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Published in:
2016 | OriginalPaper | Chapter
10. The Global Financial Crisis: No Place for Investors to Hide
Author : Nicholas P. Sargen
Published in: Global Shocks
Publisher: Springer International Publishing
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Abstract
The global financial crisis and Great Recession was a milestone event that ushered in the third phase in the evolution of the international financial system following the Great Inflation of the 1970s and early 1980s, and the Great Moderation that followed and lasted through 2007. While there were bouts of financial instability that required periodic interventions by Group of Seven (G-7) policymakers during the second phase, the general impression at the time was that the world’s financial system was fundamentally sound.