 CONSIDERATIONS REGARDING THE EMERGENCE OF THE TWO TYPES OF CRISIS - THE FINANCIAL CRISIS OF 2008, THE PANDEMIC CIRSIS - COVID-19Florina Popa ()
Management Strategies Journal, 2023, vol. 59, issue 1, 86-93 Abstract: The specialized literature has a rich area of studies regarding the financial crisis of 2008 and the pandemic - COVID-19 – the comparative elements with reference to the form of manifestation and their consequences, also, being significant,The financial crisis of 2008 originates in the large financial centers of developed countries, the situation of the financial markets deteriorating strongly, since September 2008, along with the bankruptcy of the American Investment Bank Lehman Brothers. There have been a series of imbalances that propagated, over time, also in the economies of developing countries, with different forms of manifestation, given the specific character of each country and category of population.Compared to the crisis of 2008, the current pandemic crisis has its origin in a health crisis with the consequence of economic repercussions, whose propagation occurred suddenly, with negative effects worldwide. This form of crisis generated by the spread of the Coronavirus had negative effects that affected the activities of many sectors: the health system, the chain of purchases and sales, the restriction of production or the temporary suspension of the activity of some industrial branches, the sector of Small and Medium Enterprises and other fields: trade, tourism, transports. This experienced a wide, rapid propagation, with a radical impact on the economy, stopping the activities of some economic operators, shortly, becoming a global phenomenon, with an impact on the world's economies. The financial crisis that began in 2008 manifested itself through the disruption of the financial system and real estate markets in the USA, having a relatively slow propagation, globally, compared to the COVID-19 pandemic. In the pandemic crisis, differently from the global crisis, the policies, measures and strategies applied, in economic terms, aimed, among other things, at limiting the bankruptcy of companies, reducing losses and unemployment, and were also accompanied by health aspects. The constraints that appeared in the financial crisis of 2008 were the consequence of the deterioration of the financial system, a situation different from the crisis caused by the COVID-19 pandemic, whose determinant factor was the spread of the coronavirus, having consequences in health, economic and social plan. The present study tries to present some aspects noted by the specialized scientific literature, regarding the origins and consequences caused by the two types of crisis, as well as the aspects that differentiate them but also similarities. Also, some opionis have been reported according to which the effects caused by the pandemic crisis, at the level of economies, are less severe than those of the global financial crisis and induce a lower risk of recession emergence, compared to those caused by the global financial crisis. There are also opinions that consider that the current crisis has severe effects on the world's economies. The conclusions drawn note that although there were similarities in the reaction of the world's governments to the current crisis, it can be stated that the measures applied to save their economies consisted of a set of more extensive initiatives, interventions and resources than those applied in the crisis of 2008, these being motivated by the high degree of propagation of the current crisis. The research methodology used consists in documentation from the specialized scientific literature, summarizing and processing through own interpretation of the ideas and ensuring the coherence of the ideas in an original formulation. Keywords: financial crises of 2008; pandemic crisis ? COVID 19; opinions; differences; similarities. (search for similar items in EconPapers) Downloads: (external link) Related works: Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text Persistent link: https://EconPapers.repec.org/RePEc:brc:journl:v:59:y:2023:i:1:p:86-93 Access Statistics for this article More articles in Management Strategies Journal from Constantin Brancoveanu University |
Is your work missing from RePEc? Here is how to contribute.
Questions or problems? Check the EconPapers FAQ or send mail to .
EconPapers is hosted by the
School of Business at Örebro University.