Advances in Economics, Management and Political Sciences

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Proceedings of the 7th International Conference on Economic Management and Green Development

Series Vol. 35 , 10 November 2023


Open Access | Article

Global Financial Crisis and Risk Management

Weiyi Yang * 1
1 Boston University

* Author to whom correspondence should be addressed.

Advances in Economics, Management and Political Sciences, Vol. 35, 98-103
Published 10 November 2023. © 2023 The Author(s). Published by EWA Publishing
This article is an open access article distributed under the terms and conditions of the Creative Commons Attribution (CC BY) license, which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited.
Citation Weiyi Yang. Global Financial Crisis and Risk Management. AEMPS (2023) Vol. 35: 98-103. DOI: 10.54254/2754-1169/35/20231732.

Abstract

This paper explores the 2008 financial crisis. It looks at its causes, consequences, and the changes that were effected to prevent the global economy from a similar crisis in the future. The crisis began in the United States, spread quickly, and ended up affecting the global population’s jobs, homes, and savings. The paper identifies the Federal Reserve’s financial policies, subprime mortgages, and credit default swaps (CDS) as the main causes of the 2008 financial crisis – each of these factors played a significant part in leading to the crisis. The combination of these factors made the effects of the 2008 financial crisis even more severe, leading to a broader economic downturn. The consequences of the crisis included increased regulation of the financial industry, government intervention through bailouts, a decline in housing prices, higher unemployment rates, and the breakdown of significant several major banks and financial institutions. These consequences were severe and governments had to come up with solutions to prevent a similar happening in the future through measures like the Dodd-Frank Act and the Basel III framework.

Keywords

financial crisis, government intervention, banking regulation

References

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Data Availability

The datasets used and/or analyzed during the current study will be available from the authors upon reasonable request.

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Volume Title
Proceedings of the 7th International Conference on Economic Management and Green Development
ISBN (Print)
978-1-83558-091-2
ISBN (Online)
978-1-83558-092-9
Published Date
10 November 2023
Series
Advances in Economics, Management and Political Sciences
ISSN (Print)
2754-1169
ISSN (Online)
2754-1177
DOI
10.54254/2754-1169/35/20231732
Copyright
© 2023 The Author(s)
Open Access
This article is an open access article distributed under the terms and conditions of the Creative Commons Attribution (CC BY) license, which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited

Copyright © 2023 EWA Publishing. Unless Otherwise Stated