Financial crises are among the most serious and complex challenges facing the modern global economy, capable of causing deep, prolonged, and widespread negative consequences for both individual national economies and international financial markets as a whole. They undermine investor confidence, lead to sharp declines in asset values, bankruptcies of financial institutions and companies, rising unemployment, as well as slowing economic growth. Problem statement. In the context of increasing globalization and the growing interdependence of financial systems across countries, the risks of crisis contagion become particularly significant, emphasizing the need for a thorough understanding of the nature of these processes. Unresolved aspects of the problem. The absence of a unified theoretical framework for financial crises complicates their timely identification, classification, and the development of effective response strategies, which contributes to their escalation and deepening. Furthermore, the impact of the combination of globalization processes, behavioral factors, and geopolitical risks on the dynamics of crises, as well as typical crisis development patterns across different historical periods, remains insufficiently studied. The purpose of this article is a comprehensive investigation of the essence of financial crises, their classification, and main causes, as well as an analysis of the most significant crises of the 20th and 21st centuries within the context of the evolution of the global economy. Presentation of the main material. 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. Conclusions. A comprehensive approach to studying these phenomena is crucial for forecasting, preventing, and reducing the negative impact of crises in the globalized economy.
С. А. Попель (Tue,) studied this question.