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Essay from the year 2014 in the subject Economics - Finance, , language: English, abstract: According to scholars, a financial crisis is an expansive variety of situations in that some if not all of the available financial assets abruptly drop a large part of their original value. Notably, in the 19th and 20th centuries, a lot of the financial crises were linked with banking panics and confusion. Similarly, there are instances that can be referred to as a financial crisis these are the stock market crisis, sovereign defaults, currency crisis, speculative bubbles and crashes, international financial crisis and lastly wider economic crisis. It is important to understand that a financial crisis may result in the loss of paper wealth however it does not necessarily conclude in compelling changes in the real economy. This paper will discuss firstly, the possible causes of financial crisis. Secondly, the different impacts experienced in economies as a result of the global financial crisis and lastly evaluate some of the actual or proposed reforms available.