Against the backdrop, the real per capita GDP growth rate has remarkably declined from somewhere around four percent back in the 1980s to almost one percent these days (Chart 17).
Almost all the examples of financial distress mentioned so far occurred before stress in the commercial banking system became acute, and in most cases well before. For example, only three commercial banks failed in the United States in 2007, and commercial bank distress did not peak until the end of 2008 and later.