Anatomy of Financial Crises: Periodization and Causes

Abstract

Financial crises have a significant impact on the global economy, leading to recessions, increased unemployment rates, and other negative consequences. Deep understanding of the mechanisms of origin and development of financial crises is necessary to enhance the resilience of economic systems. The aim of this article is to study financial crises in terms of their periodization and the systematization of their causes. The study employed methods such as analysis, systematization, and historical methodology to analyze and periodize financial crises during the transitional period from the late 20th century to the early 21st century; comparison, analogies, and systematization to generalize the causes of financial crises; and a logical-consequential method to draw conclusions based on the conducted research. The article explores the specific manifestations of financial crises in the global economy and summarizes their periodization. Systemic determinants of global financial crises are examined. The distinguishing features of banking and currency crises are characterized. The sequence of the development of financial crises in a state based on the "contagion effect" is considered. It is proven that financial crises are not random events; they are caused by various factors, including speculative operations, a lack of regulation and oversight, and excessive lending. Special attention is given to geopolitical factors as one of the most common causes of financial crises in recent decades and to their specific manifestations. It is established that, despite the cyclical nature of financial crises, their scales and consequences always vary, necessitating the development of dynamic tools for crisis management. The research aims to identify patterns and factors that cause financial crises. The results can serve as a basis for developing a system of indicators to predict the likelihood of financial crises, enabling timely preventive measures to prevent or mitigate possible negative consequences. Developing such a system is a complex and comprehensive task that presents prospects for further research. The type of article is theoretical.