WORLD FINANCIAL CRISIS 2008-2009: CAUSES AND ECONOMIC IMPACT

The article discusses the main causes, factors and consequences of the financial crisis of 2008-2009. The dynamics of the main macroeconomic indicators have been analyzed by comparing the data for previous and current periods. The role of mortgage lending, the destruction of the banking sector and the bankruptcy of USA investment banks have been highlighted. The methods and approaches used to overcome the economic crisis have been explored. Leading scientists and experts believe that the economic crisis of 2008-2009 was the largest in the United States since the Great Depression of 1920-1930. At the end of 2007, millions of Americans lost their jobs, many financial institutions and organizations collapsed, and billions of dollars saved in savings accounts were lost forever. Scientists say that the problem of the current housing market in the United States is at the heart of the global financial crisis. Since the beginning of 2008, the crisis has grown globally and has begun to manifest itself in declining production volumes, falling demand and prices for resources and materials, rising unemployment and inflation. The USA authorities have taken various measures to address this issue. At the present stage, it is important to consider in detail the factors that influenced the emergence of the crisis and the consequences for the economic markets of all countries of the world in order to prevent the occurrence of a similar crisis in the future. The causes of the global crisis are diverse and difficult. The main reason for the emergence is the imperfect FED (Federal Reserve System) policy on overproduction of


Statement of the problem
In today's world, the economic crisis continues to be a serious problem for the world market. The financial crisis of 2008-2009 began in the United States and then affected most European countries. It was the result of a violation of the economic balance in the world. It is important to study the causes of the crisis and find solutions to countries out of crisis, which will create new measures to eliminate it.
Analysis of recent studies and publications At the present stage, the financial crisis is one of the most serious socio-economic problems. This issue was given much attention by  [5].

Objectives of the article
The objective of the article is to study the causes of the financial crisis and its economic consequences, as well as an analysis of measures used to overcome crises The main material of the research The global financial crisis began in December 2007 and took the form of a deterioration in key economic components in most countries. The crisis began in the United States with failed mortgage lending, the crisis was greatly affected by the high liquidity of banks and financial institutions, which in turn led to a decrease in the market value of the largest companies in the international market. In turn, all this has led to a significant reduction in production, slowing economic growth in many countries with negative consequences. The main reasons that caused the global crisis include: 1. The existence of high risk in the macroeconomic environment. Economic conditions in the United States and elsewhere were favorable, and inflation and unemployment were relatively low. In most countries, housing prices were expected to rise, forcing people to take careless loans to buy and build houses. 2. Growth of borrowings from banks and investors. Banks and financial institutions borrowed money to buy assets to increase profits, but as a result, as housing prices began to fall, banks and investors suffered heavy losses.
Object Tools for forming verbal brand elements Types of communicative influence 3. Imperfect credit regulation. As the crisis unfolded, many central banks, organizations, and governments did not fully recognize the extent of the spread of bad credit during the boom and the spread of mortgage losses through the economic system. Many banks in the world have suffered large losses and relied on government support to avoid bankruptcy. Millions of people lost their jobs when the world's major powerful economies experienced their worst recessions since the Great Depression. The process of identifying a financial crisis involves, first of all, consideration of the factors that influenced its occurrence and its consequences. In most countries, such consequences are considered: a decrease in exports, lower real estate and stock prices, a significant reduction in lending, lower GDP [5].

Source: developed by the author based on [11]
As we can see, in the United States before the global economic crisis, there were almost no bank failures, they began in 2008 and lasted almost 8 years. − reduction of production; According to the Department of Commerce, the volume of industrial orders in the United States in 2008 exceeded the forecast twice, this figure has fallen by more than 12% since last year, while it was expected to fall by 4% (Fig. 2). − high unemployment rate; Overall unemployment in America remains extremely low. In the United States, only 3.8 percent of the workforce was unemployed in February 2019. Labor shortages and labor market shortages have also been reduced to a minimum. In the United States, this is due to the improvement of the employment program, which provides for the creation of new jobs. According to research by the Bureau of Labor Statistics, in 2010 the unemployment rate in the United States was 9.9%, and in 2019 3.6%. It can be concluded that over the last nine years, the unemployment rate has been slowly declining (Fig. 3).    Implementation of anti-crisis measures will counteract the threats of the global financial and economic crisis, not only prevent its negative impact on the economy, but also overcome it, a stable and balanced economy provide economic growth, constant solutions to further improve living standards and welfare (Fig. 6) [4]. The U.S. government has increased its spending to stimulate demand and support employment in the economy because nearly 6 million Americans have lost their jobs. To boost the confidence of financial institutions, the government has introduced guaranteed deposits and promissory notes, as well as acquired shares in some banks and financial firms, in order to prevent bankruptcies that could worsen the situation in the financial markets. One of the most important changes in the banking sector has been that banks now need to assess the risk of lending more carefully and use more sustainable sources of funding.
Conclusions Based on the analysis of the work done, the following conclusions can be drawn, the financial crisis of 2008-2009 caused huge devastating losses to the economy of Anti-crisis state regulation of the US economy the business activity is available to every citizen the stabilization of the financial system and permission to export capital the possibility of unimpeded transfer of financial resources from one sector of the economy to another the world, also affected a large number of people, losing their jobs and livelihoods. Signs of the global crisis of 2008 include the consumer lending in the United States, which led to higher prices for goods that reached the highest prices in the economic history of America. The duration of the financial crisis in many countries is partly due to the declining reliability of the economic system. Economic recovery also depends on consumer confidence, which contributes to the revival of costs and investment, a return to stable development in financial markets and the banking sector. Restoring confidence depends on the ability to properly combine the policies needed to address important issues and create a stable financial environment conducive to effective economic growth.