What Happened During The Financial Crisis Of 2007-09

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Examination Number: B068878 Title of Course: Introduction to Business The name of your teaching assistant: Yida Zhiu The date of submission: 09/03/2016 Word count: 2477 Title of Essay: Briefly explain what happened during the financial crisis of 2007-09. Choose any one aspect or question about the crisis which has attracted attention, and explain the findings of research on this question. Financial Crisis 2007-2009. When analyzing causes of the global financial crisis and its specific symptoms, it is clear that the deepening of globalization processes and high level of internationalization of the world economy determined the significant losses of national financial systems and slowed down their development. The global financial crisis of 2007 - 2009 was a destructive phenomenon, which adversely affected development of the international financial system in during globalization. This crisis has acquired a global status, as it started in one country (USA), gradually spreading to other countries, regions, continents and eventually all the world space. According to Bloomberg, the financial crisis in 2007 – 2009 caused damage to banks shareholders worth more than 690 billion US dollars. In contrast, the total losses in the banking sector worldwide during the crisis in the early 1990s amounted to 200 billion US dollars. The 2007-09 crisis is characterized by a decline in total value of national wealth of the world: from 107 trillion to 50 trillion US dollars. Since mid-2007, the
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