Short Essay On Financial Crisis

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This essay examines the consequences of the global economic and financial crisis for income distribution.

The “great trade collapse” of 2008 was the most severe synchronized contraction in international trade ever recorded.

Within nine months of their pre-crisis peak, in April 2008, global exports were down by 22 percent.

In particular, it describes the mechanism by which sub-prime mortgages and securitisation products helped to exacerbate the problem.

Short Essay On Financial Crisis

In contrast to many other descriptions, it employs no advanced mathematical techniques, allowing non-specialists to appreciate the important dynamic processes at work.Although more banks failed during the Depression, these failures were scattered between 19 and involved far smaller balance sheets.In 2008, both the scale and the speed of the implosion were breathtaking.“September and October of 2008 was the worst financial crisis in global history, including the Great Depression.” Ben Bernanke, then the chair of the U. Federal Reserve, made this remarkable claim in November 2009, just one year after the meltdown.Looking back today, a decade after the crisis, there is every reason to agree with Bernanke’s assessment: 2008 should serve as a warning of the scale and speed with which global financial crises can unfold in the twenty-first century. and European real estate markets; as housing prices plunged from California to Ireland, homeowners fell behind on their mortgage payments, and lenders soon began to feel the heat.The politics of trying to save capitalism by saving only the financial capitalists may well turn out to be the last twist of the knife from free market fundamentalism to pave the way for a deeper and lasting recession.This paper describes the current credit crisis and explains aspects of its macro and micro features.The effects of the global financial crisis have been more severe than initially forecast.The turning point was the decision in September 2008 to let Lehman Brothers fail, an event that had a series of ruinous cascading effects.This paper attempts to understand the nature of the current financial crisis by identifying the main characteristics of the system that became vulnerable to collapse due to falling asset prices.It highlights the shadow banking system, which lacked the explicit backing of a monetary authority on the one hand, and escaped largely its regulation on the other.


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