Introduction The Impact and Causes of the 2008 Financial Crisis In 2007, a global financial crisis rapidly gained traction from the crash of the United States housing market to the worst recession the world had witnessed in over six decades. Through an in-depth review of the crises in terms of causes, consequences and policy responses, this paper identifies the impact on Local Governments on both the revenue and expenditures side of the budget. Contrary to widely-held perceptions durin...
