2. Literature Review and Hypothesis Development
P1. The Global financial crisis of 2008
Severe distresses within some financial markets during 2007/08 resulted in international financial crisis following Lehman Brothers filing for the chapter 11 on 15th September 2008. As an end result, the globe has in recent times experienced the most horrible economic performance ever since the 2nd World War. This crisis emanated from the American market for the housing. The house prices were highest in the year 2006 and subsequently dropped beyond 30 %. This happens to be the greatest decline ever since 1930s on a national level across the US. The household debt increased drastically ...