Global Economic Crisis and Its Effect

Global Economic Crisis and Its Effect

Abstract

The worldwide economic crisis began in the United States of America, mostly as a result of ‘sub-prime mortgages,' in which interest rates were low and there was a high demand for home loans. Later, American banks bundled this debt into global financial instruments known as "collateralized debt obligations" and marketed them globally, resulting in unmanageable mortgage payments and many individuals defaulting or going into foreclosure. 

The mortgage problem then spread across the globe. Subprime mortgages, securitization and repackaging of loans, excessive leverage, mismatch between financial innovation and regulation, fair value accounting rules, typical characteristics of the US financial system, failure of global corporate governance, and the complex interplay of multiple factors are among the various explanations for the crisis. 

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Introduction

Banking and economic crises have been a frequent occurrence throughout mankind's contemporary economic history. Since the Great Depression of 1929, the globe has seen hundreds of similar crises, with the number increasing with time. From the late 1970s through 2001, there were as many as 112 systemic banking crises, according to UNCTAD (2008a). 

Most of them, including the current one, shared some characteristics: they all began with a hasty process of financial sector reforms, which not only created a regulatory vacuum but also deteriorated the basic economic fundamentals through massive inflows of foreign capital, and eventually resulted in a change in investor expectations and a consequent deterioration of the basic economic fundamentals. 

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Conclusion

While the developed world, including the United States, the Eurozone, and Japan, has entered a recession, the Indian economy is being impacted by the global financial crisis' spillover effects, according to Chidambaram (2008) and Seshan (2008). People's savings habits, solid foundations, and a strong conservative and regulatory system have kept the Indian economy from stalling, but major sectors of the economy have slowed and there is a broad range of views about how long it will continue. India's growth would be modest, according to forecasts. The most essential lesson we must take away from the crisis is the need of self-sufficiency. .

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