After the sad events of 2008, we expect every year with a sinking heart of new economic shocks, rising unemployment, inflation, devaluation, stagnation and other troubles.
Meanwhile, analysts say that global crises shock the economy with an enviable periodicity. In order to demonstrate this regularity, we bring to your attention Top-10 global financial crises .
Contents:
- 10. The crisis of 1825
- 9. The crisis of 1907
- 8. The crisis of 1914
- 7. The "Great Depression" of 1929-1933
- 6. The crisis of 1987.
- 5. Mexican crisis 1994-1995
- 4. Asian crisis of 1997
- 3. The 1998 crisis
- 2. The oil crisis of 1973-1974
- 1. The crisis of 2008
10. The crisis of 1825
Historians often refer to the events of 1825the first international financial crisis. In the early 1820s, several Latin American countries gained their independence. A stream of investments from the United Kingdom was directed here, and speculative mania began on the London Stock Exchange. As a result, the collapse of the British stock market broke out, the banking crisis quickly spread to the continent and across the ocean - to Latin America.
9. The crisis of 1907
The crisis was provoked by the Bank of England, raising the discount rate from 3.5% right up to 6% to replenish its own gold reserves. The event caused the outflow of capital from overseas and triggered a fall in the US stock market. In general, the crisis affected the United Kingdom, the United States, France, Italy and a number of other countries.
8. The crisis of 1914
The outbreak of the First World War caused an international financial crisis. The collapse has comprehended both money and commodity markets of dozens of countries. In the United States, Britain and a number of European countries, the banking panic was mitigated only by timely interventions by central banks.
7. "Great Depression" 1929-1933
The reason for the famous "depression" was a sharp increase in the purchasing power of the currencies of the Scandinavian countries, Italy, Britain and the US in the postwar years. On 24.10.1929, a fever began on the New York Stock Exchange. Shares of the largest companies lost 70% of the cost. The factories began to close, unemployment has reached alarming proportions. In the end, the crisis affected at least 30 million people in the US and Europe.
6. The crisis of 1987.
In the "black Monday" - October 19, 1987, there was a collapse on the American stock market. The Dow Jones index fell 22.6% or 508 points. Following the United States, the markets of Canada, Australia, New Zealand, Hong Kong, and Latin American countries collapsed. It took 21 months to return to the pre-crisis state.
5. Mexican crisis 1994-1995
This crisis economists often refer to as "Tequila."Despite the fact that he touched mainly the Mexican market, the governments of many countries for the first time in history provided significant financial assistance to prevent the flow of the crisis beyond the borders of Mexico. Only the US formed a credit package for the country at $ 20 billion. Which, by the way, put the Mexican economy in dependence on the state economy for many years.
4. Asian crisis of 1997
The crisis was triggered by the collapse of the Hong Kong stock market, which caused serious repercussions in all countries of Southeast Asia. Over time, the wave overtook the markets of Europe and the United States. It is believed that this crisis to some extent influenced the events of August 1998 in Russia.
3. The 1998 crisis
This crisis hit the Russian economy hardest. But there is every reason to call it international, as Ukraine, Kazakhstan, Lithuania, Estonia, Moldova, Latvia and Belarus suffered. For half a year the ruble rate fell more than three times. The Russian banking system was in a state of collapse for at least a year. The number of depositors who lost all their savings is estimated at hundreds of thousands.
2. Oil crisis of 1973-1974 years
Oil prices soared from 3 to almost 12 dollars per barrel. The OPEC countries cut production and said they will not supply "black gold" to countries that support Israel. The oil crisis contributed to an increase in exports of Soviet oil.
1. Crisis of 2008
The crisis began in the USA.Among the reasons analysts call excessive prices for commodities, and huge amounts of credit debt at low interest. Financial analysts are still arguing today whether the crisis has ended or is in full swing. However, the crisis of 2008 is considered the most global in the history of the world economy .
