Economic crises – causes, effects and ways to overcome

Abstract

Purpose: The aim of the research undertaken in the article is to review the greatest crises of modern times, starting from 1997, when the Asian crisis broke out, to the last global crisis, which was the pandemic crisis. In particular, the causes, effects and ways of overcoming crises were analyzed. Design/methodology/approach: The article consists of literature studies, which review publications on the greatest crises that have affected the economy in recent years. The research allowed us to determine the scale of subsequent economic crises occurring in global economies in recent years. Findings: During the research, an attempt was made to identify the causes, effects and ways of overcoming crises Research limitations/implications: Based on the research conducted, implications for the future can be identified. They may concern stimulating selected elements of the economic environment in such a way that it would effectively translate into positive effects for the economy. Practical implications: The practical implications of the obtained results may concern the further use by decision-makers of appropriate instruments, which, introduced in times of crises, brought positive effects for the economy. Using them in post-crisis conditions, or building similar tools on their basis, may bring the desired economic effect. Examples include monetary or fiscal policy instruments. Social implications: What will be the impact on society of this research? How will it influence public attitudes? How will it influence (corporate) social responsibility or environmental issues? How could it inform public or industry policy? How might it affect quality of life? Not all papers will have social implications. Originality/value: The article compares the crisis conditions that occurred during recent major economic crises. The value of such research is the ability to stimulate positive economic effects by using the same or modified tools that were used during the crisis. Keywords: pandemic crisis, Asian crisis, Russian crisis, financial crisis, economy. Category of the paper: Research paper.