Discuss the core causes and effects of under mention extreme events (one by one) on global financial markets that raise the need of financial risk management: 1920- World War 1937- the Great Recession, 1971- fixed exchange rate system broke down, 1973- shocks to price of oil, high inflation, and volatile interest rates, 1987- Black Monday, which saw a 23% decline in U.S. stock price, 1989- Japan Stock Market Bubble deflated, 1997- Asian contagion decimated Asian equity markets, 1998- Russian debt default and the collapse of the Long-term capital management hedge fund, 2001- September 11 attacks on WTC and U.S equity market collapse, 2007-2009- Credit crisis resulting from mortgage market meltdown and huge amount of bank leverage

Solve with complete steps