It is worth mentioning that debt-related dysfunctions of economic behaviour might be found at all levels of management up to macroeconomic level
8.1 Introduction and Background 125 8.2 Overall Results of the First Study 128 8.3 Overall Results of the Second Study 128 8.4 Overall Results of the Third Study 129 8.5 Overall Results of the Fourth Study 130 8.6 Conclusion 134 Acknowledgement 135 References 135
(for instance, consider the amount of national debt of the United States) and the level of the world economy. A relevant example of such a dysfunction is the European debt crisis provoked by growing indebtedness in both private and public sectors and resulted in various problems in area of investment. The European debt crisis might be explained by a combination of complex factors. They include globalisation of financial market, easy credit conditions in 2002-2008, high-risk lending, the world financial crisis in 2007-2012, international trade imbalances, real-estate bubbles that burst, low rate of economic growth since 2008, failed fiscal policies and governmental bailouts to the banking sector and private bondholders when the debts were assumed or losses were socialised (European debt crisis, 2012).