alexa Recent Financial Crisis and International Politics: An Analysis of Efforts to Save US Economy at the Cost of Developing Economies

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Recent Financial Crisis and International Politics: An Analysis of Efforts to Save US Economy at the Cost of Developing Economies

Since starting of US financial crisis and its impact on US economy as well as on the rest of world, academicians were comparing it with great depression of 1929. Its impact was so severe that within very short period of time financial institutions those have experience of centuries and very large asset and capital base collapse like playing cards (viz. Lehman brothers and others). It was basically crisis of derivative securities, those are considered as instrument of risk mitigation and management, but became source of risk because of weak primary securities generated through subprime lending. Almost whole financial system of US economy was collapsed due to the crisis. Financial system of an economy is being considered as heart of economy, which efficient functioning is must for efficient functioning of economy. It was reflected during US financial crisis, when size of GDP and employment reduced sharply in USA. It was also supposed that domination of US currency ($) as international currency will also be weaken, because the value and demand of a currency is very much dependent on fundamentals of economy which was very weak in case of US economy.

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