GLOBAL FINANCIAL CRISIS OF THE XXI CENTURY AND ITS IMPACT ON THE WORLD ECONOMY: PROBLEMS, ANALYSIS, EXPERIENCE

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GLOBAL FINANCIAL CRISIS OF THE XXI CENTURY AND ITS IMPACT ON THE WORLD ECONOMY: PROBLEMS, ANALYSIS, EXPERIENCE

Journal Title: International Journal of Innovative Technologies in Economy - Year 2017, Vol 1, Issue 6

Abstract

The fragility of the global financial institutions and their functions’ ineffectiveness are clearly revealed by the current world financial crisis. It is primarily manifested in the loss of public confidence towards them and their inability to respond adequately to the world’s new challenges. It turned out, that the International Monetary Foundation (IMF) and the World Bank are incapable to prevent, not only global but also the financial and economic crisis developed in various countries. It is noteworthy that the current world crisis cast doubt not only the economic and financial theories developed nowadays but also revealed the weakness of the practical anti-crisis leverages during the settlement of the situation. Based on the analysis, is concluded: After half-century since its foundation, it became evident that the International Monetary Foundation failed to fulfill its mission. It hadn’t done what it would have done – Appropriation of funds for countries, which had economic difficulties. After that, the countries would be able to reinforce the economic so that the majority of the population would have been employed in the country. Nearly a hundred countries have suffered crisis. Moreover policy initiated by the International Monetary Foundation has contributed to global instability, for example: Lliberalization of the Capital Market. When any country is in crisis, implemented programs by International Monetary Fund situation did not improved, but further fueled, especially for the poor.

Authors and Affiliations

Nino Tagoshvili

Keywords

EP ID EP466090
DOI -
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