JOURNAL OF BUSINESS ACCOUNTING AND FINANCE PERSPECTIVES - Tecno-Libro

The severity of the 2008 financial crisis was unforeseen by many. What was clearly missed by many analysts was how interdependent different markets were. The estimates of maximum impact of the housing crisis in the real economy and financial markets was clearly underestimated, and the domino effect became evident as panic spread across the world through the realization that excessive debt and risk were not symptoms of a single market, but a widespread problem that permeated numerous sectors and countries.