In the 1990s there were some dramatic economic events that came to be known as the Asian financial crisis. A decade later similar events came to be known as the global financial crisis. The accompanying figure shows the growth rate of real GDP in the United States and Japan from 1995 to 2014. Using the graph, explain why the two sets of events are referred to this way.

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Growth rate of real GDP (percent) 6% 4 United States Krugman/Wells, Essentials of Economics, 5e2020 Worth Publishers Data from: Federal Reserve Bank of St. Louis. 1995 1997 1999 2001 2 0 -2 -4 Japan -6 2003 2005 2007 2009 2011 2014 Year