| 单词 | financial crisis |
| 释义 | financial crisis financial crisis A collapse in the price of financial obligations, which may lead to a collapse in the economy. The major financial crisis in the history of world finance took place after the Wall Street Crash of 1929. This crisis led to a widespread failure in the US banking system and the interwar recession. The 1980s and 1990s saw a number of financial crises, notably in Russia, South-East Asia, and Latin America, but none of these had an impact spreading to the international economy. In the late 2000s reckless subprime lending in the US mortgage industry, compounded by the securitization of these loans in complex derivatives products, led to the crisis of September–October 2008, which saw the failure or bail-out of major institutions and a collapse in stock-market values. The result was a global economic recession. |
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