FINANCIAL CRISIS OF XXI CENTURY - CAUSES, EFFECTS AND PROPOSALS TO SOLVE THE PROBLEM
Journal Title: Globalization, the State and the Individual - Year 2014, Vol 2, Issue
Abstract
Market imbalances and speculative bubbles are tightly connected to each other and shall be regarded as the major causes of global financial instabi- lity. Financial globalization contributes to global financial imbalances within the current monetary and financial system. The researchers dedicated a lot of papers on market imbalances leading to global economic crises. Most of the highest admired researchers ехріаіп the causes and effects of the financial crisis and/or present reflections from the point of view of the U.S. There are much less papers developed by European economists - showing their approach to the issue and indicating how to solve the problem. We present the causes and effects of the financial crisis in 2008 and its influ¬ence on the State of global finance, based on U.S. and European literaturę review. The approach and methodology applied entail presentation of the- oretical background of the concept of economic crisis in generał, followed by explanation of the meaning of the terms “financial and economic crisis” and the cause-effect chain leading to the crisis. Then we analyze the visible and predicted effects of the global financial crisis and propose amendments to solve the problems.
Authors and Affiliations
Janusz Soboń, Agnieszka Przybył
Keywords
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