2008 World Economic Crisis in the History of Ukraine

Abstract

The text examines the impact of the global financial crisis of 2008–2009 on Ukraine’s economy. It presents the defining causes of the crisis and its rapid spread across different countries regardless of their level of development. The role of financial institutions, increased risks for specific countries and regions due to global banks are discussed. Additionally, the imbalance between monetary and commodity flows is highlighted as a key trigger of the crisis. The text covers the effect of changes in global prices of raw materials on Ukraine’s exports and currency inflows, leading 11 to a reduction in foreign exchange reserves and currency devaluation. The duration and consequences of financial turbulence are explored, including their impact on trust in the financial-banking system, deposit outflows, and increased social tension. The liquidity problem of Ukrainian banks, deposit outflows, and the measures taken by the National Bank to alleviate the crisis are addressed. Еmphasize the importance of studying financial and economic processes to comprehend the causes and effects of global financial crises.