期刊名称：Ovidius University Annals: Economic Sciences Series
电子版ISSN：2393-3127
出版年度：2018
卷号：18
期号：1
语种：English
出版社：Ovidius University Press
摘要：The economic crisis that hit the world economy in the summer of 2007 is unprecedented in postwar economic history. Although the current crisis has many features in common with past similar recession episodes. The crisis has been preoccupied with a long period of rapid credit growth,low risk premiums,abundance of liquidity,a strong leverage,rising asset prices and bubble development in the real estate sector. Economic activity is characterized by cyclicality,with periods of decline being a normal component of an economic cycle. Crises are not a new phenomenon,but over the last 100 years,due to the acceleration of the pace of economic development and the enormous advances in technology and communications,the frequency of such phenomena has increased.
关键词：economic and financial crises;cyclicality;financial developments
