The global financial crisis in $2008$ is considered to be the most serious world-wide financial crisis, which started with the sub-prime lending crisis in USA in $2007.$
- $\implies$ subprime lending crisis→ global financial crisis
The sub-prime lending crisis led to the banking crisis in $2008$ with the collapse of Lehman Brothers in $2008.$
- $\implies$ subprime lending crisis→ banking crisis
The sub-prime lending refers to the provision of loans to those borrowers who may have difficulties in repaying loans, and it arises because of excess liquidity following the East Asian crisis.
- $\implies$ east Asian crisis→ subprime lending crisis
So, the correct answer is Option A.