Trends in the development of the financial system during the economic crisis

Relevance. Due to the relevance of the problem under consideration in modern conditions, when the world is characterized by global financial instability and geo-economic fragmentation, the study of the characteristics of the functioning of the financial system during periods of various financial crises is of particular importance and can contribute to their better understanding. The purpose of the study is to identify trends in the development of the financial system in conditions of the economic crisis. Objectives: In accordance with the goal, the following tasks are predetermined and require solutions: to analyze the impact of global financial crises on the state of the financial system; based on the characteristics of the crises of 1990–1991, 2007–2008, 2020 and 2022 obtained as a result of the analysis, identify patterns of their occurrence and course, compare these crises; justify the findings. Methodology. The article uses general scientific methods of study/cognition, logical-comparative method, cause-and-effect analysis, as well as graphical and tabular methods of reflecting research results. Results. The article examines the impact of global financial crises on the state of the financial system. Based on an analysis of the characteristics of the crises of 1990–1991, 2007–2008, 2020 and 2022, patterns of their occurrence and course were identified. The result of the study is a comparative table of the financial crises of 2008 and 2020, as well as 2020 and 2022. It has been established that the analyzed financial crises, despite significant differences, also have certain similar features. Conclusions. The author's conclusions obtained can be used to predict the development of the financial system and develop Russian public policy in terms of justifying preventive measures to reduce the risks of future crises.