The Palgrave Encyclopedia of Global Security Studies

Living Edition
| Editors: Scott Romaniuk, Manish Thapa, Péter Marton

2007–2008 Financial Crisis

  • Nima MirzaeiEmail author
Living reference work entry


The 2007–2008 financial crisis, also known as the global financial and economic crisis, began in September 2007 and lasted through to October 2008. Market conditions deteriorated precipitously and rapidly. It was the most significant financial and economic upheaval since the Great Depression (post-1929). Numerous countries were affected all over the world, mainly countries in the Euro area and the United States of America. The financial crisis led to a sharp reduction in both USA and European countries’ real activity and was followed by a long-lasting crash. In addition to the Euro area and the USA, many countries in the Middle East and Asia were also affected by the crisis. Initially, in the early stage of the financial crisis, Asia was only moderately affected. However, later the currencies and stock markets in the region came under robust downward pressure. To be brief, the world economy plunged into recession.

In the USA, the financial crisis devastated the banking...


Financial Crisis Macroeconomic activities Recession Global security 
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Copyright information

© The Author(s), under exclusive licence to Springer Nature Switzerland AG 2019

Authors and Affiliations

  1. 1.Department of Industrial EngineeringIstanbul Aydin UniversityIstanbulTurkey