2008 as archetype: sector-specific debt (mortgage) → systemic contagion → global deleveraging. Historical parallel to 1930s. The mechanism (sectoral debt → contagion) applies across asset classes and geographies.
2008 as archetype: sector-specific debt (mortgage) → systemic contagion → global deleveraging. Historical parallel to 1930s. The mechanism (sectoral debt → contagion) applies across asset classes and geographies.