The first phase of the 2008 global financial crisis is displacement, which refers to a change in the system that alters and creates profit opportunities for financial gain.

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Displacement is the first phase of the financial crisis according to the theory proposed by Hyman Minsky. It refers to a change in the economic environment that creates new profit opportunities and alters the behavior of investors and financial institutions. In the case of the 2008 crisis, displacement was caused by the housing bubble, which created a surge in mortgage lending and securitization.

The First Phase of the 2008 Global Financial Crisis Is