Intermediate Macroeconomic Theory
The 2008 financial crisis was a severe worldwide economic downturn that began in the United States, triggered by the collapse of the housing market and the failure of financial institutions. It highlighted the risks of excessive borrowing and speculative investments, leading to significant declines in both real and nominal GDP across many countries, alongside widespread unemployment and loss of wealth. The crisis also resulted in drastic policy responses aimed at stabilizing economies and reforming financial regulations.
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