WORLD FINANCIAL CRISIS 2008-2009: CAUSES AND ECONOMIC IMPACT

Abstract

The article discusses the main causes, factors and consequences of the financial crisis of 2008-2009. The dynamics of the main macroeconomic indicators have been analyzed by comparing the data for previous and current periods. The role of mortgage lending, the destruction of the banking sector and the bankruptcy of USA investment banks have been highlighted. The methods and approaches used to overcome the economic crisis have been explored. Leading scientists and experts believe that the economic crisis of 2008-2009 was the largest in the United States since the Great Depression of 1920-1930. At the end of 2007, millions of Americans lost their jobs, many financial institutions and organizations collapsed, and billions of dollars saved in savings accounts were lost forever. Scientists say that the problem of the current housing market in the United States is at the heart of the global financial crisis. Since the beginning of 2008, the crisis has grown globally and has begun to manifest itself in declining production volumes, falling demand and prices for resources and materials, rising unemployment and inflation. The USA authorities have taken various measures to address this issue. At the present stage, it is important to consider in detail the factors that influenced the emergence of the crisis and the consequences for the economic markets of all countries of the world in order to prevent the occurrence of a similar crisis in the future. The causes of the global crisis are diverse and difficult. The main reason for the emergence is the imperfect FED (Federal Reserve System) policy on overproduction of the USA dollar, which is considered the main world currency. The global financial crisis is a major event in recent years because it has its own features that differentiate it from the crises of the past.