The document summarizes the effects of the 2007-2008 financial crisis where nearly 99.9% of banks faced bankruptcy and $100 trillion was wiped out from the global economy in 2009, making it one of the worst financial crises since the Great Depression as it affected over 12 million households worldwide. Janet Koech from the Federal Reserve Bank of Dallas and member of the Globalization and Monetary Policy Institute authored the report. Some of the key reasons for the crisis included risky banking practices, housing bubble, commodity price fluctuations, uncontrolled government spending, rising foreign debt, and high inflation as governments printed more money ($100 trillion) to stimulate the economy. To prevent hyperinflation, other countries adopted dollarization and pegged their

1. Submitted By:-
Lalitkumar Purohit
Submitted to:-
Dr. Sonal Sharma

2. Janet Koech
Assistant Economist
Federal Reserve Bank of Dallas
& Member of the Globalization
and Monetary Policy Institute

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