Source: Xinhua

10-15-2008 18:25

Special Report:   Global Financial Crisis

BEIJING, Oct. 15 (Xinhuanet) -- Following is a list of major financial crises in history:

Panic of 1907

The Panic of 1907, also known as the 1907 Bankers' Panic, was a financial crisis that occurred in the United States when its stock market fell close to 50 percent from its peak the previous year. The 1907 panic was marked by numerous runs on banks and trust companies, with many state and local banks and businesses going bankruptcy across the nation.

The Great Depression (1929)

The Great Depress was the largest and most important economic depression in modern history. It originated in the United States with the the Wall Street crash on Oct. 29, 1929, known as Black Tuesday, and had devastating effects on many countries around the globe.

U.S. Savings & Loan crisis (1980s - 1990s)

The savings and loan crisis of the 1980s and 1990s was the failure of 747 savings and loan associations (S&Ls) in the United States. The ultimate cost of the crisis is estimated to have totaled around 160.1 billion dollars. The slowdown in the finance industry and the real estate market may have been a contributing cause of the 1990–1991 economic recession.

Collapse of the Japanese asset price bubble (1990s)

The Japanese asset price bubble was an economic bubble in Japan from 1986 to 1990, in which real estate and stock prices greatly inflated. The bubble's collapse lasted for more than a decade with stock prices bottoming in 2003. The time after the bubble's collapse is known as the "lost decade or end of the century" in Japan.

Asian Financial Crisis (1997)

The Asian Financial Crisis was a period of financial crisis that gripped much of Asia beginning in July 1997. The crisis started in Thailand with the financial collapse of the Thai baht caused by the decision of the Thai government to float the baht, cutting its peg to the U.S. dollar. As the crisis spread, most of Southeast Asia and Japan saw slumping currencies, devalued stock markets and other asset prices, and a sharp rise in private debt. Indonesia, South Korea and Thailand were the countries most affected by the crisis.

 

Editor:Xiong Qu