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What are the causes and what is the significance of the global financial crisis that began in August 2007?

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  1. Previous financial crisis
  2. Definition of the subprime phenomenon
  3. Crisis expansion
  4. The consequences for the financial markets and the banking system

The predictions by analysts seems to have dwindled down. This can be observed through the worst hit financial crisis that began in August 2007. The reports depicting the crisis differs in many ways from previous ones. The characteristics of the previous financial downturns were that they always began on emerging markets (Asian crisis of 1997 for instance) and being born to western soil was an unknown concept. Amazingly enough, it is from the United States of America, the wealthiest equity market and country in the world that this crisis started. It thereafter, spread across all the major financial centers in the world. The consequences of this financial crisis have been so grave and are one of the heaviest. The last severe consequence witnessed in the world by the medium of the economic tsunami was towards the end of the Cold War. Till date, the method of wriggling out of this economic storm is a mystery. Therefore, helping the financial markets regain its confidence and dynamism seems to be close to uncertainty. It is an indisputable fact that globalization in financial markets, which is far less regulated than the trade ones, inevitably enlarges any local, regional or national incident into a global incident.

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