The crash sent prices falling more than 50 percent and stalled projects worth billions of dollars while developers grappled with a shortage of finance and customer defaults.
There is also an acute shortage of finance, research-and-development and engineering skills.Managers of many multinational businesses in the region have another problem.
Meanwhile, there is a persistent shortage of finance for measures such as drought-resistant seeds and flood defences to shield those endangered by carbon profligacy.
The Economist once wrote (see article), "Entrepreneurs the most successful, though not the only, practitioners of innovation rarely stop to examine how they do it".The main constraint on entrepreneurs has traditionally been a shortage of finance, not of ideas.
And larger problems such as lousy roads, a shortage of finance and the insecurity of land tenure remain unchanged.Until the 1960s, Nigeria was a net exporter of food.
Tulsi Tanti, the chairman and managing director of Suzlon, a maker of wind turbines based in India, said there was no shortage of finance for projects in major emerging economies.
A broader measure of "financial depth" which includes other assets, such as shares, and corporate and government bonds, finds India at just 160% of GDP, compared with 220% in China.Not only is there a shortage of finance.
In the documents, seen by the International Herald Tribune, the company attributed the filing to a failure to obtain planning permission and a shortage of finance due to a default rate of almost 50 percent among investors.
"Ultimately it will be to the long-term benefit of the housing market and the stability of the economy, although it will mean a shortage of finance for consumer spending in the short term".
Major wind power projects are now stalled amid a shortage of finance and uncertainty over the rules going forward -- a state of play threatening to eliminate tens of thousands of jobs.
