A collapse in the price of financial obligations, which may lead to a collapse in the economy. The major financial crisis in the history of world finance took place after the Wall Street Crash of 1929. This crisis led to a widespread failure in the US banking system and the interwar recession. Recent years have seen a number of financial crises, notably in Russia, South-East Asia, and Latin America. These crises have had major impacts on the economies of the countries that suffered them, but the impacts have not spread to the international economy.