The global financial crisis and its impact on Ukraine's economy

Abstract

Against the background of the recent and current global financial crisis traceable to corporate irresponsibility on the part of some financial sector players in developed countries especially the United States of America in the housing and credit markets, many economists and non-economists are raising their voices against globalization of finance. In simple language, globalization of finance is evident as the integration of the financial systems of many countries of the world. On the other hand, the financial crisis describes various negative changes in the financial system evident as the sudden loss of value of assets, banking sector panics, credit crunch, sovereign defaults and stock market crashes among others (Mazurenko et al., 2021; Bozhenko, 2021; Starchenko et al., 2021; Dudchenko, 2020; Yelnikova and Barhaq, 2020; Goncharenko and Lopa, 2020; Eddassi, 2020).