A Series of Unfortunate Events: Common Sequencing Patterns in Financial Crises

We document that the global scope and depth of the crisis the began with the collapse of the subprime mortgage market in the summer of 2007 is unprecedented in the post World War II era and, as such, the most relevant comparison benchmark is the Great Depression (or the Great Contraction, as dubbed我们的研究表明，始于2007年夏季次贷抵押市场崩溃的这场危机，其全球范围与深度在二战后时代前所未有；因此，最相关的比较基准是大萧条（或称大收缩，正如所称作的）