FINANCIAL CRISIS: DEFINITION, CLASSIFICATION, AND SYSTEMIC CHARACTERISTICS
Journal Title: Проблеми системного підходу в економіці - Year 2017, Vol 6, Issue 62
Abstract
The definition, classification approaches, and systemic characteristics of the financial crisis are considered in the article. The financial crisis is one of the states of the financial system, unlike financial stability, volatility, and vulnerability (fragility). The states are determined by the level of accumulated imbalances and the force of the external shock. Financial instability (crisis) can be defined in narrower and broader aspects. In the narrow sense, the financial crisis is a sudden and significant drop in the value of key assets. In a broad sense, the financial crisis is a state of the financial system, which is realized due to its “fragility” (the presence of imbalances) and the impact of external shocks and is characterized by serious violations of the system’s functions inherent in it. Such crises have a systemic nature, and their development is accompanied by transmission mechanisms of systemic risk. The most consistent is the following typology of financial crises: stock exchange, banking, currency, inflation, debt; “twin” (the banking and currency crisis arise simultaneously) and “triple” crises, which represent a combination of banking, currency and debt crises. Peculiarities of the structuring of the concept “systemic crisis” are considered. The systemic financial crisis is connected with the phenomenon of systemic risk in the case of crisis phenomena spillover to the real sector and beyond the national economy. At the same time, the systemic crisis caused by the transformation processes of a separate economy (sometimes a group of related economies) is not a consequence of the transmission of systemic risk, but it can deepen its negative impact on the socio-economic system of the country.
Authors and Affiliations
L. V. Zherdetska
Keywords
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