The First Three Elements of a Financial Crisis Are Correctly $\rarr$

The first three elements of a financial crisis are correctly represented as taking place in the following order:

A) large decline in some asset prices $\rarr$ insolvencies at financial institutions $\rarr$ decline in confidence in financial institutions
B) insolvencies at financial institutions $\rarr$ decline in confidence in financial institutions $\rarr$ large decline in some asset prices
C) insolvencies at financial institutions $\rarr$ economic downturn $\rarr$ credit crunch
D) insolvencies at financial institutions $\rarr$ credit crunch $\rarr$ economic downturn