Modern financial and economic crises and the stability of the financial and banking system of Ukraine

Abstract

Factors, problems and risks are analyzed and systematized, in particular, technical-technological and innovation backwardness, peculiarities of economic cycles in economic systems of countries at different stages of development, as well as due to increasing competitiveness of some of them in the globalized world. crisis. It is shown that the situation worsens when the world economy grows, and against its background, imbalances in the global financial system are growing and speculative capital is spreading. It is revealed that the first global crisis of 2008–2010 was provoked by the uncontrolled spread of mortgage loans in the US real estate markets and the transfer of these processes to other countries, resulting in "financial bubbles", a market crash and a chain reaction involving others. markets. Emphasis is placed on the fact that when Ukraine's economy was in a state of permanent crisis, the domestic banking system withstood all domestic economic, financial, currency and other changes, as well as external turbulence, which provoked the strengthening of negative trends. It is established that the second financial and economic crisis of 2014–2016 is largely due to internal problems: much lower technological structure (third-fourth compared to fifth-sixth in economically developed countries), significant lag of Ukrainian industry in terms of innovation from industry EU countries, a high level of depreciation of fixed assets, much higher resource intensity and lower productivity, unrealistic in a few years to carry out innovative modernization of machine-building industries for the production of means of production. An acute threat has been revealed that the unlimited increase in speculative capital has exacerbated structural imbalances between the real and financial sectors. The main negative consequences of the crisis for the financial and banking system are systematized: they include more than three devaluations of the hryvnia, liquidation of more than a hundred banks and privatization of the largest of them, Privatbank, closure of several thousand banking branches and large–scale unemployment. It is confirmed that the third financial and economic crisis of 2020–2021 has a natural origin – it was caused by the pandemic COVID-19 caused by the coronavirus SARS-CoV, and its consequences. It is established that the corona crisis has provoked various negative effects on the work of industry and social services, has caused significant damage to all countries and the vast majority of the world's population. It is shown that Ukraine proved to be more resilient to these troubles and the pre-crisis revival began in the second quarter of this year. It is substantiated that the implementation of macroprudential policy measures aimed at preventing the accumulation and implementation of systemic risks in the financial sector will help increase the stability of the financial and banking system, properly perform its main functions – financial intermediation and payments – and crisis management. It is shown that timely and effective implementation of macroprudential instruments will increase the stability of the national economy and reduce GDP volatility. Key words: financial and economic crisis, stability of the financial and banking system, economic cycle, market turbulence, inflation, capital movements, financial markets.