IDEAS home Printed from https://ideas.repec.org/a/jfr/jbar11/v12y2023i2p45-53.html
   My bibliography  Save this article

The Global Financial Crisis During the Years 2008 and 2009

Author

Listed:
  • Charles Needham
  • Maria Needham

Abstract

During a global financial crisis, the exchange rate reacts to economic conditions in a volatile manner. During the financial crisis between 2008 and 2009, the exchange rate incurred losses of individual countries' overall currency value. The losses occurred because of the lack of confidence in investors. The losses affected the banking and financial institutions, collapsing the housing market. The purpose was to explore existing research on the great financial crisis that affected the world and compare countries with the largest economic influences in the world. The study is grounded in the fact that this crisis disrupted the banking system worldwide, causing several major financial institutions, such as commercial banks, mortgage firms, insurance agencies, and credit unions, to fail. In addition to the financial industry, many large and small businesses failed to survive during the Great Financial Crises. The data came from sources such as scholarly literature from sources related to the causes and effects of the financial crises. The literature reflected behavior patterns and purposes that disrupted the global economy used by various countries. This research reflected that government leaders respond proactively and collaborate and share ideas, information, and resources to prevent a financial crisis of this magnitude from happening again. Bank managers must provide records publicly and promptly. As the United States, China, and Japan represent the largest economies, the U.S. governmental leaders must align with Japan to encourage China to support a global collaboration between the other global leaders to ensure sterner banking regulations. Consequently, this study could lead to a more stable global economy to prevent a future disaster of this magnitude.

Suggested Citation

  • Charles Needham & Maria Needham, 2023. "The Global Financial Crisis During the Years 2008 and 2009," Journal of Business Administration Research, Journal of Business Administration Research, Sciedu Press, vol. 12(2), pages 45-53, October.
  • Handle: RePEc:jfr:jbar11:v:12:y:2023:i:2:p:45-53
    as

    Download full text from publisher

    File URL: https://www.sciedupress.com/journal/index.php/jbar/article/download/25019/15552
    Download Restriction: no

    File URL: https://www.sciedupress.com/journal/index.php/jbar/article/view/25019
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Mohammad Uzair Akram & Kashif Zaheer Malik & Ali Imtiaz & Ammar Aftab & Maggie Chen, 2020. "Forex and financial markets dynamics: A case of China and ASEAN," Cogent Economics & Finance, Taylor & Francis Journals, vol. 8(1), pages 1756144-175, January.
    2. Marco Cipriani & Linda S. Goldberg & Gabriele La Spada, 2023. "Financial Sanctions, SWIFT, and the Architecture of the International Payment System," Journal of Economic Perspectives, American Economic Association, vol. 37(1), pages 31-52, Winter.
    3. Chen, Liming & Du, Ziqing & Hu, Zhihao, 2020. "Impact of economic policy uncertainty on exchange rate volatility of China," Finance Research Letters, Elsevier, vol. 32(C).
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Kamalyan, Hayk & Davtyan, Vahagn, 2022. "Exchange Rate Uncertainty and Business Cycle Fluctuations," MPRA Paper 113443, University Library of Munich, Germany.
    2. Mikhail Mamonov & Anna Pestova & Steven Ongena, 2023. "“Crime and Punishment”? How Banks Anticipate and Propagate Global Financial Sanctions," CERGE-EI Working Papers wp753, The Center for Economic Research and Graduate Education - Economics Institute, Prague.
    3. Abir Abid & Christophe Rault, 2021. "On the Exchange Rates Volatility and Economic Policy Uncertainty Nexus: A Panel VAR Approach for Emerging Markets," Journal of Quantitative Economics, Springer;The Indian Econometric Society (TIES), vol. 19(3), pages 403-425, September.
    4. Songping Zhu & Gaofeng Yu, 2022. "The Impact of Economic Policy Uncertainty on Industrial Output: The Regulatory Role of Technological Progress," Sustainability, MDPI, vol. 14(16), pages 1-18, August.
    5. Chaturvedi, Priya & Kumar, Kuldeep, 2022. "Econometric modelling of exchange rate volatility using mixed-frequency data," MPRA Paper 115222, University Library of Munich, Germany.
    6. Chi, Tsung-Li & Liu, Hung-Tsen & Chang, Chia-Chien, 2023. "Hedging performance using google Trends–Evidence from the indian forex options market," International Review of Economics & Finance, Elsevier, vol. 85(C), pages 107-123.
    7. Ranajit Kumar Bairagi, 2022. "Dynamic Impacts of Economic Policy Uncertainty on Australian Stock Market: An Intercontinental Evidence," Journal of Emerging Market Finance, Institute for Financial Management and Research, vol. 21(1), pages 64-91, March.
    8. Kamal, Javed Bin & Wohar, Mark & Kamal, Khaled Bin, 2022. "Do gold, oil, equities, and currencies hedge economic policy uncertainty and geopolitical risks during covid crisis?," Resources Policy, Elsevier, vol. 78(C).
    9. Wang, Dong & Wang, Ziwei & Zong, Xiaohua, 2023. "Impact of economic policy uncertainty on higher education expansion," Finance Research Letters, Elsevier, vol. 52(C).
    10. Wang, Yilei & Cheng, Sheng & Cao, Yan, 2022. "How does economic policy uncertainty respond to the global oil price fluctuations? Evidence from BRICS countries," Resources Policy, Elsevier, vol. 79(C).
    11. Benchimol, Jonathan & Palumbo, Luigi, 2024. "Sanctions and Russian online prices," Journal of Economic Behavior & Organization, Elsevier, vol. 225(C), pages 483-521.
    12. Zhang, Chen & Fang, Ying & Niu, Linlin, 2022. "Changing anchor of the renminbi: A Bayesian learning approach to the decade-long transition," Economic Modelling, Elsevier, vol. 116(C).
    13. Ozili, Peterson Kitakogelu, 2021. "Economic policy uncertainty: are there regional and country correlation?," MPRA Paper 105636, University Library of Munich, Germany.
    14. Fen Li & Zhehao Huang & Junhao Zhong & Khaldoon Albitar, 2020. "Do Tense Geopolitical Factors Drive Crude Oil Prices?," Energies, MDPI, vol. 13(16), pages 1-20, August.
    15. Deng, Chuang & Xie, Jingxuan & Zhao, Xiuyi, 2023. "Analysis of the impact of global uncertainty on abnormal cross-border capital flows," International Review of Economics & Finance, Elsevier, vol. 87(C), pages 338-346.
    16. Ata Ozkaya & Omer Altun, 2024. "Domestic and Global Causes for Exchange Rate Volatility: Evidence From Turkey," SAGE Open, , vol. 14(2), pages 21582440241, April.
    17. Raza, Syed Ali & Khan, Komal Akram & Benkraiem, Ramzi & Guesmi, Khaled, 2024. "The importance of climate policy uncertainty in forecasting the green, clean and sustainable financial markets volatility," International Review of Financial Analysis, Elsevier, vol. 91(C).
    18. Terver Theophilus Kumeka & Olabusuyi Rufus Falayi & Adeniyi Jimmy Adedokun & Francis Olayinka Adeyemi, 2023. "Economic policy uncertainty and exchange market pressure in Nigeria: a quantile regression analysis," International Journal of Sustainable Economy, Inderscience Enterprises Ltd, vol. 15(2), pages 135-166.
    19. Lv, Wendai & Qi, Jipeng & Feng, Jing, 2023. "Economic policy uncertainty and environmental governance company volatility: Evidence from China," Research in International Business and Finance, Elsevier, vol. 64(C).
    20. S. M. Woahid Murad, 2022. "The role of domestic and foreign economic uncertainties in determining the foreign exchange rates: an extended monetary approach," Journal of Economics and Finance, Springer;Academy of Economics and Finance, vol. 46(4), pages 666-677, October.

    More about this item

    JEL classification:

    • R00 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - General - - - General
    • Z0 - Other Special Topics - - General

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:jfr:jbar11:v:12:y:2023:i:2:p:45-53. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Grace Lee (email available below). General contact details of provider: http://jbar.sciedupress.com .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.