TRANSFORMATION OF APPROACHES TO PREVENTING TEMPLATE CRISES DURING THE BOOM OF TECHNOLOGICAL INNOVATIONS
DOI:
https://doi.org/10.32782/2311-844X/2024-2-3Keywords:
financial crisis, Great Depression, pattern, inflation, discount rate, banking sector, instability, warsAbstract
The article focuses on the study of interrelationships between inflation, economic growth and the monetary policy of states using the example of various economic crises. One of the main aspects of the research is the study of the impact of inflation on the stability of financial systems, in particular through the lens of the banking sector. It is noted that rising inflation can cause financial instability, especially after sudden inflationary shocks. It was noted that the role of central banks in regulating inflation through changes in discount rates is particularly important, as was demonstrated in the authors' analysis. Such regulation is an important tool for achieving economic stability, although its effects may have a delayed effect. In the context of an analysis of historical crises, the authors compare the crisis of 1929 and the financial problems of 2022-2023, in particular the inflation in the United States, which is mistakenly attributed exclusively to the pandemic, disruptions of supply chains and the energy crisis. It has been determined that the sharp fluctuations in the discount rates of the US Federal Reserve System are the main tool for fighting inflation and economic instability. At the same time, monetary policy, even under conditions of aggressive rate hikes, may have limited effectiveness if global economic factors are not taken into account. The authors draw attention to the role of wars in the development of financial crises. The war in Ukraine in 2014 and the regime of sanctions against the aggressor country forced a change in the policy of European central banks, which served as an impetus for the banking crisis of 2023 (for example, it influenced the bankruptcy of the Swiss bank Credit Suisse). By comparing economic conditions between different historical periods, the authors conclude about the importance of monetary and financial institutions in ensuring stability at the global level. An analysis of the transformation of approaches to the prevention of crises arising from template models in the conditions of periods of technological innovation was carried out. The study is devoted to the analysis of the transformation of approaches to the prevention of crises arising from template models in the conditions of periods of technological innovation. Particular attention is focused on changing management strategies and economic mechanisms, which become more flexible and adapted to rapid changes in the technological environment. It was determined that effective crisis prevention in this period requires abandoning traditional models and introducing new approaches capable of predicting and taking into account rapid changes in the market.
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