The international financial system in its present form is both conducive to global financial crises and accentuates the effects if such crises are triggered by other factors. Global financial crises follow a typical pattern. They are preceded by a period of increasing asset prices…… . Financial crises are often precipitated by banks reassessing their liabilities and requiring repayment of large loans. Businesses, in order to meet those demands, start selling assets, reducing their prices. This leads to re-evaluation of the balance sheets of companies, with many more being driven into serious debt problems, leading to further sales of assets and to significant asset price falls (Minsky, 1985). This not only had a large part to play in 2007, but is still an important feature of the economic landscape today.”
[J. W. Nevile and Peter Kriesler “A bright future can be ours! Macroeconomic policy for non-eurozone Western countries” Cambridge Journal of Economics 2013]
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