Financial crisis Wikipedia. A financial crisis is any of a broad variety of situations in which some financial assets suddenly lose a large part of their nominal value. In the 1. 9th and early 2. Other situations that are often called financial crises include stock market crashes and the bursting of other financial bubbles, currency crises, and sovereign defaults. Financial crises directly result in a loss of paper wealth but do not necessarily result in significant changes in the real economy e. Many economists have offered theories about how financial crises develop and how they could be prevented. There is no consensus, however, and financial crises continue to occur from time to time. Banking crisiseditWhen a bank suffers a sudden rush of withdrawals by depositors, this is called a bank run. Game Time Crisis 4 EbayThis crisis of faith has had no more severe expression than the 2016 presidential campaign, which has turned on the questions of who, exactly, the system is working. 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Webmasters/Images/59291420071109_135919_1_big.jpg' alt='Game Time Crisis 4' title='Game Time Crisis 4' />Since banks lend out most of the cash they receive in deposits see fractional reserve banking, it is difficult for them to quickly pay back all deposits if these are suddenly demanded, so a run renders the bank insolvent, causing customers to lose their deposits, to the extent that they are not covered by deposit insurance. An event in which bank runs are widespread is called a systemic banking crisis or banking panic. Examples of bank runs include the run on the Bank of the United States in 1. Northern Rock in 2. Banking crises generally occur after periods of risky lending and resulting loan defaults. Currency crisiseditThere is no widely accepted definition of a currency crisis, also called a devaluation crisis,6 is normally considered as part of a financial crisis. Kaminsky et al. 1. 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One factor that frequently contributes to a bubble is the presence of buyers who purchase an asset based solely on the expectation that they can later resell it at a higher price, rather than calculating the income it will generate in the future. Game Time Crisis 4' title='Game Time Crisis 4' />If there is a bubble, there is also a risk of a crash in asset prices market participants will go on buying only as long as they expect others to buy, and when many decide to sell the price will fall. However, it is difficult to predict whether an assets price actually equals its fundamental value, so it is hard to detect bubbles reliably. Some economists insist that bubbles never or almost never occur. Well known examples of bubbles or purported bubbles and crashes in stock prices and other asset prices include the 1. Dutch tulip mania, the 1. South Sea Bubble,the Wall Street Crash of 1. Japanese property bubble of the 1. United States housing bubble. The 2. 00. 0s sparked a real estate bubble where housing prices were increasing significantly as an asset good. Normal Probability Curve Pdf there. International financial crisiseditWhen a country that maintains a fixed exchange rate is suddenly forced to devalue its currency due to accruing an unsustainable current account deficit, this is called a currency crisis or balance of payments crisis. When a country fails to pay back its sovereign debt, this is called a sovereign default. While devaluation and default could both be voluntary decisions of the government, they are often perceived to be the involuntary results of a change in investor sentiment that leads to a sudden stop in capital inflows or a sudden increase in capital flight. Several currencies that formed part of the European Exchange Rate Mechanism suffered crises in 1. Another round of currency crises took place in Asia in 1. Many Latin American countries defaulted on their debt in the early 1. The 1. 99. 8 Russian financial crisis resulted in a devaluation of the ruble and default on Russian government bonds. Wider economic crisiseditNegative GDP growth lasting two or more quarters is called a recession. An especially prolonged or severe recession may be called a depression, while a long period of slow but not necessarily negative growth is sometimes called economic stagnation. Declining consumer spending. Some economists argue that many recessions have been caused in large part by financial crises. One important example is the Great Depression, which was preceded in many countries by bank runs and stock market crashes. The subprime mortgage crisis and the bursting of other real estate bubbles around the world also led to recession in the U. S. and a number of other countries in late 2. Some economists argue that financial crises are caused by recessions instead of the other way around, and that even where a financial crisis is the initial shock that sets off a recession, other factors may be more important in prolonging the recession. In particular, Milton Friedman and Anna Schwartzargued that the initial economic decline associated with the crash of 1. Federal Reserve,1. Ben Bernanke. 1. 3Causes and consequenceseditStrategic complementarities in financial marketseditIt is often observed that successful investment requires each investor in a financial market to guess what other investors will do. George Soros has called this need to guess the intentions of others reflexivity. Similarly, John Maynard Keynes compared financial markets to a beauty contest game in which each participant tries to predict which model other participants will consider most beautiful. Circularity and self fulfilling prophecies may be exaggerated when reliable information is not available because of opaque disclosures or a lack of disclosure. Furthermore, in many cases investors have incentives to coordinate their choices. For example, someone who thinks other investors want to buy lots of Japanese yen may expect the yen to rise in value, and therefore has an incentive to buy yen too. Likewise, a depositor in Indy. Mac Bank who expects other depositors to withdraw their funds may expect the bank to fail, and therefore has an incentive to withdraw too. Economists call an incentive to mimic the strategies of others strategic complementarity. It has been argued that if people or firms have a sufficiently strong incentive to do the same thing they expect others to do, then self fulfilling prophecies may occur. For example, if investors expect the value of the yen to rise, this may cause its value to rise if depositors expect a bank to fail this may cause it to fail. Therefore, financial crises are sometimes viewed as a vicious circle in which investors shun some institution or asset because they expect others to do so. LeverageeditLeverage, which means borrowing to finance investments, is frequently cited as a contributor to financial crises. When a financial institution or an individual only invests its own money, it can, in the very worst case, lose its own money. But when it borrows in order to invest more, it can potentially earn more from its investment, but it can also lose more than all it has. Therefore, leverage magnifies the potential returns from investment, but also creates a risk of bankruptcy. Since bankruptcy means that a firm fails to honor all its promised payments to other firms, it may spread financial troubles from one firm to another see Contagion below.