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Individual Project Total marks: 100 10% towards final grade A financial crisis occurs when a particular large disruption to information flows occurs in the financial market. The financial crisis of 2007 started in the United States and spread around the world but it did not lead to a depression because of the aggressive central bank action. In a paper of 1200-1500 you are required to: 1. Discuss the crisis of 2007-2009 in USA and compare it with the Great Depression in 1929. In your discussion identify the factors that triggered both crises? (20 marks) 2. President Obama prevented the financial crisis of 2007 and 2009 from becoming a depression? Explain how he achieved this (20 marks) 3. Canadian was less affected by the financial crisis of 2007-2009, why? (15 marks) 4. Currently house prices in Toronto has increased significantly over the last year, argue two contributing factors, is it a bubble like USA 2007 crisis and so far what has Canadian government done to fix this surge in house prices and is it working? (20 marks) 5. What would be you recommendation to the Canadian government? (15) 6. Research Citations (In-text citations for paraphrasing and direct quotes, and reference page listing and formatting, as appropriate to assignment and style) 5 Marks 7. Mechanics of Writing (includes spelling, punctuation, grammar, language use) 5 Marks Use the following information to ensure successful completion of the assignment: This assignment uses a grading rubric (see rubric in the project menu) Include at least two references resources other than your text. Prepare this assignment according to the APA guidelines found in the menu (A template is located in the course document menu) Use appropriate heading for each point Turnitin similarities maximum 15% Individual Assignment This is an individual assignment. A late penalty of 10% per day will be levied on late submission. Plagiarism: to present another person's ideas, writing, artistic work, creations, etc. as one's own. This includes the presentation of all or part of another person's work as something one has written, paraphrasing another's writing without proper acknowledgement, or representing another's work or creation as one's own. Any use of the work of others, whether published, unpublished or posted electronically or on the web, attributed or anonymous, must include proper acknowledgement Please refer to the Academic Honesty and Plagiarism policy in the course document menu. This paper describes the various aspects of the financial crisis of 2007. The aim is to evaluate the depth analysis of the financial crisis of 2007. It enables to determine the crisis & comparison with Great Depression, triggered the Great Depression & the financial crisis, prevention from depression, similarity & difference, Canadian experience and contributing factor to raise the Toronto house prices. This paper successfully spelled out the financial crisis of 2007, their effect on the world and reduces to depression level in the world economy through aggressive central bank action. Financial crisis can be described as the market or economic condition where the prices or valuable assets or market securities fall rapidly leading to panic among financial institutions. It leads to investors either selling off their investments in securities, withdrawing money from the banks or liquidating most of their investments in assets such as real estate so as to save their money. These increased activities associated with investors liquidating their assets due to panic is what leads to the financial crisis which if not contained might lead to an economic depression Discuss the crisis and compare with Great Depression: The financial crisis of 2007-09 was known as a global financial crisis. Many economists consider that it has worst financial crisis since the Great Depression. The main reason for the crisis was the exploded off the USA housing bubble that was a peak in 2004. The financial crisis of 2007-09 played an important role in the reduce the consumer wealth, downturn in economy activity, failure of a business that leading to the Great Depression. Default rates are increasing quick and the bank gives out more loans to homeowners. So, housing prices start to increase and reached in peak level in 2007 as compared to rest of year (Aiginger, 2009). It is difficult to find out exact reason of crisis due to its global nature. The financial crisis of 2007-09 seemed bad. But, it was not worst than the Great Depression. The Great Depression was a terrible economic crisis in the current scenario because million of people lost their jobs and businesses were bankrupted. It was not too terrible as compared to the Great Depression (Acharya et al., 2009). Triggered the Great Depression and the financial crisis: These are the significant five triggers in the Great Depression. First, Many people said that stock market crash on Black . Tuesday on October 29, 1929, was the one main trigger of the Great Depression. Second, over 9000 banks were failed around the 1930s that were also the significant trigger of the Great Depression. Third, decline in purchasing power parity across the board. Fourth, American government created the Smoot-Hawley Tariff that policy with Europe was the main trigger of it. Fifth, drought situation occurred in Mississippi in 1930. So, many people are unable to pay their taxes or debts. Then, they sold their farms that were also the main trigger for the Great Depression (Kelly, 2016). These are three significant triggered behind the financial crisis of 2007-09. First reason behind the financial crisis was government intervention in the housing market. It occurred by Freddie Mac and Fannie Mae flew a housing bubble that was the main reason behind the crisis. Second triggered were Wall Street and its effect in Washington. Covetous bankers controlled the politician and financial system in Washington to take benefit from mortgage investor and homeowners through individual benefit. Third triggered was failures of policy and supervision of US (Thomas, 2011). Prevention to become depression: Financial policies in few areas could help to prevent the financial crisis of 2007-09 from becoming depression that is described below: Capital control: It helps to evaluate the government, central bank and another financial body to limit the foreign capital in and out of the local economy. It includes tariffs, volume restrictions, and taxes. It affects many assets such as bonds, abroad exchange trades, and equities to prevent depression of financial crisis (Rosefielde, 2013). Legal and judicial system: World Bank should provide a clear guideline for the legal and judicial system to prevent the financial crisis from becoming a depression. World Bank will protect the banking system of the world that prevents the financial crisis to become a depression. The system should set prudential supervision to evaluate the financial institution working structure to prevent the further depression from the financial crisis (Lo, 2009). Monetary policy & price stability: International Monetary Fund policy should be clear that helps to prevent the world from further financial crisis to become a depression. The country should provide proper financial liberalization through clear monetary and price stability policy (Acharya et al., 2009). Exchange rate regimes: It provides rights to authority to manage its currency level as compared to other country currency level. It will help to stop the fall of the big corporate sector in the country because corporate sector financial instability is the main factor of the financial crisis that raises the depression situation of it (Rosefielde, 2013). Similarity and difference between Great Depression and financial crisis: These are the significant similarities between Great Depression and financial crisis of 2007-09. First, both crises began in the financial market and expand to all market. 9000 plus bank were failed in the 1930s that were a big reason for the Great Depression while Lehman Brothers and Goldman Sacs bank were bankrupt in the US that is a big reason for the financial crisis of 2007-09. Second, they started in the US and spread to other nations (Acharya, et al., 2009). But, in spite of these similarities, there are also few differences in the financial crisis of 2007-09 and Great Depression. First, both crises differed in the banking deposit insurance perspective. In 1930, there was no deposit insurance introduced in it and it was introduced after Roosevelt become president in March 1933. Deposit insurance was up to 100 dollars in the US financial structure while the current financial crisis of 2007-09, the deposit insurance was up to 250 hundred thousand dollar. During the Great Depression, there was no bank capital needed as compared to nowadays. Second, other significant differ in both crisis was related to monetary institutions. The US was the gold standard during first three years of the Great Depression. The US maintained a fixed parity with gold collided for the first three years of the Great Depression while financial crisis of 2007-09 doesn't provide this kind of monetary policy to handle institutions (Cukierman, 2009). Canadian experience during the crisis: The financial crisis of 2007-09 was the worst crisis in the United States history while no Canadian institutions failed in the time period. Canada was only the one G-7 nations that was able to avoid financial crisis from their country. So, the World Economic Forum gave the first rank to Canada to banking stability among more than 140 nations. Canadian banks deliver plenty credit to the economy. Canada and the United States financial system provides same services while differences that how they are provided these services to people. American has the world most powerful financial system with 7000 plus chartered banks while Canada has only 80 banks. Out of them, six banks cover the 93 percent of the market share. During the financial crisis of 2007-09, US banks were forbidden from raising the branches while Canada was free from these restrictions. So, US allowed many banking branches and they allotted too many loans to people that are the big reason of the US banking system failure. Canada banks have limitation to expanding their branches that make stronger financial banking system (Chant, 2008). Related factor in raising the Toronto house prices: These are the significant contributing factor that raises the house price Toronto and fix this surge by Canadian that described below: Population, Migration to Toronto: It is also one of the big factors that affecting the Toronto's housing market. Every year approximately 75000 immigrants come in Toronto (Jeffrey, 2012). It is described below chart 1: [Chart 1, (Jeffrey, 2012)] Interest rate: It is the significant contributing factor that affects the Toronto house price. Lending rate of the banks uses when explaining the interest rate their refinancing, home loan and own mortgages. During the financial crisis of 2007-09 and Great Depression occurred, the Canadian government required to take action by monetary policy to support the housing market (Walks, & August 2008). Conclusion In conclusion, it is important to understand that financial crisis can be caused by both poor financial policies and greed from investors, agents and mortgage brokers. concluded that clear crisis & comparison with Great Depression, triggered the Great Depression & the financial crisis, prevention from depression, similarity & difference, Canadian experience and contributing factor to raise the Toronto house prices as well as high caliber to adopt new policy in crisis helps it to maintain its competitive position in the market Recommendations The Canadian government should, therefore, consider some of the following recommendations to prepare itself for a financial risk that might befall it in the future owing to the surging house prices. First, it should put in place proper financial policies that serve to regulate the interest rates offered by banks on mortgages (MacBeth, 2015). Extremely low market rates can lead to a crisis. Secondly, the government should regulate the prices of houses in the Canada to avoid surging of prices which can cause an imminent financial crisis. References Acharya, V., Philippon, T., Richardson, M., & Roubini, N. (2009). The financial crisis of 2007 2009: Causes and remedies. Financial markets, institutions & instruments, 18(2), 89-137. Aiginger, K. (2009). A comparison of the Current Crisis with the Great Depression as regards their depth and the policy responses. In Lecture at the NERO-Meeting on" The Causes and Consequences of the Financial Crisis", OECD, Paris (Vol. 21). Chant, J., (2008). The ABCP crisis in Canada: the implications for the regulation of financial markets. USA: Expert Panel on Securities Regulation. Cukierman, A., (2009). The Current Crisis And The Great Depression: How Similar Are They? (Revised And Expanded). Retrieved from: http://www.economonitor.com/blog/2009/01/thecurrent-crisis-and-the-great-depression-how-similar-are-they-revised-and-expanded/ Jeffrey, L., (2012). What Factors Affect the Toronto Housing Market? Retrieved from: https://www.jeffreyteam.com/what-factors-affect-the-toronto-housing-market/ Kelly, M., (2016). Top Five Causes of the Great Depresion. Retrieved from: http://americanhistory.about.com/od/greatdepression/tp/greatdepression.htm Lo, A., W., (2009). Regulatory Reform in the Wake of the Financial Crisis of 2007-2008. Journal of Financial Economic Policy, 1(1), 4-43. Rosefielde, S., (2013). Prevention and Crisis Management: Lessons for Asia from the 2008 Crisis. USA: World Scientific