The correct answer is option 1) i.e.East Asian crisis ? subprime lending crisis ? banking crisis ? global financial crisis.After reading the passage and going through the options (cursory look), we can easily comprehend that we need to select the precedence order on the basis of time( the event that happened first will be on the leftmost side). Let's see the following lines given in the passage "The global financial crisis in 2008 is considered to be the most serious worldwide financial crisis,", so it is clear that 'global financial crisis' is the final result that occurred because of some series of event that took place in the past. Let's connect these chain of events- Excess liquidity resulted in East Asian crises and to compensate this crisis 'sub-prime lending' came into play (provision of loans to those borrowers who may have difficulties in repaying loans), the sub-prime lending crisis led to the banking crisis in 2008 with the collapse of Lehman Brothers in 2008, finally all this resulted in the global financial crisis.