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The 2007-09 world financial crises have been a persistent reminder of the many-sided nature of the disaster. It hit from small and large to poor and wealthy countries. As appropriately discussed by Reinhart and Rogoff (2009a) that financial disaster are an identical chance menace. They have both local and exterior origins and originate from private or public sectors. They result from different shapes and sizes and later evolve into various forms and can quickly spill over the borders. They usually require instant and complete policy response. This requires key changes in monetary sector and economic policies and would require worldwide coordination (Åslund 2010).
The effects of the financial disaster can be extensive and can deeply affect the monetary and fiscal policies. E.g. the Europe financial crisis hard hit Asian Tigers like Singapore and Taiwan that heavily depend on exports to European countries. Due to financial difficulties of the European countries the Asian Tigers economies were hardest hit since they couldn’t export their products. The Eurozone financial crisis also resulted to cuts in development aid to world’s poorest countries (Della Posta & Talani 2011)
A financial crisis is usually a summation of events, including substantial variations in credit volume and asset prices, brutal disruptions in monetary intermediation and the need for support from the government. Financial crises are usually prefaced by asset and credit growth which later results into busts. The macroeconomic and monetary effects are usually severe. Huge output losses are frequent to many crises while extra macroeconomic variables record major declines (Cafruny & Schwartz 2013).
There has been a challenge in predicting and timing of crises. Monetary markets with high influence are easily subjected to crises, making uncertainty the major reason why the precise timing is hard to forecast. Moreover, the form of crises evolves in due course as fiscal and financial structures develop (Houghton 1997).
Global warming is the increase in the normal temperature of the surface of the world, especially a persistent rise large enough to cause variations in the worldwide climate. The globe has underdone numerous events of global warming throughout history and presently appears to be going through similar warming.
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