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The relevance of the research topic: Financial crises are one of the most relevant, interesting, but far from studied topics in modern economic theory and applied economic research, as in the world economy and enterprises as a whole crises or threat of crises is a constant phenomenon. Until now, there is no consensus among economists on the causes and nature of the development of global financial crises. Different views were expressed on the factors determining the beginning and nature of the development of crisis phenomena.
Anticipating and preventing crises is one of the main tasks of economic policy. Economic science has long tried to understand the causes and nature of crises. In this regard, there are many theories. Among the possible causes of the crises at different times called fluctuations in crop yields, under-consumption of the poor, over-accumulation of investment capital, technical innovations, instability of expectations of entrepreneurs, cumulative economic changes, violation of the ratio of income to consumption and accumulation, instability of the money supply in the economy, etc.to date, developed not only descriptive theories, but also mathematical models of economic cycles. With the help of systems of algebraic and differential equations solved on a computer, simulation studies of the causes downs of economic conditions are carried out. On this basis, attempts are made to develop various options for the state policy of economic stabilization. But so far there is no mathematical model that would be adequate enough and that could be reliably applied in practice.
Crises have a negative impact on the economic and political life of the country, which is the reason for the fight against crises, but even in developed countries such as the United States, Britain, France, Germany and other Western European countries have not yet found an effective "cure" for economic crises.
While the financial crisis has begun, the us real estate market is increasingly absorbing the financial sector of this country and the financial markets of other developed countries.
The financial crisis that occurred in 2008 will remain a debatable problem not only for Ukrainian economists for a long time.
The problem of economic crises is relevant at present in our country, as for a relatively short period of time in 15-20 years, we are in a state of some economic crisis, which is weakening, then increasing. Studies of economic crises at the global level, particular in Ukraine, should help economists to learn how to safely and quickly get out of them.
It is necessary to have an adequate understanding of the causes of the crisis, the mechanisms of its transmission and strengthening. The global crisis has affected all transitional economies, however, it has affected countries with different state of public finance, characteristics of the banking system, foreign trade position, credit ratings, the level of development of the legal system, etc.
Understanding the mechanisms of strengthening financial crises will help to develop effective anti-crisis policies and create conditions for the protection of the financial system of Ukraine from external crisis shocks in the future.
Object: global financial and economic crises, countries that gave affected by global financial and economic crises, consequences of global crises on countries’ economy.
The purpose of the work: to study the main causes and factors of the global financial crisis from 2008 till nowadays, the chronology of the financial system crisis, as well as the analysis of the features of the post-crisis development of the financial and real sectors of the world economy.
Tasks of the term paper:
- to study the theoretical aspects and identify the essence of the economic crisis;
- to reveal the causes and consequences of the economic crisis;
- to compare the crisis of 2008 and the following years;
- to research economic situation in the world nowadays;
Information base of research: financial and economic research about global crises, it’s causes; scientific literature about crises; opinions of famous experts and economic facts on global crises.