The financial crisis that hit the world in autumn 2008 might go down in history as 'a denning moment for economic globalization'.1 What started as a crisis on the US mortgage market and on Wall Street soon took on international dimensions as it affected the whole global financial system, leading to an economic downturn in the USA, Europe, and Asia. The extent of the crisis took many by surprise, as it indicated just how globalized the world financial system had become, and how fragile it was, given that an event in one sector and one part of the globe would be able to have such a dramatic impact on other sectors and other regions.
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