FINANCIAL CRISES IN THE CONTEXT OF GLOBALIZATION: COMPARATIVE ANALYSIS AND CONSEQUENCES FOR THE ECONOMY OF UKRAINE

Abstract

Introduction. The article examines the nature, causes, and development patterns of financial crises in the context of increasing global economic integration. The relevance of the topic is driven by the growing interdependence of national financial systems, which enhances access to international capital flows but simultaneously increases vulnerability to external shocks. The purpose of the study is to identify the key causes, transmission mechanisms, and socio-economic consequences of financial crises, as well as to determine their specific impact on the Ukrainian economy. Methods. The research methodology is based on a comprehensive approach that combines methods of theoretical generalization, comparative analysis, systematization, and logical synthesis of economic processes. The study applies elements of structural and dynamic analysis to identify common and distinctive features of the 2008–2009 global financial crisis and the 2020 crisis triggered by the pandemic shock. Macroeconomic indicators, including GDP dynamics, exchange rate fluctuations, banking sector stability, and external vulnerability factors, are analyzed to assess the scale and depth of crisis manifestations. The results demonstrate that financial crises emerge due to the accumulation of internal macroeconomic imbalances combined with external destabilizing factors. The 2008–2009 crisis was characterized by systemic financial distortions and liquidity collapse, which subsequently spread to the real sector of the economy. In contrast, the 2020 crisis originated from an external shock but was amplified by pre-existing structural weaknesses and financial disproportions. Both crises revealed a high degree of global interconnectedness and confirmed that financial instability can rapidly transform into a broad economic downturn. The Ukrainian economy experienced significant GDP contraction, currency depreciation, capital outflows, and banking sector stress during both periods, although the transmission channels and intensity differed. The practical significance of the study lies in substantiating the necessity of balanced macroeconomic policy, effective financial regulation, and timely anti-crisis measures aimed at strengthening economic resilience. The findings may be used in the development of national strategies for crisis prevention, risk management systems, and mechanisms to enhance financial stability under conditions of global uncertainty.