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The 2007–2008 financial crisis, or the global financial crisis ( GFC ), was the most severe worldwide economic crisis since the Great Depression. Predatory lending in the form of subprime mortgages targeting low-income homebuyers, [1] excessive risk-taking by global financial institutions, [2] a continuous buildup of toxic assets within banks ...
The immediate or proximate cause of the crisis in 2008 was the failure or risk of failure at major financial institutions globally, starting with the rescue of investment bank Bear Stearns in March 2008 and the failure of Lehman Brothers in September 2008.
- Background
- Financial Markets
- Government Intervention
- Russian Economic Crisis
- Social Impact
- See Also
- External Links
Russia is a major exporter of commodities such as oil and metals, so its economy had been hit hard by the decline in the price of many commodities. The Russian stock market declined significantly. Foreign investors had pulled billions of dollars out of Russia on concerns over escalating geopolitical tensions with the West following the military con...
Stock markets
On 24 July 2008, Mechel's stock plunged by almost 38 percent after Russia's Prime Minister Vladimir Putin criticized its CEO Igor Zyuzin, and accused the company of selling resources to Russia at higher prices than those charged to foreign countries. The comments, which raised fears of another attack similar to that made on Yukos in 2004, contrasted sharply with previous efforts by President Dmitry Medvedev to improve Russia's reputation as an investor-friendly country. On the following day,...
Money markets
The crisis in money markets was imminent since spring, when Central Bank of Russia warned the public of a gradual contraction in bank lending due to unfolding world liquidity crisis. However, the regulator preferred to combat inflation, raising the refinancing rate and bank reserve contributions. 1 September hike in reserve rate alone withdrew nearly 100 billion roubles from the money market. The raise coincided with a seasonal peak in tax payments and left the banking system in a worse state...
Bank failures
On 15 September the KIT Finance brokerage failed to pay off its debt, signalling problems in Russia's financial sector. On 8 October the Russian Railways and Alrosaagreed to acquire a 90% stake in KIT Finance. In the beginning of October Sergei Ignatyev, chairman of the Central Bank, announced imminent bankruptcy of 50 to 70 banks. Actually, in late August – late November the regulator has shut down only nine banks. More smaller banks showing signs of distress are allowed to operate, like the...
Refinancing foreign capital
On 18 September, Russian President Dmitry Medvedev ordered ministers to inject 500 billion roubles of funds from the state budget into the markets and pledged that the financial system would receive "all necessary support".On 7 October, Medvedev announced an additional $36 billion for banks on top of the $150 billion approved in September. On 29 September, Vladimir Putin announced a government policy aimed at refinancing Russian corporations that previously relied on foreign loans. Government...
Tax and state budget policy
20 November Vladimir Putin announced government package of tax reforms. Corporate profit tax rate (24% in 2008) is to be reduced to 20%. Profit tax base will decrease for companies investing in capital assets as the immediately recoverable depreciation allowance is raised from 10% to 30% of the asset cost. There will be no change in value added tax rates (maximum 18%) in 2009, but the government considered changing VAT accrual rules in favor of the taxpayers. Minister of finance Alexey Kudrin...
Corporate governance
Federal Financial Monitoring Service of Russia, the agency in charge of domestic stock markets and corporate governance, pressed the corporations to reveal their true owners and signed an agreement with the government of Cyprus (20 November) that may enable inter-government disclosure of ownership records. Cyprus is, nominally, the number one investor in Russia; 99% of RTSstock trades are arranged between foreign shareholders.
At the end of November 2008, The Russian economy as a whole was not in a state of recession. The government forecast for 2009 stood at a 6.7% annual growth rate while a November 2008 World Bank report projected 3% growth for 2009,However, a revised projection issued 30 March 2009 by the World Bank projects a 4.5% decrease for 2009 with unemployment...
Unemployment
A proprietary Ernst & Young survey of 113 clients that leaked into Russian press in November summarized their losses at 8% of managerial and 6% of low-level jobs by end of October. All companies in the survey practiced some sort of reducing labor costs. One company in four practiced unpaid "vacations"; 8% of clients settled for reduced working hours. Federal Migratory Serviceannounced in November that 1123 Russian companies reported upcoming layoffs of 45 thousand. Most layoffs were reported...
Consumer price inflation
Official consumer price inflation in January–August 2008 reached 14.8%. By the end of November, food price inflation for an 11-month period reached 15.3%. Overall price inflation, taking into account consumer and industrial prices, reached 12.5% compared to 10.6% for the same period of 2007. Decline in short-term inflation was credited to a reduction in monetary supply.Inflation slowed through 2009 with a year on year rate of 9.1% as of November, down from 13.8% a year earlier.
By March 9, 2009, the Dow had fallen to 6,500, a percentage decline exceeding the pace of the market's fall during the Great Depression and a level which the index had last seen in 1997. On March 10, 2009, a countertrend bear market rally began, taking the Dow up to 8,500 by May 6, 2009. Financial stocks were up more than 150% during this rally.
The Icelandic financial crisis was a major economic and political event in Iceland between 2008 and 2010. It involved the default of all three of the country's major privately owned commercial banks in late 2008, following problems in refinancing their short-term debt
Thailand triggered the crisis on 2 July and on 3 July, the Bangko Sentral intervened to defend the peso, raising the overnight rate from 15% to 32% at the onset of the Asian crisis in mid-July 1997. The peso dropped from 26 pesos per dollar at the start of the crisis to 46.50 pesos in early 1998 to 53 pesos as in July 2001.
Great Recession. The American subprime mortgage crisis was a multinational financial crisis that occurred between 2007 and 2010 that contributed to the 2007–2008 global financial crisis. [1] [2] The crisis led to a severe economic recession, with millions of people losing their jobs and many businesses going bankrupt.
