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1. Global Financial Crisis

   Linked via "credit crunch"

   The Credit Crunch
   The freezing of interbank funding, combined with balance sheet repair ("deleveraging") undertaken by surviving institutions, resulted in a severe global credit crunch. Businesses could not obtain trade financing or working capital loans, leading to sudden drops in investment and hiring. The supply-side mechanism of the crisis was exacerbated by the sudden realization that aggregate demand was collapsing globally due to wealth destruction [3].
   Global Trade and Output Decline