FINANCIAL SYSTEM STABILITY THREATS AFTER 2008 ANTI-CYCLICAL POLICIES
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The financial crises is a major issue for the economists because they are phenomena which raise questions regarding their future evolution, the impact on the world economy as a whole and on each state. In a globalized economy the financial crisis cannot be isolated to one country. To avoid the emergence of future one, we need to identify the fundamental factors which trigger them. The paper dwells on a wide range of causes and consequences of the 2008 financial crisis, the pseudo-scientific concepts and the essential systemic short comings. The problem is still relevant today. The aim of research is to show the theoretical and objective weakness of used anti cyclical policies. The crisis has affected different countries varying degrees and has caused the unconventional consequences. The real situation that has arisen as a result of this crisis in developed countries requires the awareness of its sense and creates a need for preventive measures. However, it is necessary to define clearly the crisis diagnosis and treatment methods. The paper is an empirical study of Keynesian and monetarist approaches, which were used to overcome 2008 financial crisis. The authors pay particular attention to activities of rating companies, whose spread contributed to shaping the irrational attitudes to the credit and financial systems, their capacities and role in the economy. Analysis of monetary and fiscal stimulation programs on overcoming the financial crisis allowed the authors for assessing the effectiveness of the Keynesian approaches combatting the causes and consequences of the crisis. This is particularly true for economic outcomes resulting from the monetary injections carried out within the quantitative easing programs. Despite the change in the framework of the supervisory policy and its implementation, the analysis of the processes occurring in the financial system, which are characteristic of the pre-crisis period, revealed that instead of changing the supervisory policy, in order to prevent the crisis, it is necessary to implement structural reforms with a view to overcoming the principal shortcomings existing in the credit system.
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