The global financial crisis of 2007/2008 had five main stages: the subprime mortgage market collapse, credit market spillovers, liquidity crisis with major bank failures, commodity price bubble, and the downfall of U.S. investment banking. The crisis was worsened by unstable global savings and excessive credit creation, leading to overpriced assets known as a "wandering asset-price bubble". This bubble increased market, credit, and liquidity risks. The researchers suggest that stabilizing financial markets requires specific monetary policy responses.