UZROČNO-POSLJEDIČNA POVEZANOST POJAVE FINANSIJSKIH KRIZA I MAKROEKONOMSKIH FAKTORA OKRUŽENJA
CAUSAL-CONSEQUENTIAL RELATIONSHIP OF THE FINANCIAL CRISIS AND APPEARANCE OF MACROECONOMIC ENVIRONMENT FACTORS

Summary/Abstract: The financial crisis is manifested by the continuous process of general and drastic fall in market prices of financial instruments in a particular market because of increased supply in relation to their demand for a longer period of time, followed by a general economic crisis in an economy. The state of the financial crisis will inevitably lead to a drop in economic activity, reduced production of goods and services and their supply in the market, and with unchanged demand, this is followed by the rise of inflation, increasing unemployment and reducing the existing money value, namely, the falling rate of the domestic relative to the foreign currency. Historical aspect Of observations of previous financial crises puts forward some of their basic, common characteristics. The negative market fluctuation that can be characterized as the financial crisis is one that is of system character, encompassing the major part of the financial market and its structure (the participants, instruments, financial systems). In addition, each financial crisis is characterized by its longevity and cycles or events in a long time since the short-term disturbances cannot be called a crisis, with varying fluctuation and intensity in a few specific cycles. In theory and practice, the causes of economic character are indicated as the key causes for financial crisis, because it is considered that non-economic reasons do not have lasting character, as they quickly come and quickly go. Inevitable effects and consequences of financial crisis are almost always certain innovations manifested in the form of new products, processes or the emerging of new markets, and according to some opinions, they are often their key causes. However, does the above mentioned also characterize the financial crisis of a postmodern era? This paper explores the causal link between appearance and development of economic or financial crises and macroeconomic environment factors such as economic cycles, energy factor and factors of political and economic environment of the nation and their impact on the disruption in the global economy.

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