What caused the global financial crisis?

Increasing number of borrowers were unable to repay their loans and the prices of houses in the US started to fall. These factors played a big role in the global financial crisis. You can read about the Balance of Payment Crisis, 1991 – Causes and Measures to Control it in the given link.

Further readings:

1. UPSC Mains General Studies Paper-III Strategy, Syllabus & Structure
2. Economic Planning in India