Economic Globalisation - The 2008 financial crisis – A crisis of globalisation?

 

The 2007-08 financial crisis affected many countries simultaneously and led to a global economic crisis unseen since the Great Depression. It was triggered by a proliferation of financial products linked to risky mortgage loans. The crisis seriously called into question financial globalisation, which to a certain extent amplified risks linked to banking activities and financial markets and brought about financial imbalances among leading economic powers. The question of what rules should apply to global financial activity is crucial in channelling the risks inherent to globalisation.

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Chapter 8 deals with financial stability, examining the shock wave triggered by the 2007-08 financial crisis, considered the first great financial crisis of the global economy. At the time of writing, the bumpy road to recovery casts some doubt on the future of globalisation.

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OECD work on the financial markets is available at www.oecd.org/finance.

   
  Source: “Financial Market Trends”, OECD Journal, Vol. 2008, No. 94, p.121, OECD.
StatLink: http://dx.doi.org/10.1787/888932780266
 

 

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