Financial Crises Between the 20th and 21st Centuries

Oprișan Oana () and Țileagă Cosmin ()
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Oprișan Oana: "Ovidius" University of Constanta
Țileagă Cosmin: "Lucian Blaga" University of Sibiu

Ovidius University Annals, Economic Sciences Series, 2018, vol. XVIII, issue 1, 482-487

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.

Keywords: economic and financial crises; cyclicality; financial developments (search for similar items in EconPapers)
JEL-codes: G01 (search for similar items in EconPapers)
Date: 2018
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