GATE EC 2020 Set 1 Q6 — General Aptitude

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 $\text{USA}$ in $2007$. The sub-prime lending crisis led to the banking crisis in $2008$ with the collapse of Lehman Brothers in $2008$. 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.

Which one of the following sequences shows the correct precedence as per the given passage?