Publication

This report overviews the global financial crisis by charting its origins in the US financial system, its effects on emerging markets, Europe, Russia, Latin America and Asia. The authors describe the global financial crisis playing out in four overlapping phases. The first phase governments intervene to limit the contagion and strengthen financial sectors. In the second phase, the effects of the financial crisis spread to real sectors to negatively affect whole economies, production, firms, investors and households. In the third phase, governments focus on “fixing the system” and preventing future crises from occurring. The fourth phase is in dealing with the political, social and security effects of the financial turmoil. This report provides analysis of the crisis through January 2010.