Extreme Tools of World Economy Management and Their Risks.
| Authors | |
|---|---|
| Year of publication | 2019 |
| Type | Article in Proceedings |
| Conference | European Financial Systems 2019. Proceedings of the 16th International Scientific Conference |
| MU Faculty or unit | |
| Citation | |
| Keywords | World economics; fiscal and monetary policy; economic system; new macroeconomic tools; economic crises |
| Description | This paper deals with the problems of contemporary development of world economy and the manner of its management. Its aim is to evaluate current development of the economy of the most important countries of the world and, subsequently, to analyze assets and risks of their macroeconomic management and to predict future development, with special respect to early identification of possible commencement of future crisis. Firstly, this is an analysis of contemporary economic development of the most important world economies, before all the US, China, Japan, the most important member states of the EU and further globally important countries, in context with specific manners of their management. In connection with this, pros and cons of tools of monetary and fiscal regulation, used by them, as well as further problems that might result in future world crisis, are specified. Furthermore, contemporary global economic development is analysed and its future course is predicted and the most important risks are specified, both current risks and those ones related to potential feasible introduction of further, newly considered extreme tools of macroeconomic management. In conclusion, prognosis made by German economist and politician Marcus Faber, published in 2015: “The collapse of contemporary system is unavoidable” has been confirmed. |