Starting from a simple loan, credit markets have featured many innovations as well as many crises. This infographic, made by the NY Times, shows the three types of debt – government debt, personal debt and corporate debt – and how they have evolved throughout the years. It also shows us how the types of credit – loans, bonds, securitization, and derivatives – have effected government debt, personal debt, and corporate debt.

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evolution of debt infographic

Source: NY Times