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Economic Crises and Their Effects

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Russian Financial Crisis of 1998

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Time period: August 1998, Cause: Decline in commodity prices and the resulting impact on Russian foreign exchange reserves, Global impact: Devaluation of the Ruble and a default on domestic debt.

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Asian Financial Crisis

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Time period: 1997 - 1998, Cause: Collapse of Thai baht after the government floated it, Global impact: Economic difficulties for many East Asian countries and fears of a worldwide economic meltdown.

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Eurozone Crisis

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Time period: 2009 - 2013, Cause: Sovereign debt crisis faced by several Eurozone member states, Global impact: Austerity measures in Europe and bailout packages for Greece, Ireland, and Portugal.

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Global Financial Crisis of 2008

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Time period: 2007 - 2009, Cause: Subprime mortgage crisis and financial innovations in derivative markets, Global impact: Worldwide economic downturn, real estate market collapse, and major government interventions.

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Turkish Currency and Debt Crisis

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Time period: 2018 - Ongoing, Cause: Accumulation of foreign-currency debt, inflation, and political interference with the central bank, Global impact: Sharp depreciation of the Turkish lira and high inflation rates.

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Dot-com Bubble

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Time period: 1995 - 2001, Cause: Speculation in dot-com companies and overinvestment in internet-based companies, Global impact: Collapse of many startups and a significant drop in NASDAQ.

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Great Depression

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Time period: 1929 - 1939, Cause: Stock Market Crash of 1929, Global impact: Prolonged worldwide economic downturn, high unemployment, and deflation.

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Oil Crisis of 1973

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Time period: 1973 - 1974, Cause: OPEC oil embargo in response to U.S. support for Israel, Global impact: Severe global economic recession and long-lasting effects on the auto industry.

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Argentine Economic Crisis

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Time period: 1999 - 2002, Cause: Stringent austerity measures, accumulated public debt, and a fixed exchange rate policy, Global impact: Sovereign default, social unrest, and widespread poverty in Argentina.

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Great Recession in Spain

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Time period: 2008 - 2014, Cause: Bursting of the housing bubble, high private sector indebtedness, Global impact: Severe unemployment, economic contraction, and significant emigration from Spain.

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