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The 1997- 2011 Global Financial Crisis: Causes, Policy recommendations and Lessons

Author:Aso Ahmed Abdullah
Department of Accounting, Cihan University-Erbil
DOI: http://dx.doi.org/10.24086/cuesj.v1n1a10

Abstract

This report will highlight the financial and economic crisis from 1997 to 2011 that started of South East Asia then migrated to Russia, Turkey, Brazil, then migrated to US and finally landed in Europe. The report will explore what were the factors for the economy and financial crises and why lessons were not learnt from this enormous crisis. The report will also summarise the policy measures that the International Financial Institutions (IFIs), such as the International Monitory Fund (IMF), has provided to tackle the crisis. Some of the influences and policy suggestions made to try to avoid future crises are also covered.

During economic boom in US and Europe the financial sector expanded and become unmanageable to control. The fast growing become very difficult to control by central bank such as Bank of England and Federal Reserve in US and the risk builds up and leads to global financial crisis.

Keywords: Global Financial Crisis, IMF, OECD

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