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Financial Crises Between the 20th and 21st Centuries

Author

Listed:
  • OpriÈ™an Oana

    ("Ovidius" University of Constanta)

  • Èšileagă Cosmin

    ("Lucian Blaga" University of Sibiu)

Abstract

The economic crisis that hit the world economy in the summer of 2007 is unprecedented in postwareconomic history. Although the current crisis has many features in common with past similarrecession episodes. The crisis has been preoccupied with a long period of rapid credit growth, lowrisk premiums, abundance of liquidity, a strong leverage, rising asset prices and bubbledevelopment in the real estate sector. Economic activity is characterized by cyclicality, withperiods of decline being a normal component of an economic cycle. Crises are not a newphenomenon, but over the last 100 years, due to the acceleration of the pace of economicdevelopment and the enormous advances in technology and communications, the frequency of suchphenomena has increased.

Suggested Citation

  • OpriÈ™an Oana & Èšileagă Cosmin, 2018. "Financial Crises Between the 20th and 21st Centuries," Ovidius University Annals, Economic Sciences Series, Ovidius University of Constantza, Faculty of Economic Sciences, vol. 0(1), pages 482-487, July.
    • Handle: RePEc:ovi:oviste:v:xviii:y:2018:i:1:p:482-487
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    More about this item

    Keywords

    economic and financial crises; cyclicality; financial developments;
    All these keywords.

    JEL classification:

    • G01 - Financial Economics - - General - - - Financial Crises

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