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Financial Crises of 1980s, 1990s and 21st Century: A Comparison - Literature review Example

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 This review is going to compare the financial crises of the 1980s with those of the 1990s. The similarities and differences between the two periods will be given. The review concludes with the writer’s opinion on what the financial world should expect in the first decade of the 21st century. …
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Financial Crises of 1980s, 1990s and 21st Century: A Comparison
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Download file to see previous pages For the past a hundred years, there have been several economic crises in the world. Financial crises compose such economic crises. In fact, it looks like each decade has its own set of financial crises, which usually originate in one country and spread to the rest of the world. The 1930s saw the Great Depression; the 1980s saw the savings and loans crisis in the US and also the loan default crisis. The 1990s saw the Asian currency crisis among a plethora of other financial hitches. The first decade of the twenty-first century has not been spared either. The 2007/2009 financial crisis is considered in some quarters to be the largest since the Great Depression.
There were several financial crises in the 1980s around the world. But perhaps the major ones were the debt crisis and the American savings and loans crisis (Carrasco 2008). The latter is referred by many as the 1980’s savings and loans scandal, a befitting term considering the factors that were surrounding it.
According to Carrasco (2008), this crisis had its origins in the 1970s. It is the accumulative effects of what transpired in the 1970s that brought about the crisis of the 1980s. There was what Wharton and Allen (2009) refer to as “petrodollar recycling” in the 1970s. In the 1970s, there was a considerable rise in the price of oil on the world market. This saw the oil-exporting countries of the world, especially those from the Middle East, making considerable profits. They stashed their extra profits in commercial banks both in America and Europe.  ...Download file to see next pagesRead More
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