Global Finance Crises (1997–2013)

Abstract

The global economic environment and the global economic system characterized by the global financial crises were formed in the beginning of 80s of XXth century. Their cradle is national economy of Mexico (1994), South Korea (1997), USA (2008); their original nature is an imbalance of domestic markets.
The “waves of financial tsunami” overlap other economies in the global open economy. Being an international market segment, the national finance cannot stand against withdrawal of a global investor`s assets. This circumstance makes crises deeper. Th e global crisis of 2008–2009 and further up to 2013 continuous sluggish recession (first of all in Eurozone) have differentiated the surface reasons and the deep nature of the crisis, put down the solider activity of G20, civilization problems solution and quick move to the new technological cycle.
The crisis put a sharp question of new architecture of the global finance and sources of economic growth. The stagnant recession of developed economies in 2009–2013 has shown up large disproportions of the world economy, improved the tactical instruments of anti-crisis policy of monetary authorities. There are two main problems at the turn of the century: civilization problems of mankind (ecology, food, drinking water, alternative sources of energy, poverty) as well as transition to the new technological production mode. In the result, the world economy lost former sources of economic growth (middle classes of the western countries) and is not able to find the new ones. However, they exist and are connected with the solution of civilization problems of the mankind.

Keywords:

South-East Asia 1997 crisis, Russia 1998 crisis, global crisis 2008–2009, crises in Eurozone, anti-crisis activity of G20, global financial crises regularities