Գ , 2007 . 2008 . , , . . , , . , , , , . , , .
, , . , . , (business cycle theory), ̳ (financial fragility, Ponzi finance) , , (financial contagion)/ (systemic risk theory). , . , , - : ) 㳿 ; ) , , , .
, , , . :
1. , , , . , , - . - , , . (, , , 2006- 2008 .) , . . - . , . , . ( General Motors 476 .$ 2005 . 186 .$ 2006 .), / , , .
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2. , , ᒺ. (housing bubble), . , . , , . , . , - 2000- . . ' (global consumerism) .
3. . , (run on a bank), . , () . , ( Northern Rock plc, 2008 ). , (subprime mortgages) , Lehman Brothers Bear Stearns 2008 .
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4. (overvaluated financial assets) , ( ). ( ) , , , . (stock bubble) , , , , , . , , , .
5. -- , - (- -) , .
, , :
- -;
- , 㳿, , ;
- (financial fragility theory, Ponzi finance theory) ̳, , . , , , - . , , . , . , . ϳ , , , ;
- . investors reflexivity, 䳺 , . ;
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- (Coordination games theory) . , ᒺ , , , . ;
- (gregarious instinct theory), 䳺 , / .
- (financial leverage concept), \ . , . , , . , .
- (financial contagion). () : , , .
- (net future value of financial assets under todays overvaluation). , , ( ) . ;