The global financial crisis precipitated in 2007 and 2008 shared some of the key features exhibited by the wave of international financial crises in the 1990s, including accelerated capital influxes, weak regulatory frameworks, relaxed monetary policies, herd behavior during investment bubbles, collapsing asset prices, and massive deleveraging. The systemic problems originated in the United States and other advanced nations. Similarly to the 1997 Asian crisis, the global crisis entailed broad lending by banks undertaking unproductive real estate investments as well as poor standards of corporate governance within financial intermediaries. Particularly in the United States, the crisis was characterized by growing securitization of non-performing assets, large fiscal deficits, and excessive financing in the housing sector. While the real estate bubble in the U.S. triggered the financial crisis, the bubble was financed by foreign capital flowing from many countries. As its contagious effects began infecting other nations, the crisis became a precursor for the global economic downturn now referred to as the Great Recession. In the wake of the crisis, total volume of world trade in goods and services fell 10% from 2008 to 2009 and did not recover until 2011, with an increased concentration in emerging market countries. The global financial crisis demonstrated the negative effects of worldwide financial integration, sparking discourse on how and whether some countries should decouple themselves from the system altogether.