The global financial crisis, triggered by the collapse of Lehman Brothers in September 2008 in the United States, started a contagion that pushed the world economy into deep recession. Not since the Great Depression of the 1930s, had the world economy witnessed such a massive reduction in gross domestic product (GDP) and a sharp drop in real growth. The proximate cause of the crisis lay in the US sub-prime housing market, whose collapse led to a run in shadow banking, debilitating confidence in financial institutions in the US and across the world.
CITATION STYLE
Kathuria, R., & Nagpal, N. K. (2015). Introduction. In Global Economic Cooperation: Views from G20 Countries (pp. 1–26). Springer India. https://doi.org/10.1007/978-81-322-2698-7_1
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