The Glocal financial crisis (GMU) ,the most serious one after the great depression. It was bursting of United States housing bubble, and all the derivatives tied to it collapsed. Excessive risk by the financial institutions was exposed. On 15,Sep,2008 the climax was Lehman Brothers, and it's collapse.
The Japanese economic crisis. It was due to the dollar being weaker than yen, intrest rates were taken down in Japan, an asset price bubble was formed, that ended with a collapse. It took a decade for Japan to recover further. The
Asian financial crisis 1997,East Asian governments and connected financial institutions found it increasingly difficult to borrow in U.S. dollars to subsidize their domestic industries and also maintain their currency pegs. These pressures came to a head in 1997 as one after another they abandoned their pegs and devalued their currencies By late 1997, the IMF alone had pledged more than $110 billion in short-term loans to Thailand, Indonesia, and South Korea to help stabilize their economies. 7 This was more than double IMF's largest loan ever. ... They worked with the country to restructure them into medium-term loans.
Icelandic financial crisis, This expansion was driven by ready access to credit in international financial markets, in particular money market. As the financial crisis unfolded, investors perceived the Icelandic banks to be increasingly risky,Iceland’s external debt was 7 times GDP of Iceland . Central Bank found unable to be in the lending position. Glitnir was nationalised. It was a huge political moment. Later secured 5.1 Billion USD debt from Nordic nations and IMF.
Greece became the first developed country to pay the loan amount on time. In 2009 it's budget deficit exceeded 15% of its GDP. It later reported huge error in real debt amounts. Nd still has scheduled debt payments till 2060.
28,Oct,1929 The great depression, and it's causes are in every history books, the aphorism being loss of liquidity, and fear.