In the 1980s, the adverse shock to employment produced an overall fall of about 7 per cent over 8 years. The decline in female employment was much smaller. The big movements were in male employment, which fell further and did not fully recover until 1996.
This vastly expanded web of participants and instruments has increased the number of potential channels for the creation and transmission of financial shocks. And, some of the new financial instruments and markets have not been tested under extended stressful conditions.