Crises of the Global Finance: Politics of Monetary Authorities (1994-2014)

By Shavshukov, Viacheslav M.; Zhuravleva, Natalya A. | Asian Social Science, April 2015 | Go to article overview

Crises of the Global Finance: Politics of Monetary Authorities (1994-2014)


Shavshukov, Viacheslav M., Zhuravleva, Natalya A., Asian Social Science


Abstract

Since the beginning of the 80s.of twentieth century, a global financial and economic environment system was formed, and one sign of which were the crises of the global finance. Anti-crisis measures of the monetary authorities are a combination of Keynesian and monetarist prescriptions. The first are nationalization, purchase by state (or regional financial institutions - RFI) distressed assets, the maintenance of employment and demand, social programs, state spending on High-tech. The second are tax breaks, reducing rates of discount and rates of interest, avoiding inflation by controlling the money supply.

Keywords: Crises in Mexico, Southeast Asian countries, the Russian default, the global crisis of 2008-2009, The Eurozone crisis, the patterns of global finance crises, anti-crisis measures of the monetary authorities and the G20

1. Introduction

Since the beginning of the 80s of the twentieth century, a global financial and economic environment system was formed, one sign of which were the crises of the global finance. Their cradle are the national economy different in different periods (Mexico-94, South Korea-97, US-08); classical nature is the imbalance of the internal market. In a global economy "the waves of the financial tsunami" overwhelm other economies. Anti-crisis measures of the monetary authorities are a combination of Keynesian and monetarist prescriptions. The first are nationalization, purchase by state (or regional financial institutions - RFI) distressed assets, the maintenance of employment and demand, social programs, state spending on High-tech. The second are tax breaks, reducing rates of discount and rates of interest, avoiding inflation by controlling the money supply.

The global crisis of 2008-2009 and follow-up to the 2014 the recession (especially in the EU) differentiated superficial reasons and the profound nature of the crises, put the world on to the necessity of the solidarity actions of G20, solving the problems of civilization and the rapid transition to a new technological order.

This article focuses on the analysis of the anti-crisis measures of the monetary authorities in the global finance crisis (1994-2014).

2. Methodology

The research is based on the systematization of the laws of the first crisis of the global economy, the analysis of new phenomena and the deep nature of the global crisis and post-crisis recession in the EU. Complex analysis methods (information gathering, analysis and synthesis) and make it possible to justify and to submit to testing in the scientific community the following hypothesis. In global economic environment the national economics are its segment, they are affected by external factors - international market trends, inflow / outflow of foreign investment. They are affected to both internal cycling of the reproduction process, and the international. In a global economy crises arise in some of its weakest link and as the waves overflow other economies. Nevertheless, the cradle of the crises is the disbalanced national economy, the external factor (withdrawal of the foreign investor) exacerbates their course. Crises of the global economy (1994-2004 yy.) have common patterns and country specificities. We believe that the global crisis of 2008-2009 and subsequent creeping recession (2010-2014 yy.) are not only a superficial reasons (mortgage collapse and the crisis of the financial system of the United States), but also the profound nature - the transition to a new type of production technology. The global economic environment, the patterns of global finance crisis make the necessity of joint actions of the monetary authorities of G20 and the content of crisis programs. Their analysis suggests that the programs are a combination of Keynesian and monetarist prescriptions contain general and special, use various anti-crisis financial instruments (from simple to complex).

3. Results

3.1 Laws of the First Crises of the Global Finance

The first crises of global finance (Mexico-1994, Southeast Asia-1997, Russia, the Czech Republic, the Baltic countries-1998, Turkey-1999, Argentina, Brazil - 1999-2000) were rather regional than global. …

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