Editorial 6(3)

• Main Author: Marek A. Dąbrowski
• Format: Article
• Language: English
• Published: Cracow University of Economics 2018-09-01
• Series: Entrepreneurial Business and Economics Review
• Subjects: financial crisis
• Online Access: https://eber.uek.krakow.pl/index.php/eber/article/view/437

Ten years ago the global financial crisis broke out with the bankruptcy of the U.S. investment bank Lehman Brothers on September 15, 2008. According to the BIS timeline, that bankruptcy initiated the third stage of the crisis and was preceded by the ‘prelude’ (June 2007 to mid-March 2008) and ‘events leading up to the Lehman Brothers bankruptcy’ (mid-March to mid-September 2008) (BIS, 2009). But these first two stages were mostly related to problems in mortgage and financial markets in the U.S. economy. In the third stage, the ‘crisis of confidence quickly spread across markets and countries’ (BIS, 2009, p. 23). The following two stages, ‘global downturn’ (late October 2008 to mid-March 2009) and ‘first signs of stabilisation’ (from mid-March 2009), were marked by global macroeconomic and financial spillovers working through trade and financial channels. In 2009 the GDP growth declined in comparison to its eight-year average by 4.4 p.p. in the world economy and the trade volume of goods and services by 16.7 p.p. (data from IMF, 2018).