At the same time, financial innovation has facilitated segmentation and the distribution of financial risks, resulting in more interconnected economies, markets, and financial entities (regulated and non-regulated). This situation enabled the crisis to spread rapidly, first among developed and then emerging economies.
•  Second, the widespread use of optimization models based on market prices and credit ratings has led to financial market participants acting similarly and simultaneously, resulting in illiquid markets. A necessary condition for liquidity in a market is precisely the existence of a variety of opinions about the prices of the goods or assets being traded.