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Principles of financial crises in the first two decades of the 21st century

In 2007 to 2011, the world economy has experienced two financial crises – the first was the banking
crisis of 2007 to 2008, while the second one is the ongoing public debt crisis that began in 2009. The question
is: What comes next? Can we expect the problems to continue in the upcoming years? There has been sufficient
evidence of how serious the situation is. The public budget crisis will be a long-term issue as the debts have
amounted to totals that do not provide for a quick solution. And we may as well be in for a third crisis: the
“household debt crisis”, one whose social and political impacts will be significantly higher than those
experienced during the public debt crisis. The household debt crisis has already manifested its presence in
relation to the mortgage market development in the United States and the United Kingdom and is about to
affect other developed countries. It will bring serious consequences, affecting larger groups of population than
ever before.

WSEAS Anges 2011 Fullpaper
[-- 12_wseas-anges-2011.pdf --]
WSEAS Anges 2011 Slides
[-- 12_wseas-anges-2012.pdf --]
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