Identifying financial crises in turbulence conditions

Globalization of world economic relations contributes to the spread of crises between countries, turning local crises into global phenomena. Currently, there is no standardized approach to calculating the indicators of financial crisis identification. This limits significantly the qualitative analysis of the consequences of financial crises and does not allow obtaining a significant positive effect from the implementation of measures of the state financial policy. The key task set by the authors of the study is to develop a standardized approach to identifying financial crises, which will allow the most effective implementation of anti-crisis measures of state regulation of financial relations. The authors made an attempt to study the factors of financial crises, identify patterns of crisis processes in Russia and abroad, assess existing methods for identifying financial crises, substantiate the necessary measures to predict financial crises in order to prevent possible negative consequences. The study identified the key factors of financial crises in different periods of socio-economic development of Russia, among which one can note the lack of liquidity, political instability, stock market volatility, and a significant reduction in investment demand. The authors emphasize that financial crises mainly arise as a result of the impact of exogenous factors, various internal problems just aggravate the course of a crisis caused by external reasons. The authors proposed the method for calculating a generalized indicator of financial crisis identification that can be considered a result of practical significance.