Business, Legal & Accounting Glossary
A financial crisis is a period punctuated by financial volatility in stock markets, financial institutions, and currencies.
This occurred in 1997 and 1998. Thailand and Indonesia were the countries that were hit hardest, but contigation spread throughout Asia, affecting every country there.
In late 2008, the US started falling into a financial crisis, and much of the world began to follow. Fears of recession ensued and bailouts were necessary to keep markets alive. This crisis began from the credit crunch and subprime lending ordeal earlier in the year.
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This glossary post was last updated: 27th March, 2020 | 3 Views.