Prelude to the Financial Crisis in 2009
At the beginning of the 1990s, oil continued to exert disproportionate influence in shaping not only the global economy, but also geopolitics. The interruption during the first Gulf War to the global supply of crude oil from the Persian Gulf Region was a major concern to financial markets. While Nigeria, a key member of the Organisation of the Petroleum Exporting Countries (OPEC), benefited from a rise in crude oil price, this contributed to a mild recession in many economies, including the US.
KeywordsStock Market Monetary Policy Financial Crisis Central Bank Banking Sector
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