Advances in Economics, Management and Political Sciences
- The Open Access Proceedings Series for Conferences
Proceedings of the 2023 International Conference on Management Research and Economic Development
Series Vol. 25 , 13 September 2023
Open
Access | Article
Causes and Consequences of the 2008 Financial Crisis: A Critical Review
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Abstract
The analysis of the financial crisis is crucial for the growth of the world economy, particularly given the complicated economic environment that COVID-19 is currently experiencing and the war in Ukraine. This paper will discuss the most significant financial crisis that happened in 2008, which was brought on by the financial authorities' shoddy implementation and upkeep of their policies. The collapse of several major banks and financial institutions, high unemployment, government bailouts, the collapse of the real estate market, regulatory reforms, and economic recession were the main consequences of the crisis. It is essential to research and examine the factors that led to the financial crisis of 2008 and its consequences. First, research of this kind enables us to comprehend the underlying causes of the financial catastrophe. Secondly, financial crisis research helps to identify early warning signs of impending crises. Third, the study of financial crises can provide valuable insights into the behavior of financial markets and financial institutions. Fourth, research on financial crises can help inform public policy debates. Finally, research on financial crises can help improve transparency and accountability in the financial sector. Such research can inform public policy, promote transparency and accountability, and help ensure a more stable and sustainable global economy.
Keywords
subprime mortgage, mortgage-backed securities, financial regulation
References
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- Volume Title
- Proceedings of the 2023 International Conference on Management Research and Economic Development
- ISBN (Print)
- 978-1-915371-93-5
- ISBN (Online)
- 978-1-915371-94-2
- Published Date
- 13 September 2023
- Series
- Advances in Economics, Management and Political Sciences
- ISSN (Print)
- 2754-1169
- ISSN (Online)
- 2754-1177
- DOI
- 10.54254/2754-1169/25/20230479
- Copyright
- 13 September 2023
- 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