COVID-19 PANDEMIC AND FINANCIAL CRISES IN THE WORLD

Sanda Gheorghe Gabriel
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Sanda Gheorghe Gabriel: FACULTY OF ECONOMICS, CONSTANTIN BRANCUSI UNIVERSITY OF TG-JIU, ROMANIA

Annals - Economy Series, 2021, vol. 5, 172-180

Abstract: It should be noted that in relation to the pressures of the last international financial crisis, it may be noted that national governments and regional/international financial organizations managed to avoid the expansion and generalization of the crisis without leading to extreme the protectionism of national markets. The complexity of modern financial crisis required a coordinated response of states and international/regional institutions, any unilateral approach had the potential to increase in the medium or long term the effects of the crisis. Currently, the issue of financial crisis is a challenge for anyone who is interested to understand the conceptual and logical valences. Modern economies in the contemporary period are regularly confronted with inflation, unemployment, economic stagnation, trade balance deficits and balance of payments, etc. These macroeconomic imbalances create losses for the welfare of the economic agents. Such situations require exercising the macroeconomic stabilization functions of the state so that the appropriate economic policies manage to reduce inflation, unemployment and to revive the economy. The current economic and financial crisis, beyond the problems it generates both at micro and macro level, should determine an adaptation of the mechanisms, institutions and monetary / financial policies to the real economy we are facing.

Keywords: financial crisis; organization; crisis management; strategies (search for similar items in EconPapers)
Date: 2021
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