Mill">John Stuart Mill</a>'s discussion <i>Of the Tendency of Profits to a Minimum</i> (Principles of Political Economy Book IV Chapter IV). The theory is a corollary of the <i>Tendency towards the Centralization of Profits</i>. </p><p>In a capitalist system, successfully-operating businesses return less money to their workers (in the form of wages) than the value of the goods produced by those workers (i.e. the amount of money the products are sold for). This <a href="/wiki/Profit_(economics)" title="Profit (economics)">profit</a> first goes towards covering the initial investment in the business. In the long-run, however, when one considers the combined economic activity of all successfully-operating business, it is clear that less money (in the form of wages) is being returned to the mass of the population (the workers) than is available to them to buy all of these goods being produced. Furthermore, the expansion of businesses in the process of competing for markets leads to an abundance of goods and a general fall in their prices, further exacerbating <i>the tendency for the rate of profit to fall</i>. </p><p>The viability of this theory depends upon two main factors: firstly, the degree to which profit is taxed by government and returned to the mass of people in the form of welfare, family benefits and health and education spending; and secondly, the proportion of the population who are workers rather than investors/business owners. Given the extraordinary capital expenditure required to enter modern economic sectors like airline transport, the military industry, or chemical production, these sectors are extremely difficult for new businesses to enter and are being concentrated in fewer and fewer hands. </p><p>Empirical and econometric research continues especially in the <a href="/wiki/World_systems_theory" class="mw-redirect" title="World systems theory">world systems theory</a> and in the debate about <a href="/wiki/Nikolai_Kondratiev" title="Nikolai Kondratiev">Nikolai Kondratiev</a> and the so-called 50-years <a href="/wiki/Kondratiev_waves" class="mw-redirect" title="Kondratiev waves">Kondratiev waves</a>. Major figures of world systems theory, like <a href="/wiki/Andre_Gunder_Frank" title="Andre Gunder Frank">Andre Gunder Frank</a> and <a href="/wiki/Immanuel_Wallerstein" title="Immanuel Wallerstein">Immanuel Wallerstein</a>, consistently warned about the crash that the world economy is now facing.<sup class="noprint Inline-Template Template-Fact" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Citation_needed" title="Wikipedia:Citation needed"><span title="This claim needs references to reliable sources. (October 2010)">citation needed</span></a></i>]</sup> World systems scholars and Kondratiev cycle researchers always implied that <a href="/wiki/Washington_Consensus" title="Washington Consensus">Washington Consensus</a> oriented economists never understood the dangers and perils, which leading industrial nations will be facing and are now facing at the end of the long <a href="/wiki/Economic_cycle" class="mw-redirect" title="Economic cycle">economic cycle</a> which began after the <a href="/wiki/1973_oil_crisis" title="1973 oil crisis">oil crisis</a> of 1973. </p> <div class="mw-heading mw-heading3"><h3 id="Minsky's_theory"><span id="Minsky.27s_theory"></span>Minsky's theory</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Financial_crisis&action=edit&section=19" title="Edit section: Minsky's theory"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p><a href="/wiki/Hyman_Minsky" title="Hyman Minsky">Hyman Minsky</a> has proposed a <a href="/wiki/Post-Keynesian_economics" title="Post-Keynesian economics">post-Keynesian</a> explanation that is most applicable to a closed economy. He theorized that <a href="/wiki/Financial_fragility" title="Financial fragility">financial fragility</a> is a typical feature of any <a href="/wiki/Capitalism" title="Capitalism">capitalist</a> <a href="/wiki/Economy" title="Economy">economy</a>. High fragility leads to a higher risk of a financial crisis. To facilitate his analysis, Minsky defines three approaches that financing firms may choose, according to their tolerance of risk. They are hedge finance, speculative finance, and <a href="/wiki/Ponzi" class="mw-redirect" title="Ponzi">Ponzi</a> finance. Ponzi finance leads to the most fragility. </p> <ul><li>for hedge finance, income flows are expected to meet financial obligations in every period, including both the principal and the interest on loans.</li> <li>for speculative finance, a firm must roll over debt because income flows are expected to only cover interest costs. None of the principal is paid off.</li> <li>for Ponzi finance, expected income flows will not even cover interest cost, so the firm must borrow more or sell off assets simply to service its debt. The hope is that either the market value of assets or income will rise enough to pay off interest and principal.</li></ul> <p>Financial fragility levels move together with the <a href="/wiki/Business_cycle" title="Business cycle">business cycle</a>. After a <a href="/wiki/Recession" title="Recession">recession</a>, firms have lost much financing and choose only hedge, the safest. As the economy grows and expected <a href="/wiki/Profit_(economics)" title="Profit (economics)">profits</a> rise, firms tend to believe that they can allow themselves to take on speculative financing. In this case, they know that profits will not cover all the <a href="/wiki/Interest" title="Interest">interest</a> all the time. Firms, however, believe that profits will rise and the loans will eventually be repaid without much trouble. More loans lead to more investment, and the economy grows further. Then lenders also start believing that they will get back all the money they lend. Therefore, they are ready to lend to firms without full guarantees of success. </p><p>Lenders know that such firms will have problems repaying. Still, they believe these firms will refinance from elsewhere as their expected profits rise. This is Ponzi financing. In this way, the economy has taken on much risky credit. Now it is only a question of time before some big firm actually defaults. Lenders understand the actual risks in the economy and stop giving credit so easily. <a href="/wiki/Refinancing" title="Refinancing">Refinancing</a> becomes impossible for many, and more firms default. If no new money comes into the economy to allow the refinancing process, a real economic crisis begins. During the recession, firms start to hedge again, and the cycle is closed. </p> <div class="mw-heading mw-heading3"><h3 id="Banking_School_theory_of_crises">Banking School theory of crises</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Financial_crisis&action=edit&section=20" title="Edit section: Banking School theory of crises"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>The Banking School theory of crises describes a continuous cycle driven by varying interest rates. It is based on the work of <a href="/wiki/Thomas_Tooke" title="Thomas Tooke">Thomas Tooke</a>, <a href="/wiki/Thomas_Attwood_(economist)" title="Thomas Attwood (economist)">Thomas Attwood</a>, <a href="/wiki/Henry_Thornton_(reformer)" title="Henry Thornton (reformer)">Henry Thornton</a>, <a href="/wiki/William_Stanley_Jevons" title="William Stanley Jevons">William Jevons</a> and a number of bankers opposed to the <a href="/wiki/Bank_Charter_Act_1844" title="Bank Charter Act 1844">Bank Charter Act 1844</a>. </p><p>Starting at a time when short-term interest rates are low, frustration builds up among investors who search for a better yield in countries and locations with higher rates, leading to increased capital flows to countries with higher rates. Internally, short-term rates rise above long-term rates causing failures where borrowing at short term rates has been used to invest long-term where the funds cannot be liquidated quickly (a similar mechanism was implicated in the March 2023 failure of <a href="/wiki/Silicon_Valley_Bank" title="Silicon Valley Bank">SVB Bank</a>). Internationally, arbitrage and the need to stop capital flows, which caused bullion drains in the gold standard of the nineteenth century and drains of foreign capital later, bring interest rates in the low-rate country up to equal those in the country which is the subject of investment. </p><p>The capital flows reverse or cease suddenly causing the subject of investment to be starved of funds and the remaining investors (often those who are least knowledgeable) to be left with devalued assets. Bankruptcies, defaults and bank failures follow as rates are pushed high. After the crisis governments push short-term interest rates low again to diminish the cost of servicing government borrowing which has been used to overcome the crisis. Funds build up again looking for investment opportunities and the cycle restarts from the beginning.<sup id="cite_ref-39" class="reference"><a href="#cite_note-39"><span class="cite-bracket">[</span>39<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Coordination_games">Coordination games</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Financial_crisis&action=edit&section=21" title="Edit section: Coordination games"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Main article: <a href="/wiki/Coordination_game" title="Coordination game">Coordination game</a></div> <p>Mathematical approaches to modeling financial crises have emphasized that there is often <a href="/wiki/Positive_feedback" title="Positive feedback">positive feedback</a><sup id="cite_ref-40" class="reference"><a href="#cite_note-40"><span class="cite-bracket">[</span>40<span class="cite-bracket">]</span></a></sup> between market participants' decisions (see <a href="/wiki/Strategic_complementarity" class="mw-redirect" title="Strategic complementarity">strategic complementarity</a>).<sup id="cite_ref-41" class="reference"><a href="#cite_note-41"><span class="cite-bracket">[</span>41<span class="cite-bracket">]</span></a></sup> Positive feedback implies that there may be dramatic changes in asset values in response to small changes in economic fundamentals. For example, some models of currency crises (including that of <a href="/wiki/Paul_Krugman" title="Paul Krugman">Paul Krugman</a>) imply that a fixed exchange rate may be stable for a long period of time, but will collapse suddenly in an <a href="/wiki/Speculative_attack" title="Speculative attack">avalanche of currency sales</a> in response to a sufficient deterioration of government finances or underlying economic conditions.<sup id="cite_ref-42" class="reference"><a href="#cite_note-42"><span class="cite-bracket">[</span>42<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-43" class="reference"><a href="#cite_note-43"><span class="cite-bracket">[</span>43<span class="cite-bracket">]</span></a></sup> </p><p>According to some theories, positive feedback implies that the economy can have more than one <a href="/wiki/Nash_equilibrium" title="Nash equilibrium">equilibrium</a>. There may be an equilibrium in which market participants invest heavily in asset markets because they expect assets to be valuable. This is the type of argument underlying <a href="/wiki/Diamond-Dybvig_model" class="mw-redirect" title="Diamond-Dybvig model">Diamond and Dybvig's model</a> of <a href="/wiki/Bank_run" title="Bank run">bank runs</a>, in which savers withdraw their assets from the bank because they expect others to withdraw too.<sup id="cite_ref-diamonddybvig1983_20-2" class="reference"><a href="#cite_note-diamonddybvig1983-20"><span class="cite-bracket">[</span>20<span class="cite-bracket">]</span></a></sup> Likewise, in <a href="/wiki/Currency_crisis#Theories" title="Currency crisis">Obstfeld's model of currency crises</a>, when economic conditions are neither too bad nor too good, there are two possible outcomes: speculators may or may not decide to attack the currency depending on what they expect other speculators to do.<sup id="cite_ref-obstfeld1996_21-1" class="reference"><a href="#cite_note-obstfeld1996-21"><span class="cite-bracket">[</span>21<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Herding_models_and_learning_models">Herding models and learning models</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Financial_crisis&action=edit&section=22" title="Edit section: Herding models and learning models"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Main articles: <a href="/wiki/Herd_behavior" title="Herd behavior">Herd behavior</a> and <a href="/wiki/Adaptive_expectations" title="Adaptive expectations">Adaptive expectations</a></div> <p>A variety of models have been developed in which asset values may spiral excessively up or down as investors learn from each other. In these models, asset purchases by a few agents encourage others to buy too, not because the true value of the asset increases when many buy (which is called "strategic complementarity"), but because investors come to believe the true asset value is high when they observe others buying. </p><p>In "herding" models, it is assumed that investors are fully rational, but only have partial information about the economy. In these models, when a few investors buy some type of asset, this reveals that they have some positive information about that asset, which increases the rational incentive of others to buy the asset too. Even though this is a fully rational decision, it may sometimes lead to mistakenly high asset values (implying, eventually, a crash) since the first investors may, by chance, have been mistaken.<sup id="cite_ref-44" class="reference"><a href="#cite_note-44"><span class="cite-bracket">[</span>44<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-45" class="reference"><a href="#cite_note-45"><span class="cite-bracket">[</span>45<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-46" class="reference"><a href="#cite_note-46"><span class="cite-bracket">[</span>46<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-47" class="reference"><a href="#cite_note-47"><span class="cite-bracket">[</span>47<span class="cite-bracket">]</span></a></sup> Herding models, based on <a href="/wiki/Complex_systems" class="mw-redirect" title="Complex systems">Complexity Science</a>, indicate that it is the internal structure of the market, not external influences, which is primarily responsible for crashes.<sup id="cite_ref-48" class="reference"><a href="#cite_note-48"><span class="cite-bracket">[</span>48<span class="cite-bracket">]</span></a></sup> </p><p>In "adaptive learning" or "adaptive expectations" models, investors are assumed to be imperfectly rational, basing their reasoning only on recent experience. In such models, if the price of a given asset rises for some period of time, investors may begin to believe that its price always rises, which increases their tendency to buy and thus drives the price up further. Likewise, observing a few price decreases may give rise to a downward price spiral, so in models of this type, large fluctuations in asset prices may occur. <a href="/wiki/Agent-Based_Computational_Economics" class="mw-redirect" title="Agent-Based Computational Economics">Agent-based models</a> of financial markets often assume investors act on the basis of adaptive learning or adaptive expectations. </p> <div class="mw-heading mw-heading2"><h2 id="Global_financial_crisis">Global financial crisis</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Financial_crisis&action=edit&section=23" title="Edit section: Global financial crisis"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Main article: <a href="/wiki/Global_Financial_Crisis" class="mw-redirect" title="Global Financial Crisis">Global Financial Crisis</a></div> <p>As the most recent and most damaging financial crisis event, the Global financial crisis, deserves special attention, as its causes, effects, response, and lessons are most applicable to the current <a href="/wiki/Financial_system" title="Financial system">financial system</a>. </p> <div class="mw-heading mw-heading2"><h2 id="History">History</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Financial_crisis&action=edit&section=24" title="Edit section: History"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">See also: <a href="/wiki/List_of_banking_crises" title="List of banking crises">List of banking crises</a> and <a href="/wiki/List_of_economic_crises" title="List of economic crises">List of economic crises</a></div> <figure class="mw-default-size" typeof="mw:File/Thumb"><a href="/wiki/File:South_Sea_Bubble_Cards-Tree.png" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/2/2d/South_Sea_Bubble_Cards-Tree.png/170px-South_Sea_Bubble_Cards-Tree.png" decoding="async" width="170" height="266" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/2/2d/South_Sea_Bubble_Cards-Tree.png/255px-South_Sea_Bubble_Cards-Tree.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/2/2d/South_Sea_Bubble_Cards-Tree.png/340px-South_Sea_Bubble_Cards-Tree.png 2x" data-file-width="2328" data-file-height="3645" /></a><figcaption>The bursting of the <a href="/wiki/South_Sea_Bubble" class="mw-redirect" title="South Sea Bubble">South Sea Bubble</a> and <a href="/wiki/Mississippi_Bubble" class="mw-redirect" title="Mississippi Bubble">Mississippi Bubble</a> in 1720 is regarded as the first modern financial crisis.</figcaption></figure> <p>A noted survey of financial crises is <i>This Time is Different: Eight Centuries of Financial Folly</i> (<a href="#CITEREFReinhartRogoff2009">Reinhart & Rogoff 2009</a>), by economists <a href="/wiki/Carmen_Reinhart" title="Carmen Reinhart">Carmen Reinhart</a> and <a href="/wiki/Kenneth_Rogoff" title="Kenneth Rogoff">Kenneth Rogoff</a>, who are regarded as among the foremost historians of financial crises.<sup id="cite_ref-49" class="reference"><a href="#cite_note-49"><span class="cite-bracket">[</span>49<span class="cite-bracket">]</span></a></sup> In this survey, they trace the history of financial crisis back to <a href="/wiki/Sovereign_default" title="Sovereign default">sovereign defaults</a> – default on <i>public</i> debt, – which were the form of crisis prior to the 18th century and continue, then and now causing private bank failures; crises since the 18th century feature both public debt default and private debt default. Reinhart and Rogoff also class <a href="/wiki/Debasement" title="Debasement">debasement</a> of currency and <a href="/wiki/Hyperinflation" title="Hyperinflation">hyperinflation</a> as being forms of financial crisis, broadly speaking, because they lead to unilateral reduction (repudiation) of debt. </p> <div class="mw-heading mw-heading3"><h3 id="Prior_to_19th_century">Prior to 19th century</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Financial_crisis&action=edit&section=25" title="Edit section: Prior to 19th century"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <figure class="mw-default-size" typeof="mw:File/Thumb"><a href="/wiki/File:8denarii.jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/d/d6/8denarii.jpg/220px-8denarii.jpg" decoding="async" width="220" height="108" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/d/d6/8denarii.jpg/330px-8denarii.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/d/d6/8denarii.jpg 2x" data-file-width="422" data-file-height="208" /></a><figcaption>The <a href="/wiki/Roman_empire" class="mw-redirect" title="Roman empire">Roman</a> <a href="/wiki/Denarius" title="Denarius">denarius</a> was debased over time.</figcaption></figure> <figure class="mw-default-size" typeof="mw:File/Thumb"><a href="/wiki/File:Portrait_of_Philip_II_of_Spain_by_Sofonisba_Anguissola_-_002b.jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/2/2d/Portrait_of_Philip_II_of_Spain_by_Sofonisba_Anguissola_-_002b.jpg/170px-Portrait_of_Philip_II_of_Spain_by_Sofonisba_Anguissola_-_002b.jpg" decoding="async" width="170" height="209" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/2/2d/Portrait_of_Philip_II_of_Spain_by_Sofonisba_Anguissola_-_002b.jpg/255px-Portrait_of_Philip_II_of_Spain_by_Sofonisba_Anguissola_-_002b.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/2/2d/Portrait_of_Philip_II_of_Spain_by_Sofonisba_Anguissola_-_002b.jpg/340px-Portrait_of_Philip_II_of_Spain_by_Sofonisba_Anguissola_-_002b.jpg 2x" data-file-width="2480" data-file-height="3051" /></a><figcaption><a href="/wiki/Philip_II_of_Spain" title="Philip II of Spain">Philip II of Spain</a> defaulted four times on Spain's debt.</figcaption></figure> <p>Reinhart and Rogoff trace inflation (to reduce debt) to <a href="/wiki/Dionysius_I_of_Syracuse" title="Dionysius I of Syracuse">Dionysius I</a>'s rule in <a href="/wiki/Syracuse,_Sicily" title="Syracuse, Sicily">Syracuse</a> and begin their "eight centuries" in 1258; debasement of currency also occurred under the <a href="/wiki/Roman_Empire" title="Roman Empire">Roman Empire</a> and <a href="/wiki/Byzantine_Empire" title="Byzantine Empire">Byzantine Empire</a>. A <a href="/wiki/Financial_crisis_of_33" title="Financial crisis of 33">financial crisis in 33 A.D.</a> caused by a contraction of money supply had been recorded by several Roman historians.<sup id="cite_ref-50" class="reference"><a href="#cite_note-50"><span class="cite-bracket">[</span>50<span class="cite-bracket">]</span></a></sup> </p><p>Among the earliest crises Reinhart and Rogoff studied is the 1340 default of England, due to setbacks in its war with France (the <a href="/wiki/Hundred_Years%27_War" title="Hundred Years' War">Hundred Years' War</a>; see <a href="/wiki/Hundred_Years%27_War_(1337%E2%80%931360)#Low_Countries_(1337–1341)" class="mw-redirect" title="Hundred Years' War (1337–1360)">details</a>). Further early sovereign defaults include seven defaults by the <a href="/wiki/Spanish_Empire" title="Spanish Empire">Spanish Empire</a>, four under <a href="/wiki/Philip_II_of_Spain" title="Philip II of Spain">Philip II</a>, three under his successors. </p><p>Other global and national financial mania since the 17th century include: </p> <ul><li>1637: Bursting of <a href="/wiki/Tulip_mania" title="Tulip mania">tulip mania</a> in the Netherlands – while tulip mania is popularly reported as an example of a financial crisis, and was a speculative bubble, <a href="/wiki/Tulip_mania#Modern_views" title="Tulip mania">modern scholarship</a> holds that its broader economic impact was limited to negligible, and that it did not precipitate a financial crisis.</li> <li>1720: Bursting of <a href="/wiki/South_Sea_Bubble" class="mw-redirect" title="South Sea Bubble">South Sea Bubble</a> (Great Britain) and <a href="/wiki/Mississippi_Bubble" class="mw-redirect" title="Mississippi Bubble">Mississippi Bubble</a> (France) – earliest of modern financial crises; in both cases the company assumed the national debt of the country (80–85% in Great Britain, 100% in France), and thereupon the bubble burst. The resulting crisis of confidence probably had a deep impact on the financial and political development of France.<sup id="cite_ref-51" class="reference"><a href="#cite_note-51"><span class="cite-bracket">[</span>51<span class="cite-bracket">]</span></a></sup></li> <li><a href="/wiki/Amsterdam_banking_crisis_of_1763" title="Amsterdam banking crisis of 1763">Crisis of 1763</a> – started in Amsterdam, begun by the collapse of <a href="/wiki/Johann_Ernst_Gotzkowsky" title="Johann Ernst Gotzkowsky">Johann Ernst Gotzkowsky</a> and <a href="/wiki/Leendert_Pieter_de_Neufville" title="Leendert Pieter de Neufville">Leendert Pieter de Neufville</a>'s bank, spread to Germany and Scandinavia.</li> <li><a href="/wiki/Crisis_of_1772" class="mw-redirect" title="Crisis of 1772">Crisis of 1772</a> – in London and Amsterdam. 20 important banks in London went bankrupt after one banking house defaulted (bankers Neal, James, Fordyce and Down).</li> <li>France's Financial and Debt Crisis (1783–1788) – France severe financial crisis due to the immense debt accrued through the French involvement in the Seven Years' War (1756–1763) and the American Revolution (1775–1783).</li> <li><a href="/wiki/Panic_of_1792" title="Panic of 1792">Panic of 1792</a> – run on banks in US precipitated by the expansion of credit by the newly formed Bank of the United States.</li> <li><a href="/wiki/Panic_of_1796%E2%80%931797" title="Panic of 1796–1797">Panic of 1796–1797</a> – British and US credit crisis caused by land speculation bubble.</li></ul> <div class="mw-heading mw-heading3"><h3 id="19th_century">19th century</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Financial_crisis&action=edit&section=26" title="Edit section: 19th century"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <ul><li><a href="/wiki/Danish_state_bankruptcy_of_1813" title="Danish state bankruptcy of 1813">Danish state bankruptcy of 1813</a>.</li> <li>Financial Crisis of 1818 – in England caused banks to call in loans and curtail new lending, draining specie out of the U.S.</li> <li><a href="/wiki/Panic_of_1819" title="Panic of 1819">Panic of 1819</a>: pervasive USA economic recession with bank failures; culmination of U.S.'s 1st boom-to-bust economic cycle.</li> <li><a href="/wiki/Panic_of_1825" title="Panic of 1825">Panic of 1825</a>: pervasive British economic recession in which many British banks failed, and the Bank of England nearly failed.</li> <li><a href="/wiki/Panic_of_1837" title="Panic of 1837">Panic of 1837</a>: pervasive USA economic recession with bank failures; a 5-year <i>depression</i> ensued.</li> <li><a href="/wiki/Panic_of_1847" title="Panic of 1847">Panic of 1847</a>: a collapse of British financial markets associated with the end of the 1840s <a href="/wiki/Railway" class="mw-redirect" title="Railway">railway</a> boom. Also see <a href="/wiki/Bank_Charter_Act_1844" title="Bank Charter Act 1844">Bank Charter Act of 1844</a>.</li> <li><a href="/wiki/Panic_of_1857" title="Panic of 1857">Panic of 1857</a>: pervasive USA economic recession with bank failures. The world economy was also more <a href="/wiki/Globalized" class="mw-redirect" title="Globalized">interconnected</a> by the 1850s, which also made the Panic of 1857 the first worldwide economic crisis.<sup id="cite_ref-52" class="reference"><a href="#cite_note-52"><span class="cite-bracket">[</span>52<span class="cite-bracket">]</span></a></sup></li> <li><a href="/wiki/Panic_of_1866" title="Panic of 1866">Panic of 1866</a>: the <a href="/wiki/Overend_Gurney_crisis" class="mw-redirect" title="Overend Gurney crisis">Overend Gurney crisis</a> (primarily British).</li> <li><a href="/wiki/Black_Friday_(1869)" title="Black Friday (1869)">Black Friday (1869)</a>: aka Gold Panic of 1869.</li> <li><a href="/wiki/Panic_of_1873" title="Panic of 1873">Panic of 1873</a>: pervasive USA economic recession with bank failures, known then as the 5 year <i>Great Depression</i> and now as the <a href="/wiki/Long_Depression" title="Long Depression">Long Depression</a>.</li> <li><a href="/wiki/Panic_of_1884" title="Panic of 1884">Panic of 1884</a>: a panic in the United States centred on New York banks.</li> <li><a href="/wiki/Panic_of_1890" class="mw-redirect" title="Panic of 1890">Panic of 1890</a>: aka Baring Crisis; near-failure of a major London bank led to corresponding South American financial crises.</li> <li><a href="/wiki/Panic_of_1893" title="Panic of 1893">Panic of 1893</a>: a panic in the United States marked by the collapse of railroad overbuilding and shaky railroad financing which set off a series of bank failures.</li> <li><a href="/wiki/Australian_banking_crisis_of_1893" title="Australian banking crisis of 1893">Australian banking crisis of 1893</a>.</li> <li><a href="/wiki/Panic_of_1896" title="Panic of 1896">Panic of 1896</a>: an acute <a href="/wiki/Recession" title="Recession">economic depression</a> in the <a href="/wiki/United_States" title="United States">United States</a> precipitated by a drop in <a href="/wiki/Free_silver" title="Free silver">silver reserves</a> and market concerns on the effects it would have on the <a href="/wiki/Gold_standard" title="Gold standard">gold standard</a>.</li></ul> <div class="mw-heading mw-heading3"><h3 id="20th_century">20th century</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Financial_crisis&action=edit&section=27" title="Edit section: 20th century"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <ul><li><a href="/wiki/Panic_of_1901" title="Panic of 1901">Panic of 1901</a>: limited to crashing of the New York Stock Exchange.</li> <li><a href="/wiki/Panic_of_1907" title="Panic of 1907">Panic of 1907</a>: pervasive USA economic recession with bank failures.</li> <li><a href="/wiki/Panic_of_1910%E2%80%931911" class="mw-redirect" title="Panic of 1910–1911">Panic of 1910–1911</a>.</li> <li>1910: <a href="/wiki/Shanghai_rubber_stock_market_crisis" title="Shanghai rubber stock market crisis">Shanghai rubber stock market crisis</a>.</li> <li>1914: The Great Financial Crisis (see <a href="/wiki/Aldrich%E2%80%93Vreeland_Act" title="Aldrich–Vreeland Act">Aldrich-Vreeland Act</a>).<sup id="cite_ref-53" class="reference"><a href="#cite_note-53"><span class="cite-bracket">[</span>53<span class="cite-bracket">]</span></a></sup></li> <li><a href="/wiki/Wall_Street_Crash_of_1929" class="mw-redirect" title="Wall Street Crash of 1929">Wall Street Crash of 1929</a>, followed by the <a href="/wiki/Great_Depression" title="Great Depression">Great Depression</a>: the largest and most important economic depression in the 20th century.</li> <li><a href="/wiki/Recession_of_1937%E2%80%931938" title="Recession of 1937–1938">1937-1938</a>: an economic downturn that occurred during the <a href="/wiki/Great_Depression_in_the_United_States" title="Great Depression in the United States">Great Depression</a>.</li> <li>1973: <a href="/wiki/1973_oil_crisis" title="1973 oil crisis">1973 oil crisis</a> – oil prices soared, causing the <a href="/wiki/1973%E2%80%931974_stock_market_crash" title="1973–1974 stock market crash">1973–1974 stock market crash</a>.</li> <li><a href="/wiki/Secondary_banking_crisis_of_1973%E2%80%931975" title="Secondary banking crisis of 1973–1975">Secondary banking crisis of 1973–1975</a>: United Kingdom.<figure class="mw-halign-right" typeof="mw:File/Thumb"><a href="/wiki/File:Panic_of_1884.jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/0/02/Panic_of_1884.jpg/180px-Panic_of_1884.jpg" decoding="async" width="180" height="227" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/0/02/Panic_of_1884.jpg/270px-Panic_of_1884.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/0/02/Panic_of_1884.jpg/360px-Panic_of_1884.jpg 2x" data-file-width="3028" data-file-height="3822" /></a><figcaption>Wall Street on the morning of 14 May during the Panic of 1884</figcaption></figure></li> <li>1980s: <a href="/wiki/Latin_American_debt_crisis" title="Latin American debt crisis">Latin American debt crisis</a> – beginning in Mexico in 1982 with the <a href="/wiki/Mexican_Weekend" title="Mexican Weekend">Mexican Weekend</a>.</li> <li>1980s-1990: <a href="/wiki/Savings_and_loan_crisis" title="Savings and loan crisis">Savings and loan crisis</a>.</li> <li><a href="/wiki/Bank_stock_crisis_(Israel_1983)" class="mw-redirect" title="Bank stock crisis (Israel 1983)">Bank stock crisis (Israel 1983)</a>.</li> <li>1987: <a href="/wiki/Black_Monday_(1987)" title="Black Monday (1987)">Black Monday (1987)</a> – the largest one-day percentage decline in stock market history.</li> <li><a href="/wiki/1988%E2%80%9392_Norwegian_banking_crisis" class="mw-redirect" title="1988–92 Norwegian banking crisis">1988–1992 Norwegian banking crisis</a>.</li> <li>1989–1991:<span class="flagicon"><span class="mw-image-border" typeof="mw:File"><a href="/wiki/United_States" title="United States"><img alt="United States" src="//upload.wikimedia.org/wikipedia/en/thumb/a/a4/Flag_of_the_United_States.svg/23px-Flag_of_the_United_States.svg.png" decoding="async" width="23" height="12" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/a/a4/Flag_of_the_United_States.svg/35px-Flag_of_the_United_States.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/a/a4/Flag_of_the_United_States.svg/46px-Flag_of_the_United_States.svg.png 2x" data-file-width="1235" data-file-height="650" /></a></span></span> <a href="/wiki/Savings_and_loan_crisis" title="Savings and loan crisis">United States Savings and Loan crisis</a>.</li> <li>1990: <a href="/wiki/Japanese_asset_price_bubble" title="Japanese asset price bubble">Japanese asset price bubble</a> collapsed.</li> <li>Early 1990s: Scandinavian banking crisis, <a href="/wiki/Economy_of_Sweden#Crisis_of_the_1990s" title="Economy of Sweden">Swedish banking crisis</a>, <a href="/wiki/Finnish_banking_crisis_of_1990s" class="mw-redirect" title="Finnish banking crisis of 1990s">Finnish banking crisis of 1990s</a>.</li> <li><a href="/wiki/Early_1990s_recession" title="Early 1990s recession">Early 1990s recession</a>.</li> <li>1991: <span class="flagicon"><span class="mw-image-border" typeof="mw:File"><a href="/wiki/India" title="India"><img alt="India" src="//upload.wikimedia.org/wikipedia/en/thumb/4/41/Flag_of_India.svg/23px-Flag_of_India.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/4/41/Flag_of_India.svg/35px-Flag_of_India.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/4/41/Flag_of_India.svg/45px-Flag_of_India.svg.png 2x" data-file-width="900" data-file-height="600" /></a></span></span> <a href="/wiki/1991_Indian_economic_crisis" title="1991 Indian economic crisis">1991 Indian economic crisis</a>.</li> <li>1992–1993: <a href="/wiki/Black_Wednesday" title="Black Wednesday">Black Wednesday</a> – speculative attacks on currencies in the <a href="/wiki/European_Exchange_Rate_Mechanism" title="European Exchange Rate Mechanism">European Exchange Rate Mechanism</a>.</li> <li>1994–1995: <span class="flagicon"><span class="mw-image-border" typeof="mw:File"><a href="/wiki/Mexico" title="Mexico"><img alt="Mexico" src="//upload.wikimedia.org/wikipedia/commons/thumb/f/fc/Flag_of_Mexico.svg/23px-Flag_of_Mexico.svg.png" decoding="async" width="23" height="13" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/f/fc/Flag_of_Mexico.svg/35px-Flag_of_Mexico.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/f/fc/Flag_of_Mexico.svg/46px-Flag_of_Mexico.svg.png 2x" data-file-width="980" data-file-height="560" /></a></span></span> <a href="/wiki/1994_economic_crisis_in_Mexico" class="mw-redirect" title="1994 economic crisis in Mexico">Economic crisis in Mexico</a> – speculative attack and default on Mexican debt.</li> <li>1997–1998: <a href="/wiki/1997_Asian_Financial_Crisis" class="mw-redirect" title="1997 Asian Financial Crisis">1997 Asian Financial Crisis</a> – devaluations and banking crises across Asia.</li> <li>1998: <span class="flagicon"><span class="mw-image-border" typeof="mw:File"><a href="/wiki/Russia" title="Russia"><img alt="Russia" src="//upload.wikimedia.org/wikipedia/en/thumb/f/f3/Flag_of_Russia.svg/23px-Flag_of_Russia.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/f/f3/Flag_of_Russia.svg/35px-Flag_of_Russia.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/f/f3/Flag_of_Russia.svg/45px-Flag_of_Russia.svg.png 2x" data-file-width="900" data-file-height="600" /></a></span></span> <a href="/wiki/1998_Russian_financial_crisis" title="1998 Russian financial crisis">Russian financial crisis</a>.</li></ul> <div class="mw-heading mw-heading3"><h3 id="21st_century">21st century</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Financial_crisis&action=edit&section=28" title="Edit section: 21st century"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <ul><li>2000–2001: <span class="flagicon"><span class="mw-image-border" typeof="mw:File"><a href="/wiki/Turkey" title="Turkey"><img alt="Turkey" src="//upload.wikimedia.org/wikipedia/commons/thumb/b/b4/Flag_of_Turkey.svg/23px-Flag_of_Turkey.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/b/b4/Flag_of_Turkey.svg/35px-Flag_of_Turkey.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/b/b4/Flag_of_Turkey.svg/45px-Flag_of_Turkey.svg.png 2x" data-file-width="1200" data-file-height="800" /></a></span></span> <a href="/wiki/2001_Turkish_economic_crisis" title="2001 Turkish economic crisis">2001 Turkish economic crisis</a></li> <li>2000: <a href="/wiki/Early_2000s_recession" title="Early 2000s recession">Early 2000s recession</a></li> <li>1999–2002: <span class="flagicon"><span class="mw-image-border" typeof="mw:File"><a href="/wiki/Argentina" title="Argentina"><img alt="Argentina" src="//upload.wikimedia.org/wikipedia/commons/thumb/1/1a/Flag_of_Argentina.svg/23px-Flag_of_Argentina.svg.png" decoding="async" width="23" height="14" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/1/1a/Flag_of_Argentina.svg/35px-Flag_of_Argentina.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/1/1a/Flag_of_Argentina.svg/46px-Flag_of_Argentina.svg.png 2x" data-file-width="800" data-file-height="500" /></a></span></span> <a href="/wiki/Argentine_economic_crisis_(1999-2002)" class="mw-redirect" title="Argentine economic crisis (1999-2002)">Argentine economic crisis (1999-2002)</a></li> <li>2001: Bursting of <a href="/wiki/Dot-com_bubble" title="Dot-com bubble">dot-com bubble</a></li> <li>2007–2008: <a href="/wiki/Financial_crisis_of_2007%E2%80%932008" class="mw-redirect" title="Financial crisis of 2007–2008">Global financial crisis of 2007–2008</a></li> <li>2008–2011: <span class="flagicon"><span class="mw-image-border" typeof="mw:File"><a href="/wiki/Iceland" title="Iceland"><img alt="Iceland" src="//upload.wikimedia.org/wikipedia/commons/thumb/c/ce/Flag_of_Iceland.svg/21px-Flag_of_Iceland.svg.png" decoding="async" width="21" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/c/ce/Flag_of_Iceland.svg/32px-Flag_of_Iceland.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/c/ce/Flag_of_Iceland.svg/42px-Flag_of_Iceland.svg.png 2x" data-file-width="1250" data-file-height="900" /></a></span></span> <a href="/wiki/Icelandic_financial_crisis" class="mw-redirect" title="Icelandic financial crisis">Icelandic financial crisis</a></li> <li>2008–2014: <span class="flagicon"><span class="mw-image-border" typeof="mw:File"><a href="/wiki/Spain" title="Spain"><img alt="Spain" src="//upload.wikimedia.org/wikipedia/en/thumb/9/9a/Flag_of_Spain.svg/23px-Flag_of_Spain.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/9/9a/Flag_of_Spain.svg/35px-Flag_of_Spain.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/9/9a/Flag_of_Spain.svg/45px-Flag_of_Spain.svg.png 2x" data-file-width="750" data-file-height="500" /></a></span></span> <a href="/wiki/2008%E2%80%932014_Spanish_financial_crisis" title="2008–2014 Spanish financial crisis">Spanish financial crisis</a></li> <li>2009–2010: <span class="flagicon"><span class="mw-image-border" typeof="mw:File"><a href="/wiki/Europe" title="Europe"><img alt="Europe" src="//upload.wikimedia.org/wikipedia/commons/thumb/b/b7/Flag_of_Europe.svg/23px-Flag_of_Europe.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/b/b7/Flag_of_Europe.svg/35px-Flag_of_Europe.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/b/b7/Flag_of_Europe.svg/45px-Flag_of_Europe.svg.png 2x" data-file-width="810" data-file-height="540" /></a></span></span> <a href="/wiki/European_debt_crisis" title="European debt crisis">European debt crisis</a></li> <li>2010–2018: <span class="flagicon"><span class="mw-image-border" typeof="mw:File"><a href="/wiki/Greece" title="Greece"><img alt="Greece" src="//upload.wikimedia.org/wikipedia/commons/thumb/5/5c/Flag_of_Greece.svg/23px-Flag_of_Greece.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/5/5c/Flag_of_Greece.svg/35px-Flag_of_Greece.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/5/5c/Flag_of_Greece.svg/45px-Flag_of_Greece.svg.png 2x" data-file-width="600" data-file-height="400" /></a></span></span> <a href="/wiki/Greek_government-debt_crisis" title="Greek government-debt crisis">Greek government-debt crisis</a></li> <li>2013–: <span class="flagicon"><span class="mw-image-border" typeof="mw:File"><a href="/wiki/Venezuela" title="Venezuela"><img alt="Venezuela" src="//upload.wikimedia.org/wikipedia/commons/thumb/0/06/Flag_of_Venezuela.svg/23px-Flag_of_Venezuela.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/0/06/Flag_of_Venezuela.svg/35px-Flag_of_Venezuela.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/0/06/Flag_of_Venezuela.svg/45px-Flag_of_Venezuela.svg.png 2x" data-file-width="900" data-file-height="600" /></a></span></span> <a href="/wiki/2013%E2%80%93present_economic_crisis_in_Venezuela" title="2013–present economic crisis in Venezuela">Ongoing Venezuelan economic crisis</a></li> <li>2014: <span class="flagicon"><span class="mw-image-border" typeof="mw:File"><a href="/wiki/Brazil" title="Brazil"><img alt="Brazil" src="//upload.wikimedia.org/wikipedia/en/thumb/0/05/Flag_of_Brazil.svg/22px-Flag_of_Brazil.svg.png" decoding="async" width="22" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/0/05/Flag_of_Brazil.svg/33px-Flag_of_Brazil.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/0/05/Flag_of_Brazil.svg/43px-Flag_of_Brazil.svg.png 2x" data-file-width="1000" data-file-height="700" /></a></span></span> <a href="/wiki/2014_Brazilian_economic_crisis" title="2014 Brazilian economic crisis">2014 Brazilian economic crisis</a></li> <li>2014–2016: <span class="flagicon"><span class="mw-image-border" typeof="mw:File"><a href="/wiki/Russia" title="Russia"><img alt="Russia" src="//upload.wikimedia.org/wikipedia/en/thumb/f/f3/Flag_of_Russia.svg/23px-Flag_of_Russia.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/f/f3/Flag_of_Russia.svg/35px-Flag_of_Russia.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/f/f3/Flag_of_Russia.svg/45px-Flag_of_Russia.svg.png 2x" data-file-width="900" data-file-height="600" /></a></span></span> <a href="/wiki/Russian_financial_crisis_(2014%E2%80%932016)" title="Russian financial crisis (2014–2016)">Russian financial crisis</a></li> <li>2018–: <span class="flagicon"><span class="mw-image-border" typeof="mw:File"><a href="/wiki/Turkey" title="Turkey"><img alt="Turkey" src="//upload.wikimedia.org/wikipedia/commons/thumb/b/b4/Flag_of_Turkey.svg/23px-Flag_of_Turkey.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/b/b4/Flag_of_Turkey.svg/35px-Flag_of_Turkey.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/b/b4/Flag_of_Turkey.svg/45px-Flag_of_Turkey.svg.png 2x" data-file-width="1200" data-file-height="800" /></a></span></span> <a href="/wiki/Turkish_economic_crisis_(2018%E2%80%93current)" title="Turkish economic crisis (2018–current)">Ongoing Turkish currency and debt crisis</a></li> <li>2019–: <span class="flagicon"><span class="mw-image-border" typeof="mw:File"><a href="/wiki/Sri_Lanka" title="Sri Lanka"><img alt="Sri Lanka" src="//upload.wikimedia.org/wikipedia/commons/thumb/1/11/Flag_of_Sri_Lanka.svg/23px-Flag_of_Sri_Lanka.svg.png" decoding="async" width="23" height="12" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/1/11/Flag_of_Sri_Lanka.svg/35px-Flag_of_Sri_Lanka.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/1/11/Flag_of_Sri_Lanka.svg/46px-Flag_of_Sri_Lanka.svg.png 2x" data-file-width="1200" data-file-height="600" /></a></span></span> <a href="/wiki/2019%E2%80%93present_Sri_Lankan_economic_crisis" class="mw-redirect" title="2019–present Sri Lankan economic crisis">Ongoing Sri Lankan currency and debt crisis</a></li> <li>2019–: <span class="flagicon"><span class="mw-image-border" typeof="mw:File"><a href="/wiki/Lebanon" title="Lebanon"><img alt="Lebanon" src="//upload.wikimedia.org/wikipedia/commons/thumb/5/59/Flag_of_Lebanon.svg/23px-Flag_of_Lebanon.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/5/59/Flag_of_Lebanon.svg/35px-Flag_of_Lebanon.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/5/59/Flag_of_Lebanon.svg/45px-Flag_of_Lebanon.svg.png 2x" data-file-width="900" data-file-height="600" /></a></span></span> <a href="/wiki/Lebanese_liquidity_crisis" title="Lebanese liquidity crisis">Ongoing Lebanese liquidity crisis</a></li> <li>2020: <a href="/wiki/2020_stock_market_crash" title="2020 stock market crash">2020 stock market crash</a> (especially <a href="/wiki/Black_Monday_(2020)" class="mw-redirect" title="Black Monday (2020)">Black Monday</a> and <a href="/wiki/Black_Thursday_(2020)" class="mw-redirect" title="Black Thursday (2020)">Black Thursday</a>)</li> <li>2022: <span class="flagicon"><span class="mw-image-border" typeof="mw:File"><a href="/wiki/Russia" title="Russia"><img alt="Russia" src="//upload.wikimedia.org/wikipedia/en/thumb/f/f3/Flag_of_Russia.svg/23px-Flag_of_Russia.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/f/f3/Flag_of_Russia.svg/35px-Flag_of_Russia.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/f/f3/Flag_of_Russia.svg/45px-Flag_of_Russia.svg.png 2x" data-file-width="900" data-file-height="600" /></a></span></span> <a href="/wiki/Economic_impact_of_the_2022_Russian_invasion_of_Ukraine" class="mw-redirect" title="Economic impact of the 2022 Russian invasion of Ukraine">Russian financial crisis</a></li> <li>2022–: <span class="flagicon"><span class="mw-image-border" typeof="mw:File"><a href="/wiki/Pakistan" title="Pakistan"><img alt="Pakistan" src="//upload.wikimedia.org/wikipedia/commons/thumb/3/32/Flag_of_Pakistan.svg/23px-Flag_of_Pakistan.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/3/32/Flag_of_Pakistan.svg/35px-Flag_of_Pakistan.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/3/32/Flag_of_Pakistan.svg/45px-Flag_of_Pakistan.svg.png 2x" data-file-width="900" data-file-height="600" /></a></span></span> <a href="/wiki/2022%E2%80%932023_Pakistani_economic_crisis" class="mw-redirect" title="2022–2023 Pakistani economic crisis">Ongoing Pakistani currency and debt crisis</a></li></ul> <div class="mw-heading mw-heading2"><h2 id="See_also">See also</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Financial_crisis&action=edit&section=29" title="Edit section: See also"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1259569809">.mw-parser-output .portalbox{padding:0;margin:0.5em 0;display:table;box-sizing:border-box;max-width:175px;list-style:none}.mw-parser-output .portalborder{border:1px solid var(--border-color-base,#a2a9b1);padding:0.1em;background:var(--background-color-neutral-subtle,#f8f9fa)}.mw-parser-output .portalbox-entry{display:table-row;font-size:85%;line-height:110%;height:1.9em;font-style:italic;font-weight:bold}.mw-parser-output .portalbox-image{display:table-cell;padding:0.2em;vertical-align:middle;text-align:center}.mw-parser-output .portalbox-link{display:table-cell;padding:0.2em 0.2em 0.2em 0.3em;vertical-align:middle}@media(min-width:720px){.mw-parser-output .portalleft{clear:left;float:left;margin:0.5em 1em 0.5em 0}.mw-parser-output .portalright{clear:right;float:right;margin:0.5em 0 0.5em 1em}}</style><ul role="navigation" aria-label="Portals" class="noprint portalbox portalborder portalright"> <li class="portalbox-entry"><span class="portalbox-image"><span class="noviewer" typeof="mw:File"><span><img alt="icon" src="//upload.wikimedia.org/wikipedia/commons/thumb/5/55/Bills_and_coins.svg/32px-Bills_and_coins.svg.png" decoding="async" width="32" height="16" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/5/55/Bills_and_coins.svg/48px-Bills_and_coins.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/5/55/Bills_and_coins.svg/64px-Bills_and_coins.svg.png 2x" data-file-width="960" data-file-height="465" /></span></span></span><span class="portalbox-link"><a href="/wiki/Portal:Money" title="Portal:Money">Money portal</a></span></li><li class="portalbox-entry"><span class="portalbox-image"><span class="noviewer" typeof="mw:File"><span><img alt="icon" src="//upload.wikimedia.org/wikipedia/commons/thumb/9/9d/All-currency-symbol.svg/28px-All-currency-symbol.svg.png" decoding="async" width="28" height="28" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/9/9d/All-currency-symbol.svg/42px-All-currency-symbol.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/9/9d/All-currency-symbol.svg/56px-All-currency-symbol.svg.png 2x" data-file-width="54" data-file-height="54" /></span></span></span><span class="portalbox-link"><a href="/wiki/Portal:Banks" title="Portal:Banks">Banks portal</a></span></li></ul> <style data-mw-deduplicate="TemplateStyles:r1184024115">.mw-parser-output .div-col{margin-top:0.3em;column-width:30em}.mw-parser-output .div-col-small{font-size:90%}.mw-parser-output .div-col-rules{column-rule:1px solid #aaa}.mw-parser-output .div-col dl,.mw-parser-output .div-col ol,.mw-parser-output .div-col ul{margin-top:0}.mw-parser-output .div-col li,.mw-parser-output .div-col dd{page-break-inside:avoid;break-inside:avoid-column}</style><div class="div-col" style="column-width: 16em;"> <ul><li><a href="/wiki/Bailout" title="Bailout">Bailout</a></li> <li><a href="/wiki/Financial_stability" title="Financial stability">Financial stability</a></li> <li><a href="/wiki/Flight-to-liquidity" title="Flight-to-liquidity">Flight-to-liquidity</a></li> <li><a href="/wiki/Global_debt_levels" class="mw-redirect" title="Global debt levels">Global debt levels</a></li> <li><a href="/wiki/Lender_of_last_resort" title="Lender of last resort">Lender of last resort</a></li> <li><a href="/wiki/Macroprudential_policy" class="mw-redirect" title="Macroprudential policy">Macroprudential policy</a></li> <li><a href="/wiki/Philosophy_and_economics" title="Philosophy and economics">Philosophy and economics</a></li> <li><a href="/wiki/Stock_market_crashes_in_India" title="Stock market crashes in India">Stock market crashes in India</a></li> <li><a href="/wiki/List_of_stock_market_crashes_and_bear_markets" title="List of stock market crashes and bear markets">List of stock market crashes and bear markets</a></li></ul> </div> <p><b>Specific:</b> </p> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1184024115"><div class="div-col"> <ul><li><a href="/wiki/2000s_energy_crisis" title="2000s energy crisis">2000s energy crisis</a></li> <li><a href="/wiki/2007%E2%80%932008_world_food_price_crisis" title="2007–2008 world food price crisis">2007–2008 world food price crisis</a></li> <li><i><a href="/wiki/America%27s_Great_Depression" title="America's Great Depression">America's Great Depression</a></i></li> <li><a href="/wiki/Great_Trade_Collapse" title="Great Trade Collapse">Great Trade Collapse</a></li></ul> </div> <div class="mw-heading mw-heading2"><h2 id="Literature">Literature</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Financial_crisis&action=edit&section=30" title="Edit section: Literature"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <div class="mw-heading mw-heading3"><h3 id="General_perspectives">General perspectives</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Financial_crisis&action=edit&section=31" title="Edit section: General perspectives"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <ul><li>Walter Bagehot (1873), <i><a href="/wiki/Lombard_Street:_A_Description_of_the_Money_Market" title="Lombard Street: A Description of the Money Market">Lombard Street: A Description of the Money Market</a></i>.</li> <li><a href="/wiki/Charles_P._Kindleberger" title="Charles P. Kindleberger">Charles P. Kindleberger</a> and Robert Aliber (2005), <i>Manias, Panics, and Crashes: A History of Financial Crises</i> (Palgrave Macmillan, 2005 <style data-mw-deduplicate="TemplateStyles:r1238218222">.mw-parser-output cite.citation{font-style:inherit;word-wrap:break-word}.mw-parser-output .citation q{quotes:"\"""\"""'""'"}.mw-parser-output .citation:target{background-color:rgba(0,127,255,0.133)}.mw-parser-output .id-lock-free.id-lock-free a{background:url("//upload.wikimedia.org/wikipedia/commons/6/65/Lock-green.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-limited.id-lock-limited a,.mw-parser-output .id-lock-registration.id-lock-registration a{background:url("//upload.wikimedia.org/wikipedia/commons/d/d6/Lock-gray-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-subscription.id-lock-subscription a{background:url("//upload.wikimedia.org/wikipedia/commons/a/aa/Lock-red-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .cs1-ws-icon a{background:url("//upload.wikimedia.org/wikipedia/commons/4/4c/Wikisource-logo.svg")right 0.1em center/12px no-repeat}body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-free a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-limited a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-registration a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-subscription a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .cs1-ws-icon a{background-size:contain;padding:0 1em 0 0}.mw-parser-output .cs1-code{color:inherit;background:inherit;border:none;padding:inherit}.mw-parser-output .cs1-hidden-error{display:none;color:var(--color-error,#d33)}.mw-parser-output .cs1-visible-error{color:var(--color-error,#d33)}.mw-parser-output .cs1-maint{display:none;color:#085;margin-left:0.3em}.mw-parser-output .cs1-kern-left{padding-left:0.2em}.mw-parser-output .cs1-kern-right{padding-right:0.2em}.mw-parser-output .citation .mw-selflink{font-weight:inherit}@media screen{.mw-parser-output .cs1-format{font-size:95%}html.skin-theme-clientpref-night .mw-parser-output .cs1-maint{color:#18911f}}@media screen and (prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .cs1-maint{color:#18911f}}</style><a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-1-4039-3651-6" title="Special:BookSources/978-1-4039-3651-6">978-1-4039-3651-6</a>).</li> <li>Gernot Kohler and Emilio José Chaves (Editors) "Globalization: Critical Perspectives" Hauppauge, New York: <a rel="nofollow" class="external text" href="http://www.novapublishers.com/">Nova Science Publishers</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/1-59033-346-2" title="Special:BookSources/1-59033-346-2">1-59033-346-2</a>. With contributions by <a href="/wiki/Samir_Amin" title="Samir Amin">Samir Amin</a>, <a href="/w/index.php?title=Christopher_Chase_Dunn&action=edit&redlink=1" class="new" title="Christopher Chase Dunn (page does not exist)">Christopher Chase Dunn</a>, <a href="/wiki/Andre_Gunder_Frank" title="Andre Gunder Frank">Andre Gunder Frank</a>, <a href="/wiki/Immanuel_Wallerstein" title="Immanuel Wallerstein">Immanuel Wallerstein</a></li> <li><a href="/wiki/Hyman_P._Minsky" class="mw-redirect" title="Hyman P. Minsky">Hyman P. Minsky</a> (1986, 2008), <i>Stabilizing an Unstable Economy</i>.</li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFReinhartRogoff2009" class="citation book cs1"><a href="/wiki/Carmen_Reinhart" title="Carmen Reinhart">Reinhart, Carmen</a>; <a href="/wiki/Kenneth_Rogoff" title="Kenneth Rogoff">Rogoff, Kenneth</a> (2009). <span class="id-lock-registration" title="Free registration required"><a rel="nofollow" class="external text" href="https://archive.org/details/thistimeisdiffer00rein_0"><i>This Time is Different: Eight Centuries of Financial Folly</i></a></span>. <a href="/wiki/Princeton_University_Press" title="Princeton University Press">Princeton University Press</a>. p. 496. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-0-691-14216-6" title="Special:BookSources/978-0-691-14216-6"><bdi>978-0-691-14216-6</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=This+Time+is+Different%3A+Eight+Centuries+of+Financial+Folly&rft.pages=496&rft.pub=Princeton+University+Press&rft.date=2009&rft.isbn=978-0-691-14216-6&rft.aulast=Reinhart&rft.aufirst=Carmen&rft.au=Rogoff%2C+Kenneth&rft_id=https%3A%2F%2Farchive.org%2Fdetails%2Fthistimeisdiffer00rein_0&rfr_id=info%3Asid%2Fen.wikipedia.org%3AFinancial+crisis" class="Z3988"></span></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFFerguson2009" class="citation book cs1"><a href="/wiki/Niall_Ferguson" title="Niall Ferguson">Ferguson, Niall</a> (2009). <span class="id-lock-registration" title="Free registration required"><a rel="nofollow" class="external text" href="https://archive.org/details/ascentofmoneyf00ferg"><i>The Ascent of Money: A Financial History of the World</i></a></span>. Penguin. pp. <a rel="nofollow" class="external text" href="https://archive.org/details/ascentofmoneyf00ferg/page/n465">448</a>. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-0-14-311617-2" title="Special:BookSources/978-0-14-311617-2"><bdi>978-0-14-311617-2</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=The+Ascent+of+Money%3A+A+Financial+History+of+the+World&rft.pages=448&rft.pub=Penguin&rft.date=2009&rft.isbn=978-0-14-311617-2&rft.aulast=Ferguson&rft.aufirst=Niall&rft_id=https%3A%2F%2Farchive.org%2Fdetails%2Fascentofmoneyf00ferg&rfr_id=info%3Asid%2Fen.wikipedia.org%3AFinancial+crisis" class="Z3988"></span></li> <li>Joachim Vogt (2014), <i><a rel="nofollow" class="external text" href="https://www.ubscenter.uzh.ch/en/publications/public_papers/fear-folly-and-financial-crises.html">Fear, Folly, and Financial Crises – Some Policy Lessons from History</a></i>, UBS Center Public Papers, Issue 2, UBS International Center of Economics in Society, Zurich.</li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFRead2022" class="citation book cs1">Read, Charles (2022). <i>Calming the storms : the carry trade, the banking school and British financial crises since 1825</i>. Cham, Switzerland. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-3-031-11914-9" title="Special:BookSources/978-3-031-11914-9"><bdi>978-3-031-11914-9</bdi></a>. <a href="/wiki/OCLC_(identifier)" class="mw-redirect" title="OCLC (identifier)">OCLC</a> <a rel="nofollow" class="external text" href="https://search.worldcat.org/oclc/1360456914">1360456914</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Calming+the+storms+%3A+the+carry+trade%2C+the+banking+school+and+British+financial+crises+since+1825&rft.place=Cham%2C+Switzerland&rft.date=2022&rft_id=info%3Aoclcnum%2F1360456914&rft.isbn=978-3-031-11914-9&rft.aulast=Read&rft.aufirst=Charles&rfr_id=info%3Asid%2Fen.wikipedia.org%3AFinancial+crisis" class="Z3988"></span><span class="cs1-maint citation-comment"><code class="cs1-code">{{<a href="/wiki/Template:Cite_book" title="Template:Cite book">cite book</a>}}</code>: CS1 maint: location missing publisher (<a href="/wiki/Category:CS1_maint:_location_missing_publisher" title="Category:CS1 maint: location missing publisher">link</a>)</span></li></ul> <div class="mw-heading mw-heading3"><h3 id="Banking_crises">Banking crises</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Financial_crisis&action=edit&section=32" title="Edit section: Banking crises"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <ul><li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFAllenGale2000" class="citation journal cs1">Allen, Franklin; Gale, Douglas (February 2000). "Financial Contagion". <i>Journal of Political Economy</i>. <b>108</b> (1): 1–33. <a href="/wiki/Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<a rel="nofollow" class="external text" href="https://doi.org/10.1086%2F262109">10.1086/262109</a>. <a href="/wiki/S2CID_(identifier)" class="mw-redirect" title="S2CID (identifier)">S2CID</a> <a rel="nofollow" class="external text" href="https://api.semanticscholar.org/CorpusID:222441436">222441436</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Journal+of+Political+Economy&rft.atitle=Financial+Contagion&rft.volume=108&rft.issue=1&rft.pages=1-33&rft.date=2000-02&rft_id=info%3Adoi%2F10.1086%2F262109&rft_id=https%3A%2F%2Fapi.semanticscholar.org%2FCorpusID%3A222441436%23id-name%3DS2CID&rft.aulast=Allen&rft.aufirst=Franklin&rft.au=Gale%2C+Douglas&rfr_id=info%3Asid%2Fen.wikipedia.org%3AFinancial+crisis" class="Z3988"></span></li> <li>Franklin Allen and Douglas Gale (2007), <i>Understanding Financial Crises</i>.</li> <li><a href="/wiki/Charles_W._Calomiris" class="mw-redirect" title="Charles W. Calomiris">Charles W. Calomiris</a> and <a href="/wiki/Stephen_Haber" title="Stephen Haber">Stephen H. Haber</a> (2014), <i>Fragile by Design: The Political Origins of Banking Crises and Scarce Credit</i>, Princeton, NJ: <a href="/wiki/Princeton_University_Press" title="Princeton University Press">Princeton University Press</a>.</li> <li>Jean-Charles Rochet (2008), <i>Why Are There So Many Banking Crises? The Politics and Policy of Bank Regulation</i>.</li> <li>R. Glenn Hubbard, ed., (1991) <i>Financial Markets and Financial Crises</i>.</li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFDiamondDybvig1983" class="citation journal cs1">Diamond, Douglas W.; Dybvig, Philip H. (June 1983). <a rel="nofollow" class="external text" href="http://minneapolisfed.org/research/qr/qr2412.pdf">"Bank Runs, Deposit Insurance, and Liquidity"</a> <span class="cs1-format">(PDF)</span>. <i>Journal of Political Economy</i>. <b>91</b> (3): 401–419. <a href="/wiki/Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<a rel="nofollow" class="external text" href="https://doi.org/10.1086%2F261155">10.1086/261155</a>. <a href="/wiki/S2CID_(identifier)" class="mw-redirect" title="S2CID (identifier)">S2CID</a> <a rel="nofollow" class="external text" href="https://api.semanticscholar.org/CorpusID:14214187">14214187</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Journal+of+Political+Economy&rft.atitle=Bank+Runs%2C+Deposit+Insurance%2C+and+Liquidity&rft.volume=91&rft.issue=3&rft.pages=401-419&rft.date=1983-06&rft_id=info%3Adoi%2F10.1086%2F261155&rft_id=https%3A%2F%2Fapi.semanticscholar.org%2FCorpusID%3A14214187%23id-name%3DS2CID&rft.aulast=Diamond&rft.aufirst=Douglas+W.&rft.au=Dybvig%2C+Philip+H.&rft_id=http%3A%2F%2Fminneapolisfed.org%2Fresearch%2Fqr%2Fqr2412.pdf&rfr_id=info%3Asid%2Fen.wikipedia.org%3AFinancial+crisis" class="Z3988"></span></li> <li><a href="/wiki/Luc_Laeven" title="Luc Laeven">Luc Laeven</a> and Fabian Valencia (2008), <a rel="nofollow" class="external text" href="http://www.imf.org/external/pubs/cat/longres.cfm?sk=22345.0">'Systemic banking crises: a new database'</a>. International Monetary Fund Working Paper 08/224.</li> <li>Thomas Marois (2012), States, Banks and Crisis: Emerging Finance Capitalism in Mexico and Turkey, Edward Elgar Publishing Limited, Cheltenham, UK.</li></ul> <div class="mw-heading mw-heading3"><h3 id="Bubbles_and_crashes">Bubbles and crashes</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Financial_crisis&action=edit&section=33" title="Edit section: Bubbles and crashes"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <ul><li><a href="/wiki/Roy_Dutton" title="Roy Dutton">Dutton, Roy (2010)</a>,<i> Financial Meltdown 2010 (Hardback)</i>. Infodial. <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-0-9556554-3-2" title="Special:BookSources/978-0-9556554-3-2">978-0-9556554-3-2</a></li> <li><a href="/wiki/Charles_Mackay_(author)" title="Charles Mackay (author)">Charles Mackay</a> (1841), <i><a href="/wiki/Extraordinary_Popular_Delusions_and_the_Madness_of_Crowds" title="Extraordinary Popular Delusions and the Madness of Crowds">Extraordinary Popular Delusions and the Madness of Crowds</a></i></li> <li><a href="/wiki/Didier_Sornette" title="Didier Sornette">Didier Sornette</a> (2003), <i>Why Stock Markets Crash</i>, Princeton University Press.</li> <li>Robert J. Shiller (1999, 2006), <i>Irrational Exuberance</i>.</li> <li><a href="/wiki/Markus_Brunnermeier" title="Markus Brunnermeier">Markus Brunnermeier</a> (2008), 'Bubbles', <i>New Palgrave Dictionary of Economics</i>, 2nd ed.</li> <li>Douglas French (2009) <i><a rel="nofollow" class="external text" href="https://mises.org/document/3628/Early-Speculative-Bubbles-and-Increases-in-the-Supply-of-Money">Early Speculative Bubbles and Increases in the Supply of Money</a></i></li> <li>Markus K. Brunnermeier (2001), <i>Asset Pricing under Asymmetric Information: Bubbles, Crashes, Technical Analysis, and Herding</i>, Oxford University Press. <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/0-19-829698-3" title="Special:BookSources/0-19-829698-3">0-19-829698-3</a>.</li></ul> <div class="mw-heading mw-heading3"><h3 id="International_financial_crises">International financial crises</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Financial_crisis&action=edit&section=34" title="Edit section: International financial crises"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <ul><li><a href="/wiki/Nicola_Acocella" title="Nicola Acocella">Acocella, N.</a> Di Bartolomeo, G. and Hughes Hallett, A. [2012], ‘<i>Central banks and economic policy after the crisis: what have we learned?</i>’, ch. 5 in: Baker, H.K. and Riddick, L.A. (eds.), ‘<i>Survey of International Finance</i>’, Oxford University Press.</li> <li>Paul Krugman (1995), <i>Currencies and Crises</i>.</li> <li>Craig Burnside, <a href="/wiki/Martin_Eichenbaum" title="Martin Eichenbaum">Martin Eichenbaum</a>, and Sergio Rebelo (2008), 'Currency crisis models', <i>New Palgrave Dictionary of Economics</i>, 2nd ed.</li> <li>Maurice Obstfeld (1996), 'Models of currency crises with self-fulfilling features'. <i>European Economic Review</i> 40.</li> <li><a href="/wiki/Stephen_Morris_(game_theorist)" class="mw-redirect" title="Stephen Morris (game theorist)">Stephen Morris</a> and <a href="/wiki/Hyun_Song_Shin" class="mw-redirect" title="Hyun Song Shin">Hyun Song Shin</a> (1998), 'Unique equilibrium in a model of self-fulfilling currency attacks'. <i>American Economic Review</i> 88 (3).</li> <li>Barry Eichengreen (2004), <i>Capital Flows and Crises</i>.</li> <li>Charles Goodhart and P. Delargy (1998), 'Financial crises: plus ça change, plus c'est la même chose'. <i>International Finance</i> 1 (2), pp. 261–87.</li> <li>Jean Tirole (2002), <i>Financial Crises, Liquidity, and the International Monetary System</i>.</li> <li>Guillermo Calvo (2005), <i>Emerging Capital Markets in Turmoil: Bad Luck or Bad Policy?</i></li> <li>Barry Eichengreen (2002), <i>Financial Crises: And What to Do about Them</i>.</li> <li>Charles Calomiris (1998), <a rel="nofollow" class="external text" href="https://web.archive.org/web/20090504021125/http://www.house.gov/jec/imf/blueprnt.htm">'Blueprints for a new global financial architecture'</a>.</li></ul> <div class="mw-heading mw-heading3"><h3 id="The_Great_Depression_and_earlier_banking_crises">The Great Depression and earlier banking crises</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Financial_crisis&action=edit&section=35" title="Edit section: The Great Depression and earlier banking crises"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <ul><li>Murray Rothbard (1962), <i><a href="/wiki/The_Panic_of_1819_(book)" title="The Panic of 1819 (book)">The Panic of 1819</a></i></li> <li>Murray Rothbard (1963), <i><a rel="nofollow" class="external text" href="https://www.mises.org/rothbard/agd/contents.asp">America`s Great Depression</a></i>.</li> <li>Milton Friedman and Anna Schwartz (1971), <i>A Monetary History of the United States</i>.</li> <li>Ben S. Bernanke (2000), <i>Essays on the Great Depression</i>.</li> <li>Robert F. Bruner (2007), <i>The Panic of 1907. Lessons Learned from the Market's Perfect Storm</i>.</li></ul> <div class="mw-heading mw-heading3"><h3 id="Recent_international_financial_crises">Recent international financial crises</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Financial_crisis&action=edit&section=36" title="Edit section: Recent international financial crises"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <ul><li>Barry Eichengreen and Peter Lindert, eds., (1992), <i>The International Debt Crisis in Historical Perspective</i>.</li> <li>Lessons from the Asian financial crisis / edited by Richard Carney. New York, NY : Routledge, 2009. <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-0-415-48190-8" title="Special:BookSources/978-0-415-48190-8">978-0-415-48190-8</a> (hardback) <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/0-415-48190-2" title="Special:BookSources/0-415-48190-2">0-415-48190-2</a> (hardback) <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-0-203-88477-5" title="Special:BookSources/978-0-203-88477-5">978-0-203-88477-5</a> (ebook) <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/0-203-88477-9" title="Special:BookSources/0-203-88477-9">0-203-88477-9</a> (ebook)</li> <li>Robertson, Justin, 1972– US-Asia economic relations : a political economy of crisis and the rise of new business actors / Justin Robertson. Abingdon, Oxon ; New York, NY : Routledge, 2008. <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-0-415-46951-7" title="Special:BookSources/978-0-415-46951-7">978-0-415-46951-7</a> (hbk.) <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-0-203-89052-3" title="Special:BookSources/978-0-203-89052-3">978-0-203-89052-3</a> (ebook)</li></ul> <div class="mw-heading mw-heading3"><h3 id="2007–2012_financial_crisis"><span id="2007.E2.80.932012_financial_crisis"></span>2007–2012 financial crisis</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Financial_crisis&action=edit&section=37" title="Edit section: 2007–2012 financial crisis"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <ul><li>Robert J. Shiller (2008), <i>The Subprime Solution: How Today's Global Financial Crisis Happened, and What to Do About It</i>. <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/0-691-13929-6" title="Special:BookSources/0-691-13929-6">0-691-13929-6</a>.</li> <li><a href="/wiki/John_C._Coffee" title="John C. Coffee">JC Coffee</a>, ‘What went wrong? An initial inquiry into the causes of the 2008 financial crisis’ (2009) 9(1) Journal of Corporate Law Studies 1</li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFMarchionneFratianni2009" class="citation journal cs1">Marchionne, Francesco; Fratianni, Michele U. (10 April 2009). "The Role of Banks in the Subprime Financial Crisis". <a href="/wiki/SSRN_(identifier)" class="mw-redirect" title="SSRN (identifier)">SSRN</a> <a rel="nofollow" class="external text" href="https://papers.ssrn.com/sol3/papers.cfm?abstract_id=1383473">1383473</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.atitle=The+Role+of+Banks+in+the+Subprime+Financial+Crisis&rft.date=2009-04-10&rft_id=https%3A%2F%2Fpapers.ssrn.com%2Fsol3%2Fpapers.cfm%3Fabstract_id%3D1383473%23id-name%3DSSRN&rft.aulast=Marchionne&rft.aufirst=Francesco&rft.au=Fratianni%2C+Michele+U.&rfr_id=info%3Asid%2Fen.wikipedia.org%3AFinancial+crisis" class="Z3988"></span> <span class="cs1-visible-error citation-comment"><code class="cs1-code">{{<a href="/wiki/Template:Cite_journal" title="Template:Cite journal">cite journal</a>}}</code>: </span><span class="cs1-visible-error citation-comment">Cite journal requires <code class="cs1-code">|journal=</code> (<a href="/wiki/Help:CS1_errors#missing_periodical" title="Help:CS1 errors">help</a>)</span></li> <li>Markus Brunnermeier (2009), 'Deciphering the liquidity and credit crunch 2007–2008'. <i>Journal of Economic Perspectives</i> 23 (1), pp. 77–100.</li> <li><a href="/wiki/Paul_Krugman" title="Paul Krugman">Paul Krugman</a> (2008), <i><a href="/wiki/The_Return_of_Depression_Economics_and_the_Crisis_of_2008" title="The Return of Depression Economics and the Crisis of 2008">The Return of Depression Economics and the Crisis of 2008</a></i>. <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/0-393-07101-4" title="Special:BookSources/0-393-07101-4">0-393-07101-4</a>.</li> <li><a rel="nofollow" class="external text" href="http://www.inclusivedemocracy.org/journal/vol4/vol4_no4_takis_economic_crisis.htm">"The myths about the economic crisis, the reformist left and economic democracy"</a> by <a href="/wiki/Takis_Fotopoulos" title="Takis Fotopoulos">Takis Fotopoulos</a>, The International Journal of <a href="/wiki/Inclusive_Democracy" class="mw-redirect" title="Inclusive Democracy">Inclusive Democracy</a>, vol 4, no 4, Oct. 2008.</li> <li>United States. Congress. House. Committee on the Judiciary. Subcommittee on Commercial and Administrative Law. Working families in financial crisis : <a href="/wiki/Medical_debt" title="Medical debt">medical debt</a> and bankruptcy : hearing before the Subcommittee on Commercial and Administrative Law of the Committee on the Judiciary, House of Representatives, One Hundred Tenth Congress, first session, 17 July 2007. Washington : U.S. G.P.O. : For sale by the Supt. of Docs., U.S. G.P.O., 2008. 277 p. : <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-0-16-081376-4" title="Special:BookSources/978-0-16-081376-4">978-0-16-081376-4</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/016081376X" title="Special:BookSources/016081376X">016081376X</a> <a rel="nofollow" class="external autonumber" href="http://purl.access.gpo.gov/GPO/LPS99198">[2]</a></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFWilliams2010" class="citation book cs1"><a href="/wiki/Mark_T._Williams" title="Mark T. Williams">Williams, Mark T.</a> (March 2010). <a rel="nofollow" class="external text" href="https://books.google.com/books?id=HSkjB_PGp98C"><i>Uncontrolled Risk: The Lessons of Lehman Brothers and How Systemic Risk Can Still Bring Down the World Financial System</i></a>. McGraw Hill Professional. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/9780071749046" title="Special:BookSources/9780071749046"><bdi>9780071749046</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Uncontrolled+Risk%3A+The+Lessons+of+Lehman+Brothers+and+How+Systemic+Risk+Can+Still+Bring+Down+the+World+Financial+System&rft.pub=McGraw+Hill+Professional&rft.date=2010-03&rft.isbn=9780071749046&rft.aulast=Williams&rft.aufirst=Mark+T.&rft_id=https%3A%2F%2Fbooks.google.com%2Fbooks%3Fid%3DHSkjB_PGp98C&rfr_id=info%3Asid%2Fen.wikipedia.org%3AFinancial+crisis" class="Z3988"></span> <span class="cs1-visible-error citation-comment"><code class="cs1-code">{{<a href="/wiki/Template:Cite_book" title="Template:Cite book">cite book</a>}}</code>: </span><span class="cs1-visible-error citation-comment"><code class="cs1-code">|work=</code> ignored (<a href="/wiki/Help:CS1_errors#periodical_ignored" title="Help:CS1 errors">help</a>)</span></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFTkacDwyer2009" class="citation journal cs1">Tkac, Paula A.; Dwyer, Gerald P. (August 2009). "The Financial Crisis of 2008 in Fixed-income Markets". <a href="/wiki/SSRN_(identifier)" class="mw-redirect" title="SSRN (identifier)">SSRN</a> <a rel="nofollow" class="external text" href="https://papers.ssrn.com/sol3/papers.cfm?abstract_id=1464891">1464891</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.atitle=The+Financial+Crisis+of+2008+in+Fixed-income+Markets&rft.date=2009-08&rft_id=https%3A%2F%2Fpapers.ssrn.com%2Fsol3%2Fpapers.cfm%3Fabstract_id%3D1464891%23id-name%3DSSRN&rft.aulast=Tkac&rft.aufirst=Paula+A.&rft.au=Dwyer%2C+Gerald+P.&rfr_id=info%3Asid%2Fen.wikipedia.org%3AFinancial+crisis" class="Z3988"></span> <span class="cs1-visible-error citation-comment"><code class="cs1-code">{{<a href="/wiki/Template:Cite_journal" title="Template:Cite journal">cite journal</a>}}</code>: </span><span class="cs1-visible-error citation-comment">Cite journal requires <code class="cs1-code">|journal=</code> (<a href="/wiki/Help:CS1_errors#missing_periodical" title="Help:CS1 errors">help</a>)</span></li></ul> <div class="mw-heading mw-heading2"><h2 id="References">References</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Financial_crisis&action=edit&section=38" title="Edit section: References"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1239543626">.mw-parser-output .reflist{margin-bottom:0.5em;list-style-type:decimal}@media screen{.mw-parser-output .reflist{font-size:90%}}.mw-parser-output .reflist .references{font-size:100%;margin-bottom:0;list-style-type:inherit}.mw-parser-output .reflist-columns-2{column-width:30em}.mw-parser-output .reflist-columns-3{column-width:25em}.mw-parser-output .reflist-columns{margin-top:0.3em}.mw-parser-output .reflist-columns ol{margin-top:0}.mw-parser-output .reflist-columns li{page-break-inside:avoid;break-inside:avoid-column}.mw-parser-output .reflist-upper-alpha{list-style-type:upper-alpha}.mw-parser-output .reflist-upper-roman{list-style-type:upper-roman}.mw-parser-output .reflist-lower-alpha{list-style-type:lower-alpha}.mw-parser-output .reflist-lower-greek{list-style-type:lower-greek}.mw-parser-output .reflist-lower-roman{list-style-type:lower-roman}</style><div class="reflist reflist-columns references-column-width" style="column-width: 30em;"> <ol class="references"> <li id="cite_note-1"><span class="mw-cite-backlink"><b><a href="#cite_ref-1">^</a></b></span> <span class="reference-text">Charles P. Kindleberger and Robert Aliber (2005), <i>Manias, Panics, and Crashes: A History of Financial Crises</i>, 5th ed. Wiley, <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/0-471-46714-6" title="Special:BookSources/0-471-46714-6">0-471-46714-6</a>.</span> </li> <li id="cite_note-2"><span class="mw-cite-backlink"><b><a href="#cite_ref-2">^</a></b></span> <span class="reference-text">Luc Laeven and Fabian Valencia (2008), <a rel="nofollow" class="external text" href="http://www.imf.org/external/pubs/cat/longres.cfm?sk=22345.0">'Systemic banking crises: a new database'</a>. International Monetary Fund Working Paper 08/224.</span> </li> <li id="cite_note-3"><span class="mw-cite-backlink"><b><a href="#cite_ref-3">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFBouchaud2008" class="citation journal cs1">Bouchaud, Jean-Philippe (2008). <a rel="nofollow" class="external text" href="https://www.nature.com/articles/4551181a">"Economics needs a scientific revolution"</a>. <i>Nature</i>. <b>455</b> (7217): 1181. <a href="/wiki/ArXiv_(identifier)" class="mw-redirect" title="ArXiv (identifier)">arXiv</a>:<span class="id-lock-free" title="Freely accessible"><a rel="nofollow" class="external text" href="https://arxiv.org/abs/0810.5306">0810.5306</a></span>. <a href="/wiki/Bibcode_(identifier)" class="mw-redirect" title="Bibcode (identifier)">Bibcode</a>:<a rel="nofollow" class="external text" href="https://ui.adsabs.harvard.edu/abs/2008Natur.455.1181B">2008Natur.455.1181B</a>. <a href="/wiki/Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<a rel="nofollow" class="external text" href="https://doi.org/10.1038%2F4551181a">10.1038/4551181a</a>. <a href="/wiki/ISSN_(identifier)" class="mw-redirect" title="ISSN (identifier)">ISSN</a> <a rel="nofollow" class="external text" href="https://search.worldcat.org/issn/0028-0836">0028-0836</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Nature&rft.atitle=Economics+needs+a+scientific+revolution&rft.volume=455&rft.issue=7217&rft.pages=1181&rft.date=2008&rft_id=info%3Aarxiv%2F0810.5306&rft.issn=0028-0836&rft_id=info%3Adoi%2F10.1038%2F4551181a&rft_id=info%3Abibcode%2F2008Natur.455.1181B&rft.aulast=Bouchaud&rft.aufirst=Jean-Philippe&rft_id=https%3A%2F%2Fwww.nature.com%2Farticles%2F4551181a&rfr_id=info%3Asid%2Fen.wikipedia.org%3AFinancial+crisis" class="Z3988"></span></span> </li> <li id="cite_note-:0-4"><span class="mw-cite-backlink">^ <a href="#cite_ref-:0_4-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-:0_4-1"><sup><i><b>b</b></i></sup></a></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFPolakowGebbieFlint2023" class="citation journal cs1">Polakow, Daniel A.; Gebbie, Tim; Flint, Emlyn (2023). <a rel="nofollow" class="external text" href="https://www.ssrn.com/abstract=4646664">"Epistemic Limits of Empirical Finance: Causal Reductionism and Self-Reference"</a>. <i>SSRN Electronic Journal</i>. <a href="/wiki/ArXiv_(identifier)" class="mw-redirect" title="ArXiv (identifier)">arXiv</a>:<span class="id-lock-free" title="Freely accessible"><a rel="nofollow" class="external text" href="https://arxiv.org/abs/2311.16570">2311.16570</a></span>. <a href="/wiki/Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<a rel="nofollow" class="external text" href="https://doi.org/10.2139%2Fssrn.4646664">10.2139/ssrn.4646664</a>. <a href="/wiki/ISSN_(identifier)" class="mw-redirect" title="ISSN (identifier)">ISSN</a> <a rel="nofollow" class="external text" href="https://search.worldcat.org/issn/1556-5068">1556-5068</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=SSRN+Electronic+Journal&rft.atitle=Epistemic+Limits+of+Empirical+Finance%3A+Causal+Reductionism+and+Self-Reference&rft.date=2023&rft_id=info%3Aarxiv%2F2311.16570&rft.issn=1556-5068&rft_id=info%3Adoi%2F10.2139%2Fssrn.4646664&rft.aulast=Polakow&rft.aufirst=Daniel+A.&rft.au=Gebbie%2C+Tim&rft.au=Flint%2C+Emlyn&rft_id=https%3A%2F%2Fwww.ssrn.com%2Fabstract%3D4646664&rfr_id=info%3Asid%2Fen.wikipedia.org%3AFinancial+crisis" class="Z3988"></span></span> </li> <li id="cite_note-5"><span class="mw-cite-backlink"><b><a href="#cite_ref-5">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFFratianniMarchionne2009" class="citation journal cs1">Fratianni, Michele U.; Marchionne, Francesco (10 April 2009). "The Role of Banks in the Subprime Financial Crisis". <i>Review of Economic Conditions in Italy</i>. <a href="/wiki/SSRN_(identifier)" class="mw-redirect" title="SSRN (identifier)">SSRN</a> <a rel="nofollow" class="external text" href="https://papers.ssrn.com/sol3/papers.cfm?abstract_id=1383473">1383473</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Review+of+Economic+Conditions+in+Italy&rft.atitle=The+Role+of+Banks+in+the+Subprime+Financial+Crisis&rft.date=2009-04-10&rft_id=https%3A%2F%2Fpapers.ssrn.com%2Fsol3%2Fpapers.cfm%3Fabstract_id%3D1383473%23id-name%3DSSRN&rft.aulast=Fratianni&rft.aufirst=Michele+U.&rft.au=Marchionne%2C+Francesco&rfr_id=info%3Asid%2Fen.wikipedia.org%3AFinancial+crisis" class="Z3988"></span></span> </li> <li id="cite_note-6"><span class="mw-cite-backlink"><b><a href="#cite_ref-6">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFShin2009" class="citation journal cs1">Shin, Hyun Song (1 January 2009). <a rel="nofollow" class="external text" href="https://doi.org/10.1257%2Fjep.23.1.101">"Reflections on Northern Rock: The Bank Run that Heralded the Global Financial Crisis"</a>. <i>Journal of Economic Perspectives</i>. <b>23</b> (1): 101–119. <a href="/wiki/Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<span class="id-lock-free" title="Freely accessible"><a rel="nofollow" class="external text" href="https://doi.org/10.1257%2Fjep.23.1.101">10.1257/jep.23.1.101</a></span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Journal+of+Economic+Perspectives&rft.atitle=Reflections+on+Northern+Rock%3A+The+Bank+Run+that+Heralded+the+Global+Financial+Crisis&rft.volume=23&rft.issue=1&rft.pages=101-119&rft.date=2009-01-01&rft_id=info%3Adoi%2F10.1257%2Fjep.23.1.101&rft.aulast=Shin&rft.aufirst=Hyun+Song&rft_id=https%3A%2F%2Fdoi.org%2F10.1257%252Fjep.23.1.101&rfr_id=info%3Asid%2Fen.wikipedia.org%3AFinancial+crisis" class="Z3988"></span></span> </li> <li id="cite_note-theglobaleconomy.com-7"><span class="mw-cite-backlink">^ <a href="#cite_ref-theglobaleconomy.com_7-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-theglobaleconomy.com_7-1"><sup><i><b>b</b></i></sup></a></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="http://www.theglobaleconomy.com/guide/article/74/">"What is a currency crisis, currency crisis definition and summary | TheGlobalEconomy.com"</a>. <i>TheGlobalEconomy.com</i>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20171002165829/http://www.theglobaleconomy.com/guide/article/74/">Archived</a> from the original on 2 October 2017<span class="reference-accessdate">. Retrieved <span class="nowrap">20 July</span> 2017</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=TheGlobalEconomy.com&rft.atitle=What+is+a+currency+crisis%2C+currency+crisis+definition+and+summary+%7C+TheGlobalEconomy.com&rft_id=http%3A%2F%2Fwww.theglobaleconomy.com%2Fguide%2Farticle%2F74%2F&rfr_id=info%3Asid%2Fen.wikipedia.org%3AFinancial+crisis" class="Z3988"></span></span> </li> <li id="cite_note-8"><span class="mw-cite-backlink"><b><a href="#cite_ref-8">^</a></b></span> <span class="reference-text">Markus Brunnermeier (2008), 'Bubbles', in <i>The New Palgrave Dictionary of Economics</i>, 2nd ed.</span> </li> <li id="cite_note-9"><span class="mw-cite-backlink"><b><a href="#cite_ref-9">^</a></b></span> <span class="reference-text">Peter Garber (2001), <i>Famous First Bubbles: The Fundamentals of Early Manias</i>. 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Retrieved <span class="nowrap">13 July</span> 2008</span>. <q>It's now conventional wisdom that a housing bubble has burst. In fact, there were two bubbles, a housing bubble and a financing bubble. Each fueled the other, but they didn't follow the same course.</q></cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Wall+Street+Journal&rft.atitle=Egg+Cracks+Differ+In+Housing%2C+Finance+Shells&rft.date=2007-12-24&rft.au=Justin+Lahart&rft_id=https%3A%2F%2Fwww.wsj.com%2Farticles%2FSB119845906460548071%3Fmod%3Dgooglenews_wsj&rfr_id=info%3Asid%2Fen.wikipedia.org%3AFinancial+crisis" class="Z3988"></span></span> </li> <li id="cite_note-12"><span class="mw-cite-backlink"><b><a href="#cite_ref-12">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFPrice2009" class="citation journal cs1">Price, Steve (Summer 2009). 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Cham, Switzerland. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-3-031-11914-9" title="Special:BookSources/978-3-031-11914-9"><bdi>978-3-031-11914-9</bdi></a>. <a href="/wiki/OCLC_(identifier)" class="mw-redirect" title="OCLC (identifier)">OCLC</a> <a rel="nofollow" class="external text" href="https://search.worldcat.org/oclc/1356795150">1356795150</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Calming+the+storms+%3A+the+carry+trade%2C+the+banking+school+and+British+financial+crises+since+1825.&rft.place=Cham%2C+Switzerland&rft.date=2023&rft_id=info%3Aoclcnum%2F1356795150&rft.isbn=978-3-031-11914-9&rft.aulast=Read&rft.aufirst=Charles&rft_id=https%3A%2F%2Fwww.worldcat.org%2Foclc%2F1356795150&rfr_id=info%3Asid%2Fen.wikipedia.org%3AFinancial+crisis" class="Z3988"></span><span class="cs1-maint citation-comment"><code class="cs1-code">{{<a href="/wiki/Template:Cite_book" title="Template:Cite book">cite book</a>}}</code>: CS1 maint: location missing publisher (<a href="/wiki/Category:CS1_maint:_location_missing_publisher" title="Category:CS1 maint: location missing publisher">link</a>)</span></span> </li> <li id="cite_note-38"><span class="mw-cite-backlink"><b><a href="#cite_ref-38">^</a></b></span> <span class="reference-text">Craig Burnside, Martin Eichenbaum, and Sergio Rebelo (2008), '<a rel="nofollow" class="external text" href="http://www.kellogg.northwestern.edu/faculty/rebelo/htm/currency%20crisis%20models%20Ed.pdf">Currency crisis models</a>', <i>New Palgrave Dictionary of Economics</i>, 2nd ed.</span> </li> <li id="cite_note-39"><span class="mw-cite-backlink"><b><a href="#cite_ref-39">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFRead2022" class="citation book cs1">Read, Charles (2022). <a rel="nofollow" class="external text" href="https://www.worldcat.org/oclc/1360456914"><i>Calming the storms : the carry trade, the banking school and British financial crises since 1825</i></a>. Cham, Switzerland. pp. 64–68. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-3-031-11914-9" title="Special:BookSources/978-3-031-11914-9"><bdi>978-3-031-11914-9</bdi></a>. <a href="/wiki/OCLC_(identifier)" class="mw-redirect" title="OCLC (identifier)">OCLC</a> <a rel="nofollow" class="external text" href="https://search.worldcat.org/oclc/1360456914">1360456914</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Calming+the+storms+%3A+the+carry+trade%2C+the+banking+school+and+British+financial+crises+since+1825&rft.place=Cham%2C+Switzerland&rft.pages=64-68&rft.date=2022&rft_id=info%3Aoclcnum%2F1360456914&rft.isbn=978-3-031-11914-9&rft.aulast=Read&rft.aufirst=Charles&rft_id=https%3A%2F%2Fwww.worldcat.org%2Foclc%2F1360456914&rfr_id=info%3Asid%2Fen.wikipedia.org%3AFinancial+crisis" class="Z3988"></span><span class="cs1-maint citation-comment"><code class="cs1-code">{{<a href="/wiki/Template:Cite_book" title="Template:Cite book">cite book</a>}}</code>: CS1 maint: location missing publisher (<a href="/wiki/Category:CS1_maint:_location_missing_publisher" title="Category:CS1 maint: location missing publisher">link</a>)</span></span> </li> <li id="cite_note-40"><span class="mw-cite-backlink"><b><a href="#cite_ref-40">^</a></b></span> <span class="reference-text"><a rel="nofollow" class="external text" href="https://www.nytimes.com/2008/10/27/opinion/27krugman.html?hp">'The widening gyre'</a> <a rel="nofollow" class="external text" href="https://web.archive.org/web/20161229052459/http://www.nytimes.com/2008/10/27/opinion/27krugman.html?hp">Archived</a> 29 December 2016 at the <a href="/wiki/Wayback_Machine" title="Wayback Machine">Wayback Machine</a>, Paul Krugman, <i>New York Times</i>, 27 October 2008.</span> </li> <li id="cite_note-41"><span class="mw-cite-backlink"><b><a href="#cite_ref-41">^</a></b></span> <span class="reference-text">R. 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(November 2004). <a rel="nofollow" class="external text" href="http://www.nber.org/papers/w9658.pdf">"Financial crises as herds: overturning the critiques"</a> <span class="cs1-format">(PDF)</span>. <i>Journal of Economic Theory</i>. <b>119</b> (1): 128–150. <a href="/wiki/Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<a rel="nofollow" class="external text" href="https://doi.org/10.1016%2FS0022-0531%2803%2900225-4">10.1016/S0022-0531(03)00225-4</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Journal+of+Economic+Theory&rft.atitle=Financial+crises+as+herds%3A+overturning+the+critiques&rft.volume=119&rft.issue=1&rft.pages=128-150&rft.date=2004-11&rft_id=info%3Adoi%2F10.1016%2FS0022-0531%2803%2900225-4&rft.aulast=Chari&rft.aufirst=V.V.&rft.au=Kehoe%2C+Patrick+J.&rft_id=http%3A%2F%2Fwww.nber.org%2Fpapers%2Fw9658.pdf&rfr_id=info%3Asid%2Fen.wikipedia.org%3AFinancial+crisis" class="Z3988"></span></span> </li> <li id="cite_note-47"><span class="mw-cite-backlink"><b><a href="#cite_ref-47">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFCiprianiGuarino2008" class="citation journal cs1">Cipriani, Marco; Guarino, Antonio (6 January 2008). <a rel="nofollow" class="external text" href="http://discovery.ucl.ac.uk/16558/1/16558.pdf">"Herd Behavior and Contagion in Financial Markets"</a> <span class="cs1-format">(PDF)</span>. <i>The B.E. Journal of Theoretical Economics</i>. <b>8</b> (1). <a href="/wiki/Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<a rel="nofollow" class="external text" href="https://doi.org/10.2202%2F1935-1704.1390">10.2202/1935-1704.1390</a>. <a href="/wiki/S2CID_(identifier)" class="mw-redirect" title="S2CID (identifier)">S2CID</a> <a rel="nofollow" class="external text" href="https://api.semanticscholar.org/CorpusID:3495584">3495584</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=The+B.E.+Journal+of+Theoretical+Economics&rft.atitle=Herd+Behavior+and+Contagion+in+Financial+Markets&rft.volume=8&rft.issue=1&rft.date=2008-01-06&rft_id=info%3Adoi%2F10.2202%2F1935-1704.1390&rft_id=https%3A%2F%2Fapi.semanticscholar.org%2FCorpusID%3A3495584%23id-name%3DS2CID&rft.aulast=Cipriani&rft.aufirst=Marco&rft.au=Guarino%2C+Antonio&rft_id=http%3A%2F%2Fdiscovery.ucl.ac.uk%2F16558%2F1%2F16558.pdf&rfr_id=info%3Asid%2Fen.wikipedia.org%3AFinancial+crisis" class="Z3988"></span></span> </li> <li id="cite_note-48"><span class="mw-cite-backlink"><b><a href="#cite_ref-48">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFKeim2011" class="citation magazine cs1">Keim, Brandon (18 March 2011). <a rel="nofollow" class="external text" href="https://www.wired.com/2011/03/market-panic-signs/">"Possible Early Warning Sign for Market Crashes"</a>. <i>Wired</i>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20161229101709/https://www.wired.com/2011/03/market-panic-signs/">Archived</a> from the original on 29 December 2016<span class="reference-accessdate">. Retrieved <span class="nowrap">26 August</span> 2017</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Wired&rft.atitle=Possible+Early+Warning+Sign+for+Market+Crashes&rft.date=2011-03-18&rft.aulast=Keim&rft.aufirst=Brandon&rft_id=https%3A%2F%2Fwww.wired.com%2F2011%2F03%2Fmarket-panic-signs%2F&rfr_id=info%3Asid%2Fen.wikipedia.org%3AFinancial+crisis" class="Z3988"></span></span> </li> <li id="cite_note-49"><span class="mw-cite-backlink"><b><a href="#cite_ref-49">^</a></b></span> <span class="reference-text"><a rel="nofollow" class="external text" href="https://www.wsj.com/articles/SB10001424052748703323704574602030789251824">What a Sovereign-Debt Crisis Could Mean for You</a>, "Prof. Rogoff and his longtime collaborator Carmen Reinhart, at the University of Maryland, probably know more about the history of financial crises than anyone alive."</span> </li> <li id="cite_note-50"><span class="mw-cite-backlink"><b><a href="#cite_ref-50">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://epicenter.wcfia.harvard.edu/blog/financial-crisis-then-and-now">"The Financial Crisis, Then and Now: Ancient Rome and 2008 CE"</a>. <a href="/wiki/Harvard_University" title="Harvard University">Harvard University</a>. 10 December 2018<span class="reference-accessdate">. Retrieved <span class="nowrap">31 May</span> 2022</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=The+Financial+Crisis%2C+Then+and+Now%3A+Ancient+Rome+and+2008+CE&rft.pub=Harvard+University&rft.date=2018-12-10&rft_id=https%3A%2F%2Fepicenter.wcfia.harvard.edu%2Fblog%2Ffinancial-crisis-then-and-now&rfr_id=info%3Asid%2Fen.wikipedia.org%3AFinancial+crisis" class="Z3988"></span></span> </li> <li id="cite_note-51"><span class="mw-cite-backlink"><b><a href="#cite_ref-51">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation news cs1"><a rel="nofollow" class="external text" href="https://www.economist.com/finance-and-economics/2009/08/13/law-of-easy-money">"Law of easy money"</a>. <i>The Economist</i>. 13 August 2009.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=The+Economist&rft.atitle=Law+of+easy+money&rft.date=2009-08-13&rft_id=https%3A%2F%2Fwww.economist.com%2Ffinance-and-economics%2F2009%2F08%2F13%2Flaw-of-easy-money&rfr_id=info%3Asid%2Fen.wikipedia.org%3AFinancial+crisis" class="Z3988"></span></span> </li> <li id="cite_note-52"><span class="mw-cite-backlink"><b><a href="#cite_ref-52">^</a></b></span> <span class="reference-text">See the "Preface" contained in the <i>Collected Works of Karl Marx and Frederick Engels</i> Volume 28 (International Publishers: New York, 1986) p. XIII.</span> </li> <li id="cite_note-53"><span class="mw-cite-backlink"><b><a href="#cite_ref-53">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFSilber2007" class="citation journal cs1">Silber, William L. (2007). <a rel="nofollow" class="external text" href="https://www.jstor.org/stable/30034462">"The Great Financial Crisis of 1914: What Can We Learn from Aldrich-Vreeland Emergency Currency?"</a>. <i>The American Economic Review</i>. <b>97</b> (2): 285–289. <a href="/wiki/Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<a rel="nofollow" class="external text" href="https://doi.org/10.1257%2Faer.97.2.285">10.1257/aer.97.2.285</a>. <a href="/wiki/ISSN_(identifier)" class="mw-redirect" title="ISSN (identifier)">ISSN</a> <a rel="nofollow" class="external text" href="https://search.worldcat.org/issn/0002-8282">0002-8282</a>. <a href="/wiki/JSTOR_(identifier)" class="mw-redirect" title="JSTOR (identifier)">JSTOR</a> <a rel="nofollow" class="external text" href="https://www.jstor.org/stable/30034462">30034462</a>. <a href="/wiki/S2CID_(identifier)" class="mw-redirect" title="S2CID (identifier)">S2CID</a> <a rel="nofollow" class="external text" href="https://api.semanticscholar.org/CorpusID:154782512">154782512</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=The+American+Economic+Review&rft.atitle=The+Great+Financial+Crisis+of+1914%3A+What+Can+We+Learn+from+Aldrich-Vreeland+Emergency+Currency%3F&rft.volume=97&rft.issue=2&rft.pages=285-289&rft.date=2007&rft.issn=0002-8282&rft_id=https%3A%2F%2Fapi.semanticscholar.org%2FCorpusID%3A154782512%23id-name%3DS2CID&rft_id=https%3A%2F%2Fwww.jstor.org%2Fstable%2F30034462%23id-name%3DJSTOR&rft_id=info%3Adoi%2F10.1257%2Faer.97.2.285&rft.aulast=Silber&rft.aufirst=William+L.&rft_id=https%3A%2F%2Fwww.jstor.org%2Fstable%2F30034462&rfr_id=info%3Asid%2Fen.wikipedia.org%3AFinancial+crisis" class="Z3988"></span></span> </li> </ol></div> <div class="mw-heading mw-heading2"><h2 id="External_links">External links</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Financial_crisis&action=edit&section=39" title="Edit section: External links"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <ul><li><a rel="nofollow" class="external text" href="http://news.bbc.co.uk/2/hi/business/6958091.stm">Financial Crises: Lessons from History</a>. <a href="/wiki/BBC" title="BBC">BBC</a>, 3 September 2007.</li></ul> <div class="navbox-styles"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><style data-mw-deduplicate="TemplateStyles:r1236075235">.mw-parser-output .navbox{box-sizing:border-box;border:1px solid #a2a9b1;width:100%;clear:both;font-size:88%;text-align:center;padding:1px;margin:1em auto 0}.mw-parser-output .navbox .navbox{margin-top:0}.mw-parser-output .navbox+.navbox,.mw-parser-output .navbox+.navbox-styles+.navbox{margin-top:-1px}.mw-parser-output .navbox-inner,.mw-parser-output .navbox-subgroup{width:100%}.mw-parser-output .navbox-group,.mw-parser-output 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href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1239400231"><div class="navbar plainlinks hlist navbar-mini"><ul><li class="nv-view"><a href="/wiki/Template:Financial_crises" title="Template:Financial crises"><abbr title="View this template">v</abbr></a></li><li class="nv-talk"><a href="/wiki/Template_talk:Financial_crises" title="Template talk:Financial crises"><abbr title="Discuss this template">t</abbr></a></li><li class="nv-edit"><a href="/wiki/Special:EditPage/Template:Financial_crises" title="Special:EditPage/Template:Financial crises"><abbr title="Edit this template">e</abbr></a></li></ul></div><div id="Financial_crises" style="font-size:114%;margin:0 4em"><a class="mw-selflink selflink">Financial crises</a></div></th></tr><tr><td class="navbox-abovebelow" colspan="2"><div> <ul><li><span class="nowrap"><a href="/wiki/Bank_run" title="Bank run">Bank run</a></span></li> <li><span class="nowrap"><a href="/wiki/Commodity_price_shocks" title="Commodity price shocks">Commodity price shocks</a></span></li> <li><span class="nowrap"><a href="/wiki/Credit_crunch" title="Credit crunch">Credit crunch</a></span></li> <li><span class="nowrap"><a href="/wiki/Credit_cycle" title="Credit cycle">Credit cycle</a></span></li> <li><span class="nowrap"><a href="/wiki/Currency_crisis" title="Currency crisis">Currency crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/Debt_crisis" title="Debt crisis">Debt crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/Energy_crisis" title="Energy crisis">Energy crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/Financial_contagion" title="Financial contagion">Financial contagion</a></span> <ul><li><span class="nowrap"><a href="/wiki/Social_contagion" title="Social contagion">Social contagion</a></span></li></ul></li> <li><span class="nowrap"><a href="/wiki/Flash_crash" title="Flash crash">Flash crash</a></span></li> <li><span class="nowrap"><a href="/wiki/Hyperinflation" title="Hyperinflation">Hyperinflation</a></span></li> <li><span class="nowrap"><a href="/wiki/Liquidity_crisis" title="Liquidity crisis">Liquidity crisis</a></span> <ul><li><span class="nowrap"><a href="/wiki/Accounting_liquidity" title="Accounting liquidity">Accounting</a></span></li> <li><span class="nowrap"><a href="/wiki/Liquid_capital" title="Liquid capital">Capital</a></span></li> <li><span class="nowrap"><a href="/wiki/Funding_liquidity" title="Funding liquidity">Funding</a></span></li> <li><span class="nowrap"><a href="/wiki/Market_liquidity" title="Market liquidity">Market</a></span></li></ul></li> <li><span class="nowrap"><a href="/wiki/Minsky_moment" title="Minsky moment">Minsky moment</a></span></li> <li><span class="nowrap"><a href="/wiki/Social_crisis" title="Social crisis">Social crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/Stock_market_crash" title="Stock market crash">Stock market crash</a></span></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Pre-<a href="/wiki/Commercial_revolution" title="Commercial revolution">1000</a></th><td class="navbox-list-with-group navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><span class="nowrap"><a href="/wiki/Financial_crisis_of_33" title="Financial crisis of 33">Financial crisis of 33 CE</a></span></li> <li><span class="nowrap"><a href="/wiki/Crisis_of_the_Third_Century" title="Crisis of the Third Century">Crisis of the Third Century</a> (235–284 CE)</span></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Commercial_revolution" title="Commercial revolution">Commercial revolution</a><br />(1000–1760)</th><td class="navbox-list-with-group navbox-list navbox-even hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><span class="nowrap"><a href="/wiki/Great_Bullion_Famine" title="Great Bullion Famine">Great Bullion Famine</a> (c. 1400–c. 1500)</span></li> <li><span class="nowrap"><a href="/wiki/The_Great_Debasement" title="The Great Debasement">The Great Debasement</a> (1544–1551)</span></li> <li><span class="nowrap"><a href="/wiki/Financial_history_of_the_Dutch_Republic" title="Financial history of the Dutch Republic">Dutch Republic stock market crashes</a> (c. 1600–1760)</span></li> <li><span class="nowrap"><i><a href="/wiki/Kipper_und_Wipper" title="Kipper und Wipper">Kipper und Wipper</a></i> (1621–1623)</span></li> <li><span class="nowrap"><a href="/wiki/Tulip_mania" title="Tulip mania">Tulip mania crash</a> (1637)</span></li> <li><span class="nowrap"><a href="/wiki/South_Sea_Company" title="South Sea Company">South Sea bubble crash</a> (1720)</span></li> <li><span class="nowrap"><a href="/wiki/Mississippi_Company" title="Mississippi Company">Mississippi bubble crash</a> (1720)</span></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Industrial_Revolution" title="Industrial Revolution">1st Industrial Revolution</a><br />(1760–1840)</th><td class="navbox-list-with-group navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><span class="nowrap"><a href="/wiki/Amsterdam_banking_crisis_of_1763" title="Amsterdam banking crisis of 1763">Amsterdam banking crisis of 1763</a></span></li> <li><span class="nowrap"><a href="/wiki/Bengal_Bubble_of_1769" title="Bengal Bubble of 1769">Bengal bubble crash</a> (1769–1784)</span></li> <li><span class="nowrap"><a href="/wiki/British_credit_crisis_of_1772%E2%80%931773" title="British credit crisis of 1772–1773">British credit crisis of 1772–1773</a></span></li> <li><span class="nowrap"><a href="/wiki/Financial_history_of_the_Dutch_Republic" title="Financial history of the Dutch Republic">Dutch Republic financial collapse</a> (c. 1780–1795)</span></li> <li><span class="nowrap"><a href="/wiki/Copper_Panic_of_1789" title="Copper Panic of 1789">Copper Panic of 1789</a></span></li> <li><span class="nowrap"><a href="/wiki/Panic_of_1792" title="Panic of 1792">Panic of 1792</a></span></li> <li><span class="nowrap"><a href="/wiki/Panic_of_1796%E2%80%931797" title="Panic of 1796–1797">Panic of 1796–1797</a></span></li> <li><span class="nowrap"><a href="/wiki/Danish_state_bankruptcy_of_1813" title="Danish state bankruptcy of 1813">Danish state bankruptcy of 1813</a></span></li> <li><span class="nowrap"><a href="/wiki/Commodity_price_shocks" title="Commodity price shocks">Post-Napoleonic Irish grain price and land use shocks</a> (1815–1816)</span></li> <li><span class="nowrap"><a href="/wiki/Panic_of_1819" title="Panic of 1819">Panic of 1819</a></span></li> <li><span class="nowrap"><a href="/wiki/Panic_of_1825" title="Panic of 1825">Panic of 1825</a></span></li> <li><span class="nowrap"><a href="/wiki/Panic_of_1837" title="Panic of 1837">Panic of 1837</a></span></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">1840–1870</th><td class="navbox-list-with-group navbox-list navbox-even hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><span class="nowrap"><a href="/wiki/European_potato_failure" title="European potato failure">European potato failure</a> (1845–1856)</span> <ul><li><span class="nowrap"><a href="/wiki/Great_Famine_(Ireland)" title="Great Famine (Ireland)">Great Irish Famine</a></span></li> <li><span class="nowrap"><a href="/wiki/Highland_Potato_Famine" title="Highland Potato Famine">Highland Potato Famine</a></span></li></ul></li> <li><span class="nowrap"><a href="/wiki/Panic_of_1847" title="Panic of 1847">Panic of 1847</a></span></li> <li><span class="nowrap"><a href="/wiki/Panic_of_1857" title="Panic of 1857">Panic of 1857</a></span></li> <li><span class="nowrap"><a href="/wiki/Panic_of_1866" title="Panic of 1866">Panic of 1866</a></span></li> <li><span class="nowrap"><a href="/wiki/Black_Friday_(1869)" title="Black Friday (1869)">Black Friday</a> (1869)</span></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Second_Industrial_Revolution" title="Second Industrial Revolution">2nd Industrial Revolution</a><br />(1870–1914)</th><td class="navbox-list-with-group navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><span class="nowrap"><a href="/wiki/Panic_of_1873" title="Panic of 1873">Panic of 1873</a></span></li> <li><span class="nowrap"><a href="/wiki/Paris_Bourse_crash_of_1882" title="Paris Bourse crash of 1882">Paris Bourse crash of 1882</a></span></li> <li><span class="nowrap"><a href="/wiki/Panic_of_1884" title="Panic of 1884">Panic of 1884</a></span></li> <li><span class="nowrap"><a href="/wiki/Arendal_crash" title="Arendal crash">Arendal crash</a> (1886)</span></li> <li><span class="nowrap"><a href="/wiki/Baring_crisis" title="Baring crisis">Baring crisis</a> (1890)</span></li> <li><span class="nowrap"><a href="/wiki/Encilhamento" title="Encilhamento">Encilhamento</a> (1890–1893)</span></li> <li><span class="nowrap"><a href="/wiki/Panic_of_1893" title="Panic of 1893">Panic of 1893</a></span></li> <li><span class="nowrap"><a href="/wiki/Australian_banking_crisis_of_1893" title="Australian banking crisis of 1893">Australian banking crisis of 1893</a></span></li> <li><span class="nowrap"><a href="/wiki/Black_Monday_(1894)" title="Black Monday (1894)">Black Monday</a> (1894)</span></li> <li><span class="nowrap"><a href="/wiki/Panic_of_1896" title="Panic of 1896">Panic of 1896</a></span></li> <li><span class="nowrap"><a href="/wiki/Panic_of_1901" title="Panic of 1901">Panic of 1901</a></span></li> <li><span class="nowrap"><a href="/wiki/Panic_of_1907" title="Panic of 1907">Panic of 1907</a></span></li> <li><span class="nowrap"><a href="/wiki/Shanghai_rubber_stock_market_crisis" title="Shanghai rubber stock market crisis">Shanghai rubber stock market crisis</a> (1910)</span></li> <li><span class="nowrap"><a href="/wiki/Panic_of_1910%E2%80%9311" title="Panic of 1910–11">Panic of 1910–11</a></span></li> <li><span class="nowrap"><a href="/wiki/Financial_crisis_of_1914" title="Financial crisis of 1914">Financial crisis of 1914</a></span></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Interwar_period" title="Interwar period">Interwar period</a><br />(1918–1939)</th><td class="navbox-list-with-group navbox-list navbox-even hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><span class="nowrap"><a href="/wiki/Hyperinflation_in_early_Soviet_Russia" title="Hyperinflation in early Soviet Russia">Early Soviet hyperinflation</a> (1917–1924)</span></li> <li><span class="nowrap"><a href="/wiki/Hyperinflation_in_the_Weimar_Republic" title="Hyperinflation in the Weimar Republic">Weimar Republic hyperinflation</a> (1921–1923)</span></li> <li><span class="nowrap"><a href="/wiki/Sh%C5%8Dwa_financial_crisis" title="Shōwa financial crisis">Shōwa financial crisis</a> (1927)</span></li> <li><span class="nowrap"><a href="/wiki/Wall_Street_Crash_of_1929" class="mw-redirect" title="Wall Street Crash of 1929">Wall Street Crash of 1929</a></span></li> <li><span class="nowrap"><a href="/wiki/Panic_of_1930" title="Panic of 1930">Panic of 1930</a></span></li> <li><span class="nowrap"><a href="/wiki/Chinese_hyperinflation" title="Chinese hyperinflation">Chinese hyperinflation</a> (1937-1950)</span></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/World_War_II" title="World War II">Wartime period</a><br />(1939–1945)</th><td class="navbox-list-with-group navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><span class="nowrap"><a href="/wiki/Hyperinflation_in_Greece" title="Hyperinflation in Greece">Greek hyperinflation</a> (1941–1946)</span></li> <li><span class="nowrap"><a href="/wiki/Chinese_hyperinflation" title="Chinese hyperinflation">Chinese hyperinflation</a> (1937-1950)</span></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Post%E2%80%93World_War_II_economic_expansion" title="Post–World War II economic expansion">Post–WWII expansion</a><br />(1945–1973)</th><td class="navbox-list-with-group navbox-list navbox-even hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><span class="nowrap"><a href="/wiki/Hungarian_peng%C5%91#Hyperinflation" title="Hungarian pengő">Hungarian pengő hyperinflation</a> (1945–1946)</span></li> <li><span class="nowrap"><a href="/wiki/Kennedy_Slide_of_1962" title="Kennedy Slide of 1962">Kennedy Slide of 1962</a></span></li> <li><span class="nowrap"><a href="/w/index.php?title=1963%E2%80%931965_Indonesian_hyperinflation&action=edit&redlink=1" class="new" title="1963–1965 Indonesian hyperinflation (page does not exist)">1963–1965 Indonesian hyperinflation</a></span></li> <li><span class="nowrap"><a href="/wiki/Chinese_hyperinflation" title="Chinese hyperinflation">Chinese hyperinflation</a> (1937-1950)</span></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Stagflation" title="Stagflation">Great Inflation</a><br />(1973–1982)</th><td class="navbox-list-with-group navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><span class="nowrap"><a href="/wiki/1970s_energy_crisis" title="1970s energy crisis">1970s energy crisis</a> (1973–1980)</span></li> <li><span class="nowrap"><a href="/wiki/1973_oil_crisis" title="1973 oil crisis">1973 oil crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/1973%E2%80%931974_stock_market_crash" title="1973–1974 stock market crash">1973–1974 stock market crash</a></span></li> <li><span class="nowrap"><a href="/wiki/Secondary_banking_crisis_of_1973%E2%80%931975" title="Secondary banking crisis of 1973–1975">Secondary banking crisis of 1973–1975</a></span></li> <li><span class="nowrap"><a href="/wiki/Steel_crisis" title="Steel crisis">Steel crisis</a> (1973–1982)</span></li> <li><span class="nowrap"><a href="/wiki/Latin_American_debt_crisis" title="Latin American debt crisis">Latin American debt crisis</a> (1975–1982)</span></li> <li><span class="nowrap"><a href="/wiki/1976_sterling_crisis" title="1976 sterling crisis">1976 British currency crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/1979_oil_crisis" title="1979 oil crisis">1979 oil crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/Hyperinflation_in_Brazil" title="Hyperinflation in Brazil">Brazilian hyperinflation</a> (1980–1982)</span></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Great_Moderation" title="Great Moderation">Great Moderation</a>/<br /><a href="/wiki/Great_Regression" class="mw-redirect" title="Great Regression">Great Regression</a><br />(1982–2007)</th><td class="navbox-list-with-group navbox-list navbox-even hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><span class="nowrap"><a href="/wiki/Hyperinflation_in_Brazil" title="Hyperinflation in Brazil">Brazilian hyperinflation</a> (1982–1994)</span></li> <li><span class="nowrap"><a href="/wiki/Souk_Al-Manakh_stock_market_crash" title="Souk Al-Manakh stock market crash">Souk Al-Manakh stock market crash</a> (1982)</span></li> <li><span class="nowrap"><a href="/wiki/Crisis_of_1982" title="Crisis of 1982">Chilean crisis of 1982</a></span></li> <li><span class="nowrap"><a href="/wiki/1983_Israel_bank_stock_crisis" title="1983 Israel bank stock crisis">1983 Israel bank stock crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/Black_Saturday_(1983)" title="Black Saturday (1983)">Black Saturday (1983)</a></span></li> <li><span class="nowrap"><a href="/wiki/Savings_and_loan_crisis" title="Savings and loan crisis">Savings and loan crisis</a> (1986–1995)</span></li> <li><span class="nowrap"><a href="/wiki/Cameroonian_economic_crisis" title="Cameroonian economic crisis">Cameroonian economic crisis</a> (1987–2000s)</span></li> <li><span class="nowrap"><a href="/wiki/Black_Monday_(1987)" title="Black Monday (1987)">Black Monday (1987)</a></span></li> <li><span class="nowrap"><a href="/wiki/1988%E2%80%931992_Norwegian_banking_crisis" title="1988–1992 Norwegian banking crisis">1988–1992 Norwegian banking crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/Japanese_asset_price_bubble" title="Japanese asset price bubble">Japanese asset price bubble crash</a> (1990–1992)</span></li> <li><span class="nowrap"><a href="/wiki/Rhode_Island_banking_crisis" title="Rhode Island banking crisis">Rhode Island banking crisis</a> (1990–1992)</span></li> <li><span class="nowrap"><a href="/wiki/1991_Indian_economic_crisis" title="1991 Indian economic crisis">1991 Indian economic crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/Sweden_financial_crisis_1990%E2%80%931994" class="mw-redirect" title="Sweden financial crisis 1990–1994">1990s Swedish financial crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/1990s_Finnish_banking_crisis" title="1990s Finnish banking crisis">1990s Finnish banking crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/Armenian_energy_crisis_of_1990s" class="mw-redirect" title="Armenian energy crisis of 1990s">1990s Armenian energy crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/Special_Period" title="Special Period">Cuban Special Period</a> (1991–2000)</span></li> <li><span class="nowrap"><a href="/wiki/Black_Wednesday" title="Black Wednesday">Black Wednesday (1992 Sterling crisis)</a></span></li> <li><span class="nowrap"><a href="/wiki/Hyperinflation_in_the_Federal_Republic_of_Yugoslavia" title="Hyperinflation in the Federal Republic of Yugoslavia">Yugoslav hyperinflation</a> (1992–1994)</span></li> <li><span class="nowrap"><a href="/wiki/1994_bond_market_crisis" title="1994 bond market crisis">1994 bond market crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/Venezuelan_banking_crisis_of_1994" title="Venezuelan banking crisis of 1994">Venezuelan banking crisis of 1994</a></span></li> <li><span class="nowrap"><a href="/wiki/Mexican_peso_crisis" title="Mexican peso crisis">Mexican peso crisis</a> (1994–1996)</span></li> <li><span class="nowrap"><a href="/wiki/1997_Asian_financial_crisis" title="1997 Asian financial crisis">1997 Asian financial crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/October_27,_1997,_mini-crash" title="October 27, 1997, mini-crash">October 1997 mini-crash</a></span></li> <li><span class="nowrap"><a href="/wiki/1998_Russian_financial_crisis" title="1998 Russian financial crisis">1998 Russian financial crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/1998%E2%80%931999_Ecuador_economic_crisis" title="1998–1999 Ecuador economic crisis">1998–1999 Ecuador economic crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/1998%E2%80%932002_Argentine_great_depression" title="1998–2002 Argentine great depression">1998–2002 Argentine great depression</a></span></li> <li><span class="nowrap"><a href="/wiki/Samba_effect" title="Samba effect">Samba effect</a> (1999)</span></li> <li><span class="nowrap"><a href="/wiki/Dot-com_bubble" title="Dot-com bubble">Dot-com bubble crash</a> (2000–2004)</span></li> <li><span class="nowrap"><a href="/wiki/Economic_effects_of_the_September_11_attacks" title="Economic effects of the September 11 attacks">9/11 stock market crash</a> (2001)</span></li> <li><span class="nowrap"><a href="/wiki/2001_Turkish_economic_crisis" title="2001 Turkish economic crisis">2001 Turkish economic crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/South_American_economic_crisis_of_2002" title="South American economic crisis of 2002">South American economic crisis of 2002</a></span></li> <li><span class="nowrap"><a href="/wiki/Stock_market_downturn_of_2002" title="Stock market downturn of 2002">Stock market downturn of 2002</a></span></li> <li><span class="nowrap"><a href="/wiki/2002_Uruguay_banking_crisis" title="2002 Uruguay banking crisis">2002 Uruguay banking crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/2003_Myanmar_banking_crisis" title="2003 Myanmar banking crisis">2003 Myanmar banking crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/2000s_energy_crisis" title="2000s energy crisis">2000s energy crisis</a> (2003–2008)</span></li> <li><span class="nowrap"><a href="/wiki/2004_Argentine_energy_crisis" title="2004 Argentine energy crisis">2004 Argentine energy crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/Chinese_stock_bubble_of_2007" title="Chinese stock bubble of 2007">2007 Chinese stock bubble crash</a></span></li> <li><span class="nowrap"><a href="/wiki/Hyperinflation_in_Zimbabwe" title="Hyperinflation in Zimbabwe">Zimbabwean hyperinflation</a> (2007–present)</span></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Great_Recession" title="Great Recession">Great Recession</a><br />(2007–2009)</th><td class="navbox-list-with-group navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><span class="nowrap"><a href="/wiki/2007%E2%80%932008_financial_crisis" title="2007–2008 financial crisis">2007–2008 financial crisis</a></span> <ul><li><span class="nowrap"><a href="/wiki/Global_financial_crisis_in_September_2008" title="Global financial crisis in September 2008">September 2008</a></span></li> <li><span class="nowrap"><a href="/wiki/Global_financial_crisis_in_October_2008" title="Global financial crisis in October 2008">October 2008</a></span></li> <li><span class="nowrap"><a href="/wiki/Global_financial_crisis_in_November_2008" title="Global financial crisis in November 2008">November 2008</a></span></li> <li><span class="nowrap"><a href="/wiki/Global_financial_crisis_in_December_2008" title="Global financial crisis in December 2008">December 2008</a></span></li> <li><span class="nowrap"><a href="/wiki/Global_financial_crisis_in_2009" title="Global financial crisis in 2009">2009</a></span></li> <li><span class="nowrap"><a href="/wiki/Subprime_mortgage_crisis" title="Subprime mortgage crisis">Subprime mortgage crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/2000s_United_States_housing_market_correction" title="2000s United States housing market correction">2000s U.S. housing market correction</a></span></li> <li><span class="nowrap"><a href="/wiki/United_States_bear_market_of_2007%E2%80%932009" title="United States bear market of 2007–2009">U.S. bear market of 2007–2009</a></span></li> <li><span class="nowrap"><a href="/wiki/2008_Latvian_financial_crisis" title="2008 Latvian financial crisis">2008 Latvian financial crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/2008%E2%80%932009_Belgian_financial_crisis" title="2008–2009 Belgian financial crisis">2008–2009 Belgian financial crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/Great_Recession_in_Russia" title="Great Recession in Russia">2008–2009 Russian financial crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/2008%E2%80%932009_Ukrainian_financial_crisis" title="2008–2009 Ukrainian financial crisis">2008–2009 Ukrainian financial crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/2008%E2%80%932011_Icelandic_financial_crisis" title="2008–2011 Icelandic financial crisis">2008–2011 Icelandic financial crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/Post-2008_Irish_banking_crisis" title="Post-2008 Irish banking crisis">2008–2011 Irish banking crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/2008%E2%80%932014_Spanish_financial_crisis" title="2008–2014 Spanish financial crisis">2008–2014 Spanish financial crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/Blue_Monday_Crash_2009" title="Blue Monday Crash 2009">Blue Monday Crash 2009</a></span></li> <li><span class="nowrap"><a href="/wiki/European_debt_crisis" title="European debt crisis">European debt crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/Greek_government-debt_crisis" title="Greek government-debt crisis">Greek government-debt crisis</a></span></li></ul></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Information_Age" title="Information Age">Information Age</a><br />(2009–present)</th><td class="navbox-list-with-group navbox-list navbox-even hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><span class="nowrap"><a href="/wiki/Dubai_World" title="Dubai World">2009 Dubai debt standstill</a></span></li> <li><span class="nowrap"><a href="/wiki/Venezuelan_banking_crisis_of_2009%E2%80%932010" title="Venezuelan banking crisis of 2009–2010">Venezuelan banking crisis of 2009–2010</a></span></li> <li><span class="nowrap"><a href="/wiki/2010%E2%80%932014_Portuguese_financial_crisis" title="2010–2014 Portuguese financial crisis">2010–2014 Portuguese financial crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/Energy_crisis_in_Venezuela" title="Energy crisis in Venezuela">Energy crisis in Venezuela</a> (2010–present)</span></li> <li><span class="nowrap"><a href="/wiki/Economy_of_Syria" title="Economy of Syria">Syrian economic crisis</a> (2011–present)</span></li> <li><span class="nowrap"><a href="/wiki/August_2011_stock_markets_fall" title="August 2011 stock markets fall">August 2011 stock markets fall</a></span></li> <li><span class="nowrap"><a href="/wiki/2011_Bangladesh_share_market_scam" title="2011 Bangladesh share market scam">2011 Bangladesh share market scam</a></span></li> <li><span class="nowrap"><a href="/wiki/2012%E2%80%932013_Cypriot_financial_crisis" title="2012–2013 Cypriot financial crisis">2012–2013 Cypriot financial crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/Chinese_Banking_Liquidity_Crisis_of_2013" title="Chinese Banking Liquidity Crisis of 2013">2013 Chinese banking liquidity crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/2013%E2%80%93present_economic_crisis_in_Venezuela" title="2013–present economic crisis in Venezuela">Venezuela economic crisis</a> (2013–present)</span></li> <li><span class="nowrap"><a href="/wiki/2014_Brazilian_economic_crisis" title="2014 Brazilian economic crisis">2014–2016 Brazilian economic crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/Puerto_Rican_government-debt_crisis" title="Puerto Rican government-debt crisis">Puerto Rican government-debt crisis</a> (2014–2022)</span></li> <li><span class="nowrap"><a href="/wiki/Russian_financial_crisis_(2014%E2%80%932016)" title="Russian financial crisis (2014–2016)">Russian financial crisis (2014–2016)</a></span></li> <li><span class="nowrap"><a href="/wiki/2015_Nepal_blockade" title="2015 Nepal blockade">2015 Nepal blockade</a></span></li> <li><span class="nowrap"><a href="/wiki/2015%E2%80%932016_Chinese_stock_market_turbulence" title="2015–2016 Chinese stock market turbulence">2015–2016 Chinese stock market turbulence</a></span></li> <li><span class="nowrap"><a href="/wiki/2015%E2%80%932016_stock_market_selloff" title="2015–2016 stock market selloff">2015–2016 stock market selloff</a></span></li> <li><span class="nowrap"><a href="/wiki/Economic_effects_of_Brexit" title="Economic effects of Brexit">Brexit stock market crash</a> (2016)</span></li> <li><span class="nowrap"><a href="/wiki/Hyperinflation_in_Venezuela" title="Hyperinflation in Venezuela">Venezuelan hyperinflation</a> (2016–2022)</span></li> <li><span class="nowrap"><a href="/wiki/2017_Sri_Lankan_fuel_crisis" title="2017 Sri Lankan fuel crisis">2017 Sri Lankan fuel crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/Ghana_banking_crisis" title="Ghana banking crisis">Ghana banking crisis</a> (2017–2018)</span></li> <li><span class="nowrap"><a href="/wiki/Turkish_economic_crisis_(2018%E2%80%93current)" title="Turkish economic crisis (2018–current)">Turkish economic crisis</a> (2018–present)</span></li> <li><span class="nowrap"><a href="/wiki/Lebanese_liquidity_crisis" title="Lebanese liquidity crisis">Lebanese liquidity crisis</a> (2019–present)</span></li> <li><span class="nowrap"><a href="/wiki/Sri_Lankan_economic_crisis_(2019%E2%80%93present)" title="Sri Lankan economic crisis (2019–present)">Sri Lankan economic crisis</a> (2019–present)</span></li> <li><span class="nowrap"><a href="/wiki/Economic_impact_of_the_COVID-19_pandemic" title="Economic impact of the COVID-19 pandemic">COVID-19 pandemic</a></span> <ul><li><span class="nowrap"><a href="/wiki/Financial_market_impact_of_the_COVID-19_pandemic" title="Financial market impact of the COVID-19 pandemic">Financial market impact</a></span></li> <li><span class="nowrap"><a href="/wiki/2020_stock_market_crash" title="2020 stock market crash">2020 stock market crash</a></span></li> <li><span class="nowrap"><a href="/wiki/Early_2020s_recession" class="mw-redirect" title="Early 2020s recession">Recession</a></span></li></ul></li> <li><span class="nowrap"><a href="/wiki/Chinese_property_sector_crisis_(2020%E2%80%93present)" title="Chinese property sector crisis (2020–present)">Chinese property sector crisis</a> (2020–present)</span></li> <li><span class="nowrap"><a href="/wiki/2021%E2%80%932023_inflation_surge" title="2021–2023 inflation surge">2021–2023 inflation surge</a></span></li> <li><span class="nowrap"><a href="/wiki/Economic_impact_of_the_Russian_invasion_of_Ukraine" title="Economic impact of the Russian invasion of Ukraine">2022 Russian financial crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/Pakistani_economic_crisis_(2022%E2%80%93present)" title="Pakistani economic crisis (2022–present)">Pakistani economic crisis</a> (2022–present)</span></li> <li><span class="nowrap"><a href="/wiki/2022_stock_market_decline" title="2022 stock market decline">2022 stock market decline</a></span></li> <li><span class="nowrap"><a href="/wiki/German_economic_crisis_(2022%E2%80%93present)" title="German economic crisis (2022–present)">2022–2024 German economic crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/2023_United_States_banking_crisis" title="2023 United States banking crisis">2023 United States banking crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/2023%E2%80%932024_Egyptian_financial_crisis" title="2023–2024 Egyptian financial crisis">2023–2024 Egyptian financial crisis</a></span></li></ul> </div></td></tr><tr><td class="navbox-abovebelow" colspan="2"><div> <ul><li><span class="nowrap"><a href="/wiki/List_of_banking_crises" title="List of banking crises">List of banking crises</a></span></li> <li><span class="nowrap"><a href="/wiki/List_of_economic_crises" title="List of economic crises">List of economic crises</a></span></li> <li><span class="nowrap"><a href="/wiki/List_of_sovereign_debt_crises" title="List of sovereign debt crises">List of sovereign debt crises</a></span></li> <li><span class="nowrap"><a href="/wiki/List_of_stock_market_crashes_and_bear_markets" title="List of stock market crashes and bear markets">List of stock market crashes and bear markets</a></span></li></ul> </div></td></tr></tbody></table></div> <div class="navbox-styles"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236075235"><style data-mw-deduplicate="TemplateStyles:r1038841319">.mw-parser-output .tooltip-dotted{border-bottom:1px dotted;cursor:help}</style></div><div role="navigation" class="navbox authority-control" aria-labelledby="Authority_control_databases_frameless&#124;text-top&#124;10px&#124;alt=Edit_this_at_Wikidata&#124;link=https&#58;//www.wikidata.org/wiki/Q114380#identifiers&#124;class=noprint&#124;Edit_this_at_Wikidata" style="padding:3px"><table class="nowraplinks hlist mw-collapsible autocollapse navbox-inner" style="border-spacing:0;background:transparent;color:inherit"><tbody><tr><th scope="col" class="navbox-title" colspan="2"><div id="Authority_control_databases_frameless&#124;text-top&#124;10px&#124;alt=Edit_this_at_Wikidata&#124;link=https&#58;//www.wikidata.org/wiki/Q114380#identifiers&#124;class=noprint&#124;Edit_this_at_Wikidata" style="font-size:114%;margin:0 4em"><a href="/wiki/Help:Authority_control" title="Help:Authority control">Authority control databases</a> <span class="mw-valign-text-top noprint" typeof="mw:File/Frameless"><a href="https://www.wikidata.org/wiki/Q114380#identifiers" title="Edit this at Wikidata"><img alt="Edit this at Wikidata" src="//upload.wikimedia.org/wikipedia/en/thumb/8/8a/OOjs_UI_icon_edit-ltr-progressive.svg/10px-OOjs_UI_icon_edit-ltr-progressive.svg.png" decoding="async" width="10" height="10" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/8/8a/OOjs_UI_icon_edit-ltr-progressive.svg/15px-OOjs_UI_icon_edit-ltr-progressive.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/8/8a/OOjs_UI_icon_edit-ltr-progressive.svg/20px-OOjs_UI_icon_edit-ltr-progressive.svg.png 2x" data-file-width="20" data-file-height="20" /></a></span></div></th></tr><tr><th scope="row" class="navbox-group" style="width:1%">International</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"><ul><li><span class="uid"><a rel="nofollow" class="external text" href="http://id.worldcat.org/fast/924607/">FAST</a></span></li></ul></div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">National</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"><ul><li><span class="uid"><a rel="nofollow" class="external text" href="https://d-nb.info/gnd/7635855-0">Germany</a></span></li><li><span class="uid"><a rel="nofollow" class="external text" href="https://id.loc.gov/authorities/sh89002668">United States</a></span></li><li><span class="uid"><a rel="nofollow" class="external text" href="https://catalogue.bnf.fr/ark:/12148/cb12074245c">France</a></span></li><li><span class="uid"><a rel="nofollow" class="external text" href="https://data.bnf.fr/ark:/12148/cb12074245c">BnF data</a></span></li><li><span class="uid"><span class="rt-commentedText tooltip tooltip-dotted" title="finanční krize"><a rel="nofollow" class="external text" href="https://aleph.nkp.cz/F/?func=find-c&local_base=aut&ccl_term=ica=ph257893&CON_LNG=ENG">Czech Republic</a></span></span></li><li><span class="uid"><a rel="nofollow" class="external text" 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