Analysis of Global Financial Crisis in Corporate Financial Management
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This report provides an in-depth analysis of the Global Financial Crisis (GFC), examining its possible causes such as excessive money creation by banks, speculation in financial markets, and market instability. It explores the argument of whether the GFC could be repeated, considering factors like cryptocurrency and social media stocks. The report also details the impact of the GFC on various countries' economies, including Australia, and discusses actual and proposed reforms implemented in response to the crisis, such as the Financial Services Act and the establishment of regulatory bodies like the Financial Policy Committee, Prudential Regulation Authority, and Financial Conduct Authority. The analysis includes data and examples to support the findings, offering a comprehensive overview of the GFC and its lasting effects.
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Global Financial Crisis 0
Corporate Financial Management
1/22/2019
Corporate Financial Management
1/22/2019
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Global Financial Crisis 1
Contents
Introduction......................................................................................................................................2
Global Financial Crisis (GFC).........................................................................................................3
Possible Causes................................................................................................................................3
Banks created too much money...................................................................................................3
Push Up House Prices and Speculate On Financial Markets......................................................4
Market instability.........................................................................................................................6
GFC would be repeated again..........................................................................................................6
Impact of GFC on different countries’ economies..........................................................................7
Actual or proposed reforms.............................................................................................................8
Conclusion.....................................................................................................................................10
References......................................................................................................................................11
Contents
Introduction......................................................................................................................................2
Global Financial Crisis (GFC).........................................................................................................3
Possible Causes................................................................................................................................3
Banks created too much money...................................................................................................3
Push Up House Prices and Speculate On Financial Markets......................................................4
Market instability.........................................................................................................................6
GFC would be repeated again..........................................................................................................6
Impact of GFC on different countries’ economies..........................................................................7
Actual or proposed reforms.............................................................................................................8
Conclusion.....................................................................................................................................10
References......................................................................................................................................11

Global Financial Crisis 2
Introduction
The aim of the report is to explore the understanding of the Global Financial crises which are
considered as one of the most important economic catastrophes since the time of the Great
Depression of the year 1929. This paper majorly includes the discussion on the possible causes
that would have led to the issue of the financial crises which is supported further with the help of
the examples. Moreover, it discusses the opinion that shows that GFC can be repeated again in
the near future or not as this future occurrence can be any form. Further, the report includes the
scale and impact of the global financial crisis of the GFC on the different countries’ economies
which might lead to an impact on the other economies. This impact on the country includes the
discussion related to the home country on which GFC has left an imprint. In the end, it includes
the discussion with the identification of the actual and proposed reforms which might have
occurred during and after the event of the global financial crisis.
Introduction
The aim of the report is to explore the understanding of the Global Financial crises which are
considered as one of the most important economic catastrophes since the time of the Great
Depression of the year 1929. This paper majorly includes the discussion on the possible causes
that would have led to the issue of the financial crises which is supported further with the help of
the examples. Moreover, it discusses the opinion that shows that GFC can be repeated again in
the near future or not as this future occurrence can be any form. Further, the report includes the
scale and impact of the global financial crisis of the GFC on the different countries’ economies
which might lead to an impact on the other economies. This impact on the country includes the
discussion related to the home country on which GFC has left an imprint. In the end, it includes
the discussion with the identification of the actual and proposed reforms which might have
occurred during and after the event of the global financial crisis.

Global Financial Crisis 3
Global Financial Crisis (GFC)
Global financial crisis (GFC) is referred as the period in which the countries across the world
faced the situation of the financial stress in the market of the financial and banking system. GFC
or the global economic crises mainly believed to arise at the time of mid-2007 with a credit
crunch. The credit crunch was event in which there was the damage of the self-assurance by the
US depositors in the sub-prime mortgages that leads to the fluidity crises (Davies, 2017). Thus,
this event results in US Federal Reserve adding a large quantity of investment into monetary
markets. This has been found in the research that crises had get worse as stock markets across the
world gone down and this made it extremely unpredictable in year 2008. This has been found
that customer self-confidence has hit a tower of strength as numerous investors have constricted
their belts because of the terror that an increase in the near future. In the year 2008, the world
economy dealt with one of the most hazardous disaster since the year 1930s Great Depression
(Reserve Bank of Australia, 2018).
Possible Causes
This section of the report includes the possible causes which became the reason behind the
Global Financial crises in the market. Some of the causes behind the Global financial crises are
discussed below: -
Banks created too much money
The global financial crises increased when banks created too much money in the market as every
single period a bank creates a loan and then new currency was created (Bénétrix, Lane and
Shambaugh, 2015). This has been found that in the run-up to the monetary crisis, the banks
Global Financial Crisis (GFC)
Global financial crisis (GFC) is referred as the period in which the countries across the world
faced the situation of the financial stress in the market of the financial and banking system. GFC
or the global economic crises mainly believed to arise at the time of mid-2007 with a credit
crunch. The credit crunch was event in which there was the damage of the self-assurance by the
US depositors in the sub-prime mortgages that leads to the fluidity crises (Davies, 2017). Thus,
this event results in US Federal Reserve adding a large quantity of investment into monetary
markets. This has been found in the research that crises had get worse as stock markets across the
world gone down and this made it extremely unpredictable in year 2008. This has been found
that customer self-confidence has hit a tower of strength as numerous investors have constricted
their belts because of the terror that an increase in the near future. In the year 2008, the world
economy dealt with one of the most hazardous disaster since the year 1930s Great Depression
(Reserve Bank of Australia, 2018).
Possible Causes
This section of the report includes the possible causes which became the reason behind the
Global Financial crises in the market. Some of the causes behind the Global financial crises are
discussed below: -
Banks created too much money
The global financial crises increased when banks created too much money in the market as every
single period a bank creates a loan and then new currency was created (Bénétrix, Lane and
Shambaugh, 2015). This has been found that in the run-up to the monetary crisis, the banks
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Global Financial Crisis 4
created the huge volume of currency for making the loans. This has been found that the banks
have doubles the money amount and debt in the next 7 years in the economy.
(Source: Positive Money, 2018)
The above graph shows the rise in the total money created by a bank in the year 2014 to approx.
euro 67 billion from the year 1969 and the year 1980 when the amount of the cash was equal to
euro 109 billion (Positive Money, 2018). The huge amount of money created by the bank was
one of the reason due to which the banks started offering a high amount of funds to the investors
and this contributed effectively in the global financial crisis.
Push Up House Prices and Speculate On Financial Markets
This has been found that a rise in the prices of the houses and speculate on the financial banks is
also considered as the emerging issue which is also considered as the reason behind the Global
financial crisis. This has been found that very slight of the trillion pounds were created by the
banks in between the 2000-2007 which went to the commerce outdoor of the economic sector
(Havemann, 2018). This has been found that the money created by the banks leads to the rise in
the prices of the houses in the US by around 31% which is considered as more faster than the
created the huge volume of currency for making the loans. This has been found that the banks
have doubles the money amount and debt in the next 7 years in the economy.
(Source: Positive Money, 2018)
The above graph shows the rise in the total money created by a bank in the year 2014 to approx.
euro 67 billion from the year 1969 and the year 1980 when the amount of the cash was equal to
euro 109 billion (Positive Money, 2018). The huge amount of money created by the bank was
one of the reason due to which the banks started offering a high amount of funds to the investors
and this contributed effectively in the global financial crisis.
Push Up House Prices and Speculate On Financial Markets
This has been found that a rise in the prices of the houses and speculate on the financial banks is
also considered as the emerging issue which is also considered as the reason behind the Global
financial crisis. This has been found that very slight of the trillion pounds were created by the
banks in between the 2000-2007 which went to the commerce outdoor of the economic sector
(Havemann, 2018). This has been found that the money created by the banks leads to the rise in
the prices of the houses in the US by around 31% which is considered as more faster than the

Global Financial Crisis 5
wages of the employees. Further 32% of the amount went to the monetary sector and the
economic market finally collapsed at the time of the financial crisis. In addition, only the 8% of
the currency that was generated by the banks went to the companies that are outside the financial
sectors which means that most of the investors have invested the amount in the housing so that
they can earn the maximum profit out of it (Kerlin, et al, 2016).
(Source: Positive Money, 2018)
The above image reflects how the US banks have made use of the money that was created by
them during the year 2007.
The issue of the cash by the banks leads to the issues of the debts which remain unplayable by
the banks. Lending of the large sum of the money for the purpose of the property market leads to
the rise in the prices of the houses with the rise in the personal debt from the banks. Further, the
interest that was supposed to be paid by the customers on the bank loans was high than the
incomes which were earned by the customers or investors (Positive Money, 2018). This lead to
the situation when the investors and the customers were not able to keep the repayments which
wages of the employees. Further 32% of the amount went to the monetary sector and the
economic market finally collapsed at the time of the financial crisis. In addition, only the 8% of
the currency that was generated by the banks went to the companies that are outside the financial
sectors which means that most of the investors have invested the amount in the housing so that
they can earn the maximum profit out of it (Kerlin, et al, 2016).
(Source: Positive Money, 2018)
The above image reflects how the US banks have made use of the money that was created by
them during the year 2007.
The issue of the cash by the banks leads to the issues of the debts which remain unplayable by
the banks. Lending of the large sum of the money for the purpose of the property market leads to
the rise in the prices of the houses with the rise in the personal debt from the banks. Further, the
interest that was supposed to be paid by the customers on the bank loans was high than the
incomes which were earned by the customers or investors (Positive Money, 2018). This lead to
the situation when the investors and the customers were not able to keep the repayments which

Global Financial Crisis 6
lead to the debt and eventually they stop repaying the loans. This situation makes the bank to
find them in the risk of being bankrupt and lead to the reason behind the Global financial crises.
Market instability
The market stability was caused due to a different reason that leads to the issue of the global
financial crisis. This has been found that affected alteration in the capability to generate the new
appearances of the credit which dried up the flow of the currency with the reduced new
economic growth and the purchasing and vending of the assets. This leads to the impact on the
individuals, businesses and some financial institutions as these institutions left with the holding
of the mortgage-backed assets that had let go hurriedly in the value (Guina, 2018). This has been
found that the cheap credit has increased the more money in the system which the customers and
investors are willing to spend in the market which proves the instability in the market. This
instability in the market leads to the situation of the Global Financial crisis that has affected the
entire world.
GFC would be repeated again
Global financial crisis created with the different crashed and bubbles which arise and made the
situation that lead to the event. This can be said that the bubbles and crashes of the history leave
different learning which is one of the reason due to which the economies and financial sector can
take the steps effectively. This has been found that different actions and reforms are formed by
the government after the Global financial crises due to which banking sector will not make the
situation to repeat the history (Dias, Rodrigues and Craig, 2016). Thus, the changes in the global
financial crises will reduce in the near future. Though, this has been predicted that Global
financial crisis will take place in the near future because of other reasons. The use of bitcoin and
lead to the debt and eventually they stop repaying the loans. This situation makes the bank to
find them in the risk of being bankrupt and lead to the reason behind the Global financial crises.
Market instability
The market stability was caused due to a different reason that leads to the issue of the global
financial crisis. This has been found that affected alteration in the capability to generate the new
appearances of the credit which dried up the flow of the currency with the reduced new
economic growth and the purchasing and vending of the assets. This leads to the impact on the
individuals, businesses and some financial institutions as these institutions left with the holding
of the mortgage-backed assets that had let go hurriedly in the value (Guina, 2018). This has been
found that the cheap credit has increased the more money in the system which the customers and
investors are willing to spend in the market which proves the instability in the market. This
instability in the market leads to the situation of the Global Financial crisis that has affected the
entire world.
GFC would be repeated again
Global financial crisis created with the different crashed and bubbles which arise and made the
situation that lead to the event. This can be said that the bubbles and crashes of the history leave
different learning which is one of the reason due to which the economies and financial sector can
take the steps effectively. This has been found that different actions and reforms are formed by
the government after the Global financial crises due to which banking sector will not make the
situation to repeat the history (Dias, Rodrigues and Craig, 2016). Thus, the changes in the global
financial crises will reduce in the near future. Though, this has been predicted that Global
financial crisis will take place in the near future because of other reasons. The use of bitcoin and
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Global Financial Crisis 7
other cryptocurrency are increasing in use by the companies and people in the market which is
extracting the interest of the investors in the use of the cryptocurrency. Further, the rise in the use
of the social media and different e-commerce stocks like Facebook and Amazon can be the
leading reason behind another global financial crisis which is expected to take place in the near
future.
Impact of GFC on different countries’ economies
The global financial crisis left an impact on the economies of different countries which also
include the impact on the home country that is considered as Australia. This has been found in
the research that Australia did not experience a large economic downturn or financial crises at
the time of GFC but this is true that the country faced the decrease in the pace of country's
economy. The country faced the slow pace economic growth with this there was a rise in the
unemployment rate with the increasing number (Parliament of Australia, 2018). Along with this,
there was a rise in the heightened uncertainty that is present in the market. This has been found
that the economy of Australia was buoyed by the large resource exports majorly with China
whose economy is rebounded quickly after the GFC shock. Australia was affected as
manufacturing reduce by approx. 11.6% in 2009. The export in the country was declined by
$27.4 billion or 12.2% to $196.9 billion from $224.3 billion in 2008. There was also impact on
the import of the company by 25.5 billion or 11.1 % to $203.2 billion. The fall in trade was not
only faced in Australia but also in China, the US and European countries (Pham, 2017).
Moreover, the Australian banks also faced the exposures to the US housing market and US banks
but it was less because the country found the domestic lending was considered more profitable
for the country. Apart from Australia, GFC has created an impact on other developing countries
other cryptocurrency are increasing in use by the companies and people in the market which is
extracting the interest of the investors in the use of the cryptocurrency. Further, the rise in the use
of the social media and different e-commerce stocks like Facebook and Amazon can be the
leading reason behind another global financial crisis which is expected to take place in the near
future.
Impact of GFC on different countries’ economies
The global financial crisis left an impact on the economies of different countries which also
include the impact on the home country that is considered as Australia. This has been found in
the research that Australia did not experience a large economic downturn or financial crises at
the time of GFC but this is true that the country faced the decrease in the pace of country's
economy. The country faced the slow pace economic growth with this there was a rise in the
unemployment rate with the increasing number (Parliament of Australia, 2018). Along with this,
there was a rise in the heightened uncertainty that is present in the market. This has been found
that the economy of Australia was buoyed by the large resource exports majorly with China
whose economy is rebounded quickly after the GFC shock. Australia was affected as
manufacturing reduce by approx. 11.6% in 2009. The export in the country was declined by
$27.4 billion or 12.2% to $196.9 billion from $224.3 billion in 2008. There was also impact on
the import of the company by 25.5 billion or 11.1 % to $203.2 billion. The fall in trade was not
only faced in Australia but also in China, the US and European countries (Pham, 2017).
Moreover, the Australian banks also faced the exposures to the US housing market and US banks
but it was less because the country found the domestic lending was considered more profitable
for the country. Apart from Australia, GFC has created an impact on other developing countries

Global Financial Crisis 8
as they lost an approx. of US $2.6 trillion. In addition, the growth in the real GDP fell from 8.3%
which was found in the year 2008 to 6.1% in the year 2008 with approx. 2.4% in the year 2009.
Moreover, the drop in the percentage was witnessed in countries like Eastern Europe and central
Asia which are further followed by the Latin America and Caribbean region. This has been found
that GFC has created the impact on the resources which will take the time to recover (Olatunji
and Weihang, 2017). These resources contribute effectively in improving the operations and
allowing the country to work effectively.
Actual or proposed reforms
This has been found that deregulation of banks lead to the different reforms which are essential
to be met by the government so that they can prevent such consequences in the near future. The
major changes in the regulatory system of the banks and in the UK’s financial sector have been
announced. This has been found that reforms are formed by the government which is evident
with the formation of the Financial Services Act. This act will make the Bank of England keep
the eye on the money markets for being responsible for keeping the supervises of the individual
banks and looks for the interest of the customers when the treasury offers the public money for
this.
The financial policy committee was formed who take all the responsibility of the financial
regulation in the UK since the year 2013. Prudential Regulation Authority (PRA) was also
present who can take responsibility for the supervising the soundness and safety of the financial
organisations. In addition to this, Financial Conduct Authority (FCA) will ensure that they are
able to protect the customers from the sharp practices that are essential for making the workers to
follow the rules that are present in the financial service sector (BBC News, 2013).
as they lost an approx. of US $2.6 trillion. In addition, the growth in the real GDP fell from 8.3%
which was found in the year 2008 to 6.1% in the year 2008 with approx. 2.4% in the year 2009.
Moreover, the drop in the percentage was witnessed in countries like Eastern Europe and central
Asia which are further followed by the Latin America and Caribbean region. This has been found
that GFC has created the impact on the resources which will take the time to recover (Olatunji
and Weihang, 2017). These resources contribute effectively in improving the operations and
allowing the country to work effectively.
Actual or proposed reforms
This has been found that deregulation of banks lead to the different reforms which are essential
to be met by the government so that they can prevent such consequences in the near future. The
major changes in the regulatory system of the banks and in the UK’s financial sector have been
announced. This has been found that reforms are formed by the government which is evident
with the formation of the Financial Services Act. This act will make the Bank of England keep
the eye on the money markets for being responsible for keeping the supervises of the individual
banks and looks for the interest of the customers when the treasury offers the public money for
this.
The financial policy committee was formed who take all the responsibility of the financial
regulation in the UK since the year 2013. Prudential Regulation Authority (PRA) was also
present who can take responsibility for the supervising the soundness and safety of the financial
organisations. In addition to this, Financial Conduct Authority (FCA) will ensure that they are
able to protect the customers from the sharp practices that are essential for making the workers to
follow the rules that are present in the financial service sector (BBC News, 2013).

Global Financial Crisis 9
In the year 2014, one of the presidents of G20 supported the approach of Australia that majorly
keeps the focus on reaching the agreement and progressive implementation in reforms. This has
been found that the major reforms which were formed include the resilient banking sector,
systemically operations of the banks and limiting the loans which they allow to different
customers and investors (Reserve Bank of Australia, 2014). These reforms contributed
effectively in bringing the development and avoiding the issues that might lead to the Global
financial crises in future.
In the year 2014, one of the presidents of G20 supported the approach of Australia that majorly
keeps the focus on reaching the agreement and progressive implementation in reforms. This has
been found that the major reforms which were formed include the resilient banking sector,
systemically operations of the banks and limiting the loans which they allow to different
customers and investors (Reserve Bank of Australia, 2014). These reforms contributed
effectively in bringing the development and avoiding the issues that might lead to the Global
financial crises in future.
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Global Financial Crisis 10
Conclusion
In the end, this can be concluded from the above discussion that the Global financial crisis was
one of the vital roles in the industry of banking and finance. This report is prepared with the
motive to analyse the causes which lead to a situation of the Global financial crisis in the world
and it also includes the analyses of the fact that it would be repeated in the near future. This has
been found that the major causes which lead to GFC include Banks created too much money,
market instability and Push Up House Prices and Speculate On Financial Markets. GFC not only
affected the financial market of the country but it affected the trade of developed and developing
countries which is discussed in the report. Further, this report includes the different reforms
which are formed by the government with the motive to reduce the risk of the GFC in the near
future.
Conclusion
In the end, this can be concluded from the above discussion that the Global financial crisis was
one of the vital roles in the industry of banking and finance. This report is prepared with the
motive to analyse the causes which lead to a situation of the Global financial crisis in the world
and it also includes the analyses of the fact that it would be repeated in the near future. This has
been found that the major causes which lead to GFC include Banks created too much money,
market instability and Push Up House Prices and Speculate On Financial Markets. GFC not only
affected the financial market of the country but it affected the trade of developed and developing
countries which is discussed in the report. Further, this report includes the different reforms
which are formed by the government with the motive to reduce the risk of the GFC in the near
future.

Global Financial Crisis 11
References
BBC News (2013) Banking reform: What has changed since the crisis? [Online]. Available
from: https://www.bbc.com/news/business-20811289 [Accessed on 18th January 2018].
Bénétrix, A.S., Lane, P.R. and Shambaugh, J.C. (2015) International currency exposures,
valuation effects and the global financial crisis. Journal of International Economics, 96, pp.S98-
S109.
Davies, J. (2017) Global Financial Crisis - What caused it and how the world responded
[Online]. Available from: https://www.canstar.com.au/home-loans/global-financial-crisis/
[Accessed on 18th January 2018].
Dias, A., Rodrigues, L.L. and Craig, R. (2016) Global financial crisis and corporate social
responsibility disclosure. Social Responsibility Journal, 12(4), pp.654-671.
Guina, R. (2018) The Great Recession – Causes and Effects of the 2008-2009 Financial Crisis
[Online]. Available from: https://cashmoneylife.com/economic-financial-crisis-2008-causes/
[Accessed on 18th January 2018].
Havemann, J. (2018) The Financial Crisis of 2008 [Online]. Available from:
https://www.britannica.com/topic/Financial-Crisis-of-2008-The-1484264 [Accessed on 18th
January 2018].
Kerlin, J., Malinowska-Misiąg, E., Smaga, P., Witkowski, B., Nowak, A.K., Kozłowska, A. and
Wiśniewski, P. (2016) European Bank Restructuring During the Global Financial Crisis.
Springer.
References
BBC News (2013) Banking reform: What has changed since the crisis? [Online]. Available
from: https://www.bbc.com/news/business-20811289 [Accessed on 18th January 2018].
Bénétrix, A.S., Lane, P.R. and Shambaugh, J.C. (2015) International currency exposures,
valuation effects and the global financial crisis. Journal of International Economics, 96, pp.S98-
S109.
Davies, J. (2017) Global Financial Crisis - What caused it and how the world responded
[Online]. Available from: https://www.canstar.com.au/home-loans/global-financial-crisis/
[Accessed on 18th January 2018].
Dias, A., Rodrigues, L.L. and Craig, R. (2016) Global financial crisis and corporate social
responsibility disclosure. Social Responsibility Journal, 12(4), pp.654-671.
Guina, R. (2018) The Great Recession – Causes and Effects of the 2008-2009 Financial Crisis
[Online]. Available from: https://cashmoneylife.com/economic-financial-crisis-2008-causes/
[Accessed on 18th January 2018].
Havemann, J. (2018) The Financial Crisis of 2008 [Online]. Available from:
https://www.britannica.com/topic/Financial-Crisis-of-2008-The-1484264 [Accessed on 18th
January 2018].
Kerlin, J., Malinowska-Misiąg, E., Smaga, P., Witkowski, B., Nowak, A.K., Kozłowska, A. and
Wiśniewski, P. (2016) European Bank Restructuring During the Global Financial Crisis.
Springer.

Global Financial Crisis 12
Olatunji, J. and Weihang, H. (2017) The Effect and Policy Analysis of Global Financial Crisis on
Nigeria Economy. International Journal of Management Science and Business
Administration, 3(4), pp.58-64.
Parliament of Australia (2018) Australia, China and the Global Financial Crisis [Online].
Available from: https://www.aph.gov.au/About_Parliament/Parliamentary_Departments/
Parliamentary_Library/pubs/BriefingBook43p/australiachinagfc [Accessed on 18th January
2018].
Pham, J. (2017) How did the GFC affect developing countries? [Online]. Available from:
http://economicstudents.com/2017/05/gfc-affect-developing-countries/ [Accessed on 18th January
2018].
Positive Money (2018) Financial Crisis & Recessions [Online]. Available from:
https://positivemoney.org/issues/recessions-crisis/ [Accessed on 18th January 2018].
Reserve Bank of Australia (2014) The Regulatory Response to the Global Financial Crisis
[Online]. Available from:
https://www.rba.gov.au/publications/submissions/financial-sector/financial-system-inquiry-
2014-03/regulatory-response-to-the-global-financial-crisis.html [Accessed on 18th January 2018].
Reserve Bank of Australia (2018) The Global Financial Crisis [Online]. Available from:
https://www.rba.gov.au/education/resources/explainers/the-global-financial-crisis.html
[Accessed on 18th January 2018].
1.
Olatunji, J. and Weihang, H. (2017) The Effect and Policy Analysis of Global Financial Crisis on
Nigeria Economy. International Journal of Management Science and Business
Administration, 3(4), pp.58-64.
Parliament of Australia (2018) Australia, China and the Global Financial Crisis [Online].
Available from: https://www.aph.gov.au/About_Parliament/Parliamentary_Departments/
Parliamentary_Library/pubs/BriefingBook43p/australiachinagfc [Accessed on 18th January
2018].
Pham, J. (2017) How did the GFC affect developing countries? [Online]. Available from:
http://economicstudents.com/2017/05/gfc-affect-developing-countries/ [Accessed on 18th January
2018].
Positive Money (2018) Financial Crisis & Recessions [Online]. Available from:
https://positivemoney.org/issues/recessions-crisis/ [Accessed on 18th January 2018].
Reserve Bank of Australia (2014) The Regulatory Response to the Global Financial Crisis
[Online]. Available from:
https://www.rba.gov.au/publications/submissions/financial-sector/financial-system-inquiry-
2014-03/regulatory-response-to-the-global-financial-crisis.html [Accessed on 18th January 2018].
Reserve Bank of Australia (2018) The Global Financial Crisis [Online]. Available from:
https://www.rba.gov.au/education/resources/explainers/the-global-financial-crisis.html
[Accessed on 18th January 2018].
1.
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Global Financial Crisis 13
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