БРИТАНСЬКИЙ ФІНАНСОВИЙ СЕКТОР У ПЕРІОД ГЛОБАЛЬНОЇ ФІНАНСОВОЇ КРИЗИ 2008–2009 РОКІВ: ДЕТЕРМІНАНТИ ТА НАСЛІДКИ
Анотація
У статті досліджується вплив глобальної фінансової кризи 2008–2009 років на фінансовий сектор Великої Британії. Ідентифіковано чотири структурні особливості банківської системи: високу інтеграцію у глобальні ринки, надмірну експансію фінансового сектору, складну архітектуру взаємозв’язків та недостатність регулювання. Виокремлено вісім детермінант кризи за групами макроекономічних, мікроекономічних та інституційних факторів. Проаналізовано деструктивний вплив кризи на макроекономічні показники, що характеризувався рецесійним падінням виробництва та погіршенням ситуації на ринку праці. Встановлено, що криза мала лавиноподібний характер через крах американського іпотечного ринку. Визначено ключову роль Банку Англії у стабілізації через кількісне пом’якшення та підтримку ліквідності. Обґрунтовано необхідність балансу між ринковими механізмами та державним регулюванням для фінансової стабільності.
Посилання
Claessens S., Dell'Ariccia G., Igan D., Laeven L. Cross-country experiences and policy implications from the global financial crisis. Economic Policy. 2010. Vol. 25, No. 62. P. 267–293. DOI: https://doi.org/10.1111/j.1468-0327.2010.00244.x
Laeven L., Valencia F. Systemic Banking Crises Database. IMF Economic Review. 2013. Vol. 61. P. 225–270. DOI: https://doi.org/10.1057/imfer.2013.12
Turner J. D. Banking in Crisis: The Rise and Fall of British Banking Stability, 1800 to the Present. Cambridge : Cambridge University Press, 2014. 294 p. ISBN: 978-1-107-60986-0.
Bank of England. Official website. URL: https://www.bankofengland.co.uk/ (дата звернення: 06.12.2024).
Annesley A., Scheele A. Gender, Capitalism and Economic Crisis: Impact and Responses Across Europe. Journal of Contemporary European Studies. 2011. Vol. 19, No. 3. P. 335–347. DOI: https://doi.org/10.1080/14782804.2011.610604
Caprio G., D'Apice V., Ferri G., Puopolo G. W. Macro Financial Determinants of the Great Financial Crisis: Implications for Financial Regulation. SSRN Electronic Journal. 2014. 46 p. DOI: https://doi.org/10.2139/ssrn.1788063
Hodson D., Mabbett D. UK Economic Policy and the Global Financial Crisis: Paradigm Lost? JCMS: Journal of Common Market Studies. 2009. Vol. 47, No. 5. P. 1041–1061. DOI: https://doi.org/10.1111/j.1468-5965.2009.02034.x.
Office for National Statistics. Measuring progress, well-being and beyond GDP : official statistics portal. Newport, UK : ONS, 2024. URL: https://www.ons.gov.uk/peoplepopulationandcommunity/wellbeing (дата звернення: 06.12.2024).
Office for National Statistics. National Well-being Measures, September 2015. Newport, UK : ONS, 2015. 5 p.
Choudhry T., Jayasekera R., Kling G. The Global Financial Crisis and the European Single Market: The end of integration? Journal of International Money & Finance. 2014. Vol. 49. P. 191–196. DOI: 10.1016/j.jimonfin.2014.08.002
Georgoutsos D. A., Migiakis P. M. European sovereign bond spreads: financial integration and market conditions. Applied Financial Economics. 2013. Vol. 23, No. 20. P. 1609–1621. DOI: 10.1080/09603107.2013.842637
Nasir M. A., Du M. Integration of Financial Markets in Post Global Financial Crises and Implications for British Financial Sector: Analysis Based on A Panel VAR Model. Journal of Quantitative Economics. 2017. Vol. 15, No. 3. P. 493–524. DOI: https://doi.org/10.1007/s40953-017-0087-2
Hõbe L. The Changing Landscape of the Financial Services. International Journal of Trade, Economics and Finance. 2015. Vol. 6, No. 2. P. 145–150. DOI: https://doi.org/10.7763/IJTEF.2015.V6.459
Akinsoyinu C. The Great Financial Crisis: How Effective is Macroeconomic Policy Response in the United Kingdom? International Journal of Finance & Banking Studies. 2015. Vol. 4, No. 2. 10 p. DOI: https://doi.org/10.20525/ijfbs.v4i2.207
Aiyar S. From Financial Crisis to Great Recession: The Role of Globalized Banks. American Economic Review. 2012. Vol. 102, No. 3. P. 225–230. DOI: https://doi.org/10.1257/aer.102.3.225
Claessens S., van Horen N. The Impact of the Global Financial Crisis on Banking Globalization. IMF Economic Review. 2015. Vol. 63. P. 868–918. DOI: https://doi.org/10.1057/imfer.2015.38
Dimsdale N. The Financial Crisis of 2007–9 and the British Experience. Oxonomics. 2009. Vol. 4, No. 1. P. 1–9. DOI: https://doi.org/10.1111/j.1752-5209.2009.00026.x
Slattery D., Nellis J. G. Rethinking the Role of Regulation in the Aftermath of the Global Financial Crisis: The Case of the UK. Panoeconomicus. 2011. Vol. 58, No. 3. P. 407–424. DOI: https://doi.org/10.2298/PAN1103407S
Baber G. Legislative and regulatory responses to the global financial crisis from within the United Kingdom. Journal of Financial Crime. 2014. Vol. 21, No. 2. P. 124–148. DOI: https://doi.org/10.1108/JFC-09-2013-0053
Green C. J., Pentecost E. J., Weyman-Jones T. (Eds.). The Financial Crisis and the Regulation of Finance. Cheltenham, UK ; Northampton, MA : Edward Elgar Publishing, 2011. 296 p. DOI: https://doi.org/10.4337/9781849808712
Cassis Y., Wójcik D. (Eds.). International Financial Centres after the Global Financial Crisis and Brexit. Oxford : Oxford University Press, 2018. 352 p. DOI: https://doi.org/10.1093/oso/9780198817314.001.0001
Claessens S., Dell'Ariccia G., Igan D., Laeven L. (2010). Cross-country experiences and policy implications from the global financial crisis. Economic Policy. Vol. 25, No. 62, 267–293. DOI: https://doi.org/10.1111/j.1468-0327.2010.00244.x
Laeven L., Valencia F. (2013). Systemic Banking Crises Database. IMF Economic Review. Vol. 61, 225–270. DOI: https://doi.org/10.1057/imfer.2013.12
Turner J. D. (2014). Banking in Crisis: The Rise and Fall of British Banking Stability, 1800 to the Present. Cambridge : Cambridge University Press, 294. ISBN: 978-1-107-60986-0.
Bank of England. Official website. Available at: https://www.bankofengland.co.uk/
Annesley A., Scheele A. Gender. (2011). Capitalism and Economic Crisis: Impact and Responses Across Europe. Journal of Contemporary European Studies. Vol. 19, No. 3, 335–347. DOI: https://doi.org/10.1080/14782804.2011.610604
Caprio G., D'Apice V., Ferri G., Puopolo G. W. (2014). Macro Financial Determinants of the Great Financial Crisis: Implications for Financial Regulation. SSRN Electronic Journal, 46. DOI: https://doi.org/10.2139/ssrn.1788063
Hodson D., Mabbett D. (2009). UK Economic Policy and the Global Financial Crisis: Paradigm Lost? JCMS: Journal of Common Market Studies. Vol. 47, No. 5, 1041–1061. DOI: https://doi.org/10.1111/j.1468-5965.2009.02034.x.
Office for National Statistics. (2024). Measuring progress, well-being and beyond GDP : official statistics portal. Newport, UK : ONS. Available at: https://www.ons.gov.uk/peoplepopulationandcommunity/wellbeing
Office for National Statistics (2015). National Well-being Measures, September 2015. Newport, UK : ONS, 5.
Choudhry T., Jayasekera R., Kling G. (2014). The Global Financial Crisis and the European Single Market: The end of integration? Journal of International Money & Finance. Vol. 49, 191–196. DOI: 10.1016/j.jimonfin.2014.08.002
Georgoutsos D. A., Migiakis P. M. (2013). European sovereign bond spreads: financial integration and market conditions. Applied Financial Economics. Vol. 23, No. 20, 1609–1621. DOI: 10.1080/09603107.2013.842637
Nasir M. A., Du M. (2017). Integration of Financial Markets in Post Global Financial Crises and Implications for British Financial Sector: Analysis Based on A Panel VAR Model. Journal of Quantitative Economics. Vol. 15, No. 3, 493–524. DOI: https://doi.org/10.1007/s40953-017-0087-2
Hõbe L. (2015). The Changing Landscape of the Financial Services. International Journal of Trade, Economics and Finance. Vol. 6, No. 2, 145–150. DOI: https://doi.org/10.7763/IJTEF.2015.V6.459
Akinsoyinu C. (2015). The Great Financial Crisis: How Effective is Macroeconomic Policy Response in the United Kingdom? International Journal of Finance & Banking Studies, Vol. 4, No. 2, 10. DOI: https://doi.org/10.20525/ijfbs.v4i2.207
Aiyar S. (2012). From Financial Crisis to Great Recession: The Role of Globalized Banks. American Economic Review. Vol. 102, No. 3, 225–230. DOI: https://doi.org/10.1257/aer.102.3.225
Claessens S., van Horen N. (2015). The Impact of the Global Financial Crisis on Banking Globalization. IMF Economic Review. Vol. 63, 868–918. DOI: https://doi.org/10.1057/imfer.2015.38
Dimsdale N. (2009). The Financial Crisis of 2007–9 and the British Experience. Oxonomics. Vol. 4, No. 1, 1–9. DOI: https://doi.org/10.1111/j.1752-5209.2009.00026.x
Slattery D., Nellis J. G. (2011). Rethinking the Role of Regulation in the Aftermath of the Global Financial Crisis: The Case of the UK. Panoeconomicus. Vol. 58, No. 3, 407–424. DOI: https://doi.org/10.2298/PAN1103407S
Baber G. (2014). Legislative and regulatory responses to the global financial crisis from within the United Kingdom. Journal of Financial Crime. Vol. 21, No. 2, 124–148. DOI: https://doi.org/10.1108/JFC-09-2013-0053
Green C. J., Pentecost E. J., Weyman-Jones T. (Eds.). (2011). The Financial Crisis and the Regulation of Finance. Cheltenham, UK ; Northampton, MA : Edward Elgar Publishing, 296. DOI: https://doi.org/10.4337/9781849808712
Cassis Y., Wójcik D. (Eds.). (2018). International Financial Centres after the Global Financial Crisis and Brexit. Oxford : Oxford University Press, 352. DOI: https://doi.org/10.1093/oso/9780198817314.001.0001
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