The causes of the crisis 10 years ago, almost exactly to today, New York Federal Reserve economists’ analysis of the US economy (prepared for the setting of interest rates), noted that “Falling real estate prices and rising defaults on home mortgages had caused stresses in financial markets and the economy….
Thank you for your attention. 1 Auer R, C Borio and A Filardo (2017), “The globalisation of inflation: the growing importance of global value  chains”, BIS Working Papers 602, Bank for International Settlements. 2 Allard, C, P K Brooks, J C Bluedorn, F Bornhorst, K Christopherson, F Ohnsorge, T Poghosyan and an IMF staff  team (2013), IMF Staff Discussion Note, 13/09.