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The Policy of the Monetary Authorities during Crises of Global Finance and Post-Crises Recession (1994-2019) | Chapter 3 | Emerging Issues and Development in Economics and Trade Vol. 4

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 (crises in Mexico, Southeast Asian countries, the Russian default, the global crisis of 2008-2009). 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) 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. These measures made fundamentals of anti-recessionary policy of the G20. But in 2010-2019 the World economy faced slow recession, downgrades or sluggish growth, risks of new crisis. These processes reflect the pattern of global crises (transition to technological revolution 4.0, new sources of economic growth, and burning civilization issues of mankind) and the new phenomena in the World economy (economic growth slowdown, trade wars, deglobalization).

Author(s)Details

Viacheslav M. Shavshukov
Saint Petersburg State University, Russia.

Natalya A. Zhuravleva
Emperor Alexander I St. Petersburg State Transport University, Russia

View Book: - http://bp.bookpi.org/index.php/bpi/catalog/book/159

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