Akademik Məlumat İdarəetmə Sistemi
55th International Scientific Conference on Economic and Social Development, vol.3, no.4, pp.115-123, 2020 (Conference Book)
Today, globalization is increasing the instability of national economies and the likelihood of crises. During this period, financial crises become more persistent. Accelerated integration as a result of changes in world markets is exacerbating the impact of the crisis in one region on another. Although we note this in general, we must take into account that there is no consensus in the assessment of economic, including financial crises. Because this crisis covers social, environmental, geopolitical processes, in short, all areas of global development. The above does not preclude the study of the causes and negative effects of the global financial crisis. To this end, economic relations between countries during financial crises should be analyzed, their destructive effects should be reduced and ways out should be identified. Many scientific theories have been written and researched on appropriate regulation and solutions. It is also important to study the funding mechanisms and policies of international organizations in times of crisis. Thus, the program of structural reforms implemented with their financial support creates the basis for ensuring the balance of payments and economic stability of individual countries. Observations show that the frequency and duration of financial crises have recently increased. Although periodic financial crises are considered by many researchers to be the product of capitalism, they must be seen as real economic events. It also requires the identification of solutions rather than the search for "causes". We believe that the measures taken should be in line with the crisis and the current situation in the country where it took place. These measures should include the development of science and technology, support for domestic production, prevention of monopolies, implementation of programs to reduce poverty and unemployment. The Republic of Azerbaijan has experienced a period of financial crises twice, in 2008 and 2015. As a result, the country has already gained some experience in mitigating the effects of financial crises and ways out. We are living in a pandemic that is dragging the economies of most countries into a deeper financial crisis. Therefore, in determining the way out of this crisis, it is necessary to monitor the dynamics of the world economy in recent months, identify key trends and make sound forecasts.