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2. CAUSES OF THE GLOBAL FINANCIAL CRISIS (STARTING IN ASIA-1997) a. Deregulations of financial markets b. Sophisticated financial innovations linked to rapid changes in technology

2. CAUSES OF THE GLOBAL FINANCIAL CRISIS (STARTING IN ASIA-1997) a. Deregulations of financial markets b. Sophisticated financial innovations linked to rapid changes in technology C. Excessive compensation d. Low interest rates (easy money???) e . Subprime loans (adjustable rates, Fannie Mae, Freddie Mac) f. Speculation (Flipping)

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