Introduction
The 2007–2008 financial crisis, also known as the global financial and economic crisis, began in September 2007 and lasted through to October 2008. Market conditions deteriorated precipitously and rapidly. It was the most significant financial and economic upheaval since the Great Depression (post-1929). Numerous countries were affected all over the world, mainly countries in the Euro area and the United States of America. The financial crisis led to a sharp reduction in both USA and European countries’ real activity and was followed by a long-lasting crash. In addition to the Euro area and the USA, many countries in the Middle East and Asia were also affected by the crisis. Initially, in the early stage of the financial crisis, Asia was only moderately affected. However, later the currencies and stock markets in the region came under robust downward pressure. To be brief, the world economy plunged into recession.
In the USA, the financial crisis devastated the banking...
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Mirzaei, N. (2019). 2007–2008 Financial Crisis. In: Romaniuk, S., Thapa, M., Marton, P. (eds) The Palgrave Encyclopedia of Global Security Studies. Palgrave Macmillan, Cham. https://doi.org/10.1007/978-3-319-74336-3_305-1
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