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Domino Effect: How Lehman's Failure marked the beginning of the End for the Dollar

... that sparked the crisis, suffer from the bankruptcy of a bank on the other side of the world? The answer can be encapsulated in one word: Globalization. In India’s case, its rapid integration into the global financial system followed the 1998 financial crisis. It sought to raise its foreign reserves, as did every other emerging market affected by the crisis. So where was the problem? Well, The Indian corporate sector obtained external financing that accounted for close to half of their GDP ...