The worldwide financial crisis that began in 2007 and intensified after Lehman Brothers failed in 2008 is known as the Global Financial Crisis.
The crisis grew from a housing and credit boom, especially in the United States, where risky mortgage lending was bundled into complex securities. When U.S. house prices fell and mortgage defaults increased, losses spread through banks and financial institutions around the world.
Lehman Brothers filed for bankruptcy on 15 September 2008, an event that sharply intensified panic in global markets. Major stock indexes fell, credit became difficult to obtain, and governments and central banks introduced emergency guarantees, bailouts, and stimulus measures.
The crisis is also closely associated with the Great Recession, the severe economic downturn that followed. These terms are related but not identical: the Global Financial Crisis names the financial-market and banking shock, while the Great Recession describes the broader recession affecting many economies.