Financial crises in historical retrospective: causes, typology, and international implications

Abstract

The article examines scientific approaches to defining crises, taking into account their multifaceted nature and diverse manifestations. A classification of crises is proposed based on form, source of origin, mode of propagation, stages of development, and institutional nature. Key factors are highlighted: macroeconomic imbalances, speculation, excessive credit expansion, regulatory gaps, structural changes, international fluctuations, geopolitical conflicts, political instability, and behavioral factors. The course and consequences of the largest financial crises of the 20th and 21st centuries are analyzed, along with measures for overcoming them. Methods for preventing and mitigating consequences are considered, including the combination of regulatory, monetary, and fiscal tools. Historical experience allows for identifying regularities in crisis occurrence and improving the effectiveness of modern economic strategies.