United States when the New York Stock Exchange fell nearly 51% from its peak last year. The panic occurred 

during a time of recession, when there were several runs on banks and trust companies. The 1907 panic spread

throughout the country when many national and local banks and businesses went bankrupt. The root causes

of panic included a retraction of liquidity in the market by various banks in New York, a loss of confidence among 

depositors, exacerbated by the lack of regulation and the absence of a lender of last resort.

the United States did not have any central bank and the money supply in New York fluctuated according to the country's 

annual agricultural cycle. Each fall, the money out of the city when crops were purchased and-in an effort to attract money-again

interest rates were increased. Then, foreign investors sent their money to New York to seize the high tasas.1 In January 1906,

the Dow Jones Industrial Average reached a peak of 103 and began a modest correction. The US economy had been particularly

unstable since April 1906 earthquake that devastated San Francisco, causing a greater flow of money from New York to San Francisco 

to help reconstrucción.2 Another decrease in the money supply occurred late 1906, when the Bank of England increased interest rates 

and the expected funds remained London.3 Since its peak in January, stock prices declined by 18% in July 1906.

Before the embargo, the industrialized West, especially the United States, used to have abundant and cheap oil. 

The very widespread, with large urban centers scattered family houses, American cities after the Second World War depended on the automobile as a primary mode of transportation, so that fuel used in bulk. Between 1945 and the late 70s, the West and Japan consumed more oil than ever. 

In the US alone, consumption had doubled between 1945 and 1974. 6% of the world population, USA consuming 33% of energy worldwide. At the same time,the US economy maintained a quarter of global industrial production, which means that American workers were four times more productive than the global average, but in return the country five times more energy consumed.

Oil, especially from the Middle East, was paid in US dollars, with prices set in dollars also. During the administration of President Richard Nixon, the American economic model was exhausted, growth was zero, yet inflation was beginning to be worrisome. 

During the summer of 1971, Nixon was under strong public pressure to act adamantly against this budget carefully. To cause a fall in gold prices in international markets, Nixon abandoned the gold standard on August 15, 1971, ending the Bretton Woods system, which had operated since the end of World War II. 

The dollar was devalued by 8% in relation to gold in December 1971, and was again devalued in 1973.

In finance, Black Monday refers to Monday, October 19, 1987, when stock markets around the world crashed,

shedding a huge value in a very short time. The crash began in Hong Kong and spread west to Europe, 

hitting the United States after other markets had already declined by a significant margin. 

The Dow Jones Industrial Average (DJIA) dropped by 508 points to 1738.74 (22.61%).

In Australia and New Zealandthe 1987 crash is also referred  to as Black Tuesday because of the timezone difference.

The termsBlack Monday and Black Tuesday are also applied to October 28 and 29, 1929, which occurred after Black Thursday on October 24, which started Market Crash of 1929

By the end of October, stock markets in Hong Kong had fallen 45.5%, Australia 41.8%, Spain 31%, the United Kingdom 26.45%, the United States 22.68%, and Canada 22.5%. New Zealand's market was hit especially hard, falling about 60% from its 1987 peak, and taking several years to recover.

The Black Monday decline was (and remains to this day) the largest one-day percentage decline in the Dow Jones index. (Saturday, December 12, 1914, is sometimes erroneously cited as the largest one-day percentage decline of the DJIA. In reality, the ostensible decline of 24.39% was created retroactively by a redefinition of the DJIA in 1916.

Following the stock market crash, a group of 33 eminent economists from various nations metin Washington D.C. 

in December 1987, and collectively predicted that “the next few years could be the most troubled since the 1930s”.However, the DJIA was positive for the 1987 calendar year. It opened on December 31, 1987 at 1,897 points and closed on January 2, 1987 at 1,939 points. The DJIA did not regain its August 25, 1987 closing high of 2,722 points until almost two years later.

The policy responses focused on fiscal and monetary policy very expansionary. 

Between 1992 and 1999 nine programs were launched fiscal stimulus worth 

130 trillion yen (25% of annual GDP), which made ​​the budget balance pass from + 2.9% of GDP

in 1990 to -6.8% in 2000. The public debt increased from 65% of GDP in 1990 to 151% in 2002.

As for monetary policy, went down interest rates to practically zero in 1999, as it maintained until 

2000 and repeated again between 2001 and 2003. Since 2001, he has also pursued a policy of 

quantitative easing ( quantitative easing ). Despite these measures, banks remained reluctant to prestar.

En sum, expansionary demand policies were ineffective to combat stagnation and deflation, but probably

prevented a sharper downturn. As the banking crisis of 1997,

In 1990 and 1991 broke the stock market and real estate bubble that had been created in the 80s, 

as a result of financial deregulation (as in the current crisis) and a very expansionary monetary policy.

The reasons for the outbreak were unsustainably high prices and rising interest rates from mid-1989 to

tackle inflationary pressures. In 1990, the Nikkei index fell 50% in just nine months. Land prices began to

fall in 1991 and halved in nine years.

The current crisis could be quite long, under a similar crisis lasted 12 years in Japan.

US analysts and discarded fast recovery, V-shaped, and are inclined to an evolution of the

crisis in the form of U or L, which, in the best case, there would be open collapse but a very 

low growth, almost depressive. Japan's experience suggests that fiscal and monetary stimuli 

may well be insufficient if the banking crisis is not resolved, that is, that expansionary demand 

policies are necessary, but not sufficient, for recovery.

The Asian financial crisis was a period of financial crisis that gripped much of East Asia beginning in July 1997 and raised fears of a worldwide economic meltdown due to financial contagion.

The crisis started in Thailand (well known in Thailand as the  with the financial collapse of the Thai baht after the Thai government was forced to float the baht due to lack of foreign currency to support its fixed exchange rate, cutting its peg to the U.S. dollar, after exhaustive efforts to support it in the face of a severe financial over-extension that was in part real estate driven. At the time, Thailand had acquired a burden of foreign debt that made the country effectively bankrupt even before the collapse of its currency. As the crisis spread, most of Southeast Asia and Japan saw slumping currencies, devalued stock markets and other asset prices, and a precipitous rise in private debt