The economic and financial globalisation in recent years has been much more rapid
that our understanding of all ingredients associated with this phenomenon of

Economic policies, financial models and regulation, governmental legislation, central
banks authorization and global economic coordination is still at a naïve local stage
and thus impossible to deal efficiently and effectively with the current crisis.
Although global economy is still in recession and the current crisis is not over a
respectable number of academics are conducting research in order to explain what
went wrong and what will be the effects of this major crisis.

In this paper we will refer to papers and articles that are dealing with the subject and
make a literature review on the causes, effects and consequences of the current crisis
that originated in the US and spread in the global economy in less than a year.