LEADING FACTORS OF THE GLOBAL FINANCIAL CRISIS – THE US EVIDENCE

The global economic scene towards the end of the 20th and the beginning of the 21st century has suffered a series of financial crises that had serious consequences in the developed economies in which they initially emerged, but their impact also caused serious problems in many other countries, hence, had a strong negative impact on the global economic development overall. The global financial crisis originally started as an US financial crisis of 2007/08, transmitting globally after the fall of Lehman Brothers impacting the rest of the developed and developing countries. The subsequent European debt crisis, is proof that financial crises are still present and pose a serious threat in the future onto the development of the world economy in general. Therefore, in this paper we conducted an analysis of the leading factors that caused the global financial crisis. According to the literature and the empirical work conducted, we can classify these factors in two major groups: macroeconomic and microeconomic. The analysis is done by exploring of the relevant economic on the types of financial crisis, as well as the causes of the American financial crisis