As a result, it becomes more difficult for individuals and businesses to obtain loans, which can have negative consequences for economic growth and stability.

Some examples of recent credit crunches include:

1. The global credit crunch of 2007-2008: During this time, there was a significant reduction in the availability of loans and a tightening of lending standards, due to the subprime mortgage crisis and the collapse of Lehman Brothers.
2. The European debt crisis of 2010-2012: During this time, there was a credit crunch in many European countries, as banks became more risk-averse and less willing to lend due to concerns about the stability of the eurozone.
3. The COVID-19 pandemic: The economic fallout from the pandemic has led to a credit crunch in many countries, as banks and other financial institutions have become more cautious about lending due to economic uncertainty.