تلخیص
The global financial crisis of 2008 was the worst of its kind
since the Great Depression of the 1930s. It surfaced to notice in
September 2008 with the failure of several large United States
based financial firms. Its underlying causes had been reported
following the subprime mortgage crisis. The failures of large
financial institutions in the United States rapidly evolved into
a global crisis resulting in European bank failures, declines in
various stock indexes, and significant reductions in the marketvalue of equities and commodities worldwide. The crisis led to
liquidity problems and the de-leveraging of financial
institutions especially in the United States and Europe, which
further accelerated the liquidity crisis. World political leaders
and central bank directors coordinated their efforts to reduce
fears but the crisis progressed into a currency crisis with
investors transferring vast capital resources into stronger
currencies leading many emergent economies to seek aid from
the International Monetary Fund. International Monetary
Fund’s and World Bank’s Structural Adjustment Programmes
have returned to countries, including Pakistan, which were
doing well before the ongoing financial crisis.1
Therefore, the
financial crisis carries many pertinent lessons for the economies
of countries like Pakistan. The paper aims at highlighting the
salient aspects of the global financial crisis, its impact on
developing countries and drawing lessons for Pakistan.
Muhammad Usman. (2010) Global Financial Crisis: Its Impact On Developing Countries And Lessons For Pakistan, IPRI Journal, Volume-10, Issue-1.
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