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The financial crisis: It isn't the first, nor will it be the last
Did you know that the current financial crisis isn't the first, or the last one to shake the world? While the sums of money needed to contain the effects of this crisis are staggering and without precedent, financial crises have a long and storied history.
Past financial crises
In the United States alone, at least six financial crises have been recorded. Taking into account the Great Depression of the 1930s, the United States is in fact going through its third major crisis, and that country's history has been impacted by three other banking crises that were smaller in scope. As such, without minimizing the severity and complexity of the current crisis, this episode falls within the "standard" scope of the history of finance and economics in the United States.
A study by the International Monetary Fund (IMF) showed that since 1970, approximately 125 systemic banking crises have been recorded around the world:
- The Savings and Loan crisis (1986-1992)
- Banking crisis in Sweden (1990-1992)
- Japan (1990-2000)
- Mexican peso crisis of 1994-1995
- Asian financial crisis of 1997-1998
Find out more
Read the section Today's markets: What you should know.
For all of the articles, visit the Did you know page.
