Crises of the Global Finance: Politics of Monetary Authorities (1994-2014)

Abstract

Since the beginning of the 80s.of twentieth century, a global financial and economic environment system was formed, and one sign of which were the crises of the global finance. Anti-crisis measures of the monetary authorities are a combination of Keynesian and monetarist prescriptions. The first are nationalization, purchase by state (or regional financial institutions -RFI) distressed assets, the maintenance of employment and demand, social programs, state spending on High-tech. The second are tax breaks, reducing rates of discount and rates of interest, avoiding inflation by controlling the money supply. IntroductionSince the beginning of the 80s of the twentieth century, a global financial and economic environment system was formed, one sign of which were the crises of the global finance. Their cradle are the national economy different in different periods (Mexico-94, South Korea-97, US-08); classical nature is the imbalance of the internal market. In a global economy "the waves of the financial tsunami" overwhelm other economies. Anti-crisis measures of the monetary authorities are a combination of Keynesian and monetarist prescriptions. The first are nationalization, purchase by state (or regional financial institutions -RFI) distressed assets, the maintenance of employment and demand, social programs, state spending on High-tech. The second are tax breaks, reducing rates of discount and rates of interest, avoiding inflation by controlling the money supply.The global crisis of 2008-2009 and follow-up to the 2014 the recession (especially in the EU) differentiated superficial reasons and the profound nature of the crises, put the world on to the necessity of the solidarity actions of G20, solving the problems of civilization and the rapid transition to a new technological order.This article focuses on the analysis of the anti-crisis measures of the monetary authorities in the global finance crisis . MethodologyThe research is based on the systematization of the laws of the first crisis of the global economy, the analysis of new phenomena and the deep nature of the global crisis and post-crisis recession in the EU. Complex analysis methods (information gathering, analysis and synthesis) and make it possible to justify and to submit to testing in the scientific community the following hypothesis. In global economic environment the national economics are its segment, they are affected by external factors -international market trends, inflow / outflow of foreign investment. They are affected to both internal cycling of the reproduction process, and the international. In a global economy crises arise in some of its weakest link and as the waves overflow other economies. Nevertheless, the cradle of the crises is the disbalanced national economy, the external factor (withdrawal of the foreign investor) exacerbates their course. Crises of the global economy (1994-2004 yy.) have common patterns and country specificities. We believe that the global crisis of 2008-2009 and subsequent creeping recession (2010-...

Public financial management through the prism of UK fiscal policy of 2010-2023

“…The practice of shocking the budget expenditure side has emerged. This shock received new features in connection with the anticrisis policy of the Labour cabinet of A. Blair during and after the global crisis of 2008-2009, which expressed in broad budgetary support for the banking system, business and public demand (more about the crisis and the joint anti-crisis policy of the G20 inShavshukov, Zhuravleva (2015).For the last 13 years, the Conservative Party determined economic policy, which offered tax shocks to the UK economy with reforms in 2010 and 2016, and budget shocks in 2020-2021 due to the socio-economic relief of the SARS Covid-19 pandemic. Therefore, the Cabinet of Ministers of Mary Elisabeth (Liz) Truss, despite the 50-day stay in the history of 10 Downing St. (6.09.2022-25.10.2022), consistently pursued conservative scal and monetary policies.…”