General presentation: financial innovation and the 2008 financial crisis

Par Rogério Sobreira
The 2007/08 financial crisis was, doubtless, the most critical crisis that happened since the Great Depression of 1930. The real GDP growth in the advanced economies in 2008 was only 0.5% and in 2009 those economies faced a fall in the real GDP of 3.2% (IMF, 2010a, p. 45). Even the so-called western hemisphere economies – which include Brazil – faced a fall in their real GDP in 2009 of 1.8%. The outstanding...
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