What are financial crises in financial markets?

Financial crises:

Financial crises are described as major disruptions in financial markets which are characterised by sharp falls in asset prices and the failure of several financial institutions (comprising banks). These crises have been common within most countries throughout modern history into Europe and the USA and have had a deep impact onto the growth of financial systems. Furthermore, many emerging countries have had various banking problems in current years: about three-quarters of the member countries of the International Monetary Fund (IMF) suffered several form of financial crises in between from 1980 and 1996 in Lindgren, Garcia, Saal, 1996. Specified the historical significance of crises and their relevance in involved countries and more currently (given the global financial crisis of from 2007 to 2009) into developed countries, this is important to understand why they happen.