THEORETICAL FOUNDATIONS OF CURRENCY CRISES

Abstract

The global financial and economic crisis of 2008-2009, which originated in the United States, spread to most countries and affected all levels of economies: national, regional and global. The crisis took place in conditions of strong interdependence between financial and real sectors of the economy, revealed new features in the nature of crisis phenomena and identified a number of problems that require further analysis, including the economic nature of the currency crisis as part of the financial crisis.

The crisis of the national currency is expressed in a sharp significant devaluation (devaluation) of the national currency for a relatively short period of time (from several days to several months) after a period of relative stability of the exchange rate.

The crisis of the single currency as an artificial entity based on the agreement of the member states of the monetary union arises as a result of a low degree of economic integration and contradictions in the implementation of a single monetary and fiscal policy for countries with different public finances. single currency and the collapse of the monetary union.

The crisis of the world reserve currency is a crisis of the foundations of the current world monetary system, which leads to rethinking and developing the principles of the new world monetary system, which lasts for a long time due to the need for coordination and support of most leading world powers. economic processes and changes in the balance of power in the world economy.