Comparative analysis of financial crisis types in Lithuania

Straipsnyje nagrinėjama finansų krizių sąvoka, aptariami finansų krizių skirstymo teoriniai aspektai. Nustačius, kad finansų krizių klasifikavimas ir skirstymas pagal panašius požymius leistų jas geriau suprasti ir palengvintų jų poveikio ekonomikai analizę, sudaryta finansų krizių tipų klasifikacinė lentelė. Apibendrinamojoje finansų krizių tipų klasifikacinėje lentelėje pateikiami finansų krizių tipai, nurodomos pagrindinės jų kilimo priežastys, pristatyti pagrindiniai poveikio ekonomikai rodikliai bei išvardyti istoriniai šių finansų krizių tipų pavyzdžiai. Tyrimo metu nustatytos trys Lietuvos ekonomiką neigiamai paveikusios finansų krizės – „Bankų krizė“ (1995), „Rusijos finansų krizė“ (1998) ir „Globali finansų krizė“ (2008), apibrėžtos jų kilimo priežastys. Akcentuojant darnaus ekonominio vystymosi prielaidas Lietuvoje ir siekiant tyrimų pagrindu kurti regioninę politiką, šios finansų krizės suklasifikuotos pagal sudarytą tipologiją. Scientific aspects of the financial crisis is often studied, but researches with summarized types of financial crises are just few, there is a methodology for the classification of financial crises. Examination of the basic concepts of financial crises, the theoretical aspects and the comparison of the literature mentioned in the definition of financial crises are identified during the investigation, presented in terms of financial crises inaccuracies: definitions vague, usually only shall list the types and the financial crisis into a unified whole, the definition highlights many aspects, but some they may not be in a financial crisis, by definition, difficult to one or another phenomenon attributed to the economic and financial crisis is more dependent on the interpretation, not what specific indicators might be considered as a worsening financial crisis. It may be noted that all the scientists define the financial crisis in different ways, some emphasize only one definition of financial crises in the isolated country programming, or a separate type, the other follows the definition of the naming of types of financial crises. It follows that the financial crisis – the problems in financial markets, causing real economic problems and can lead to economic recession in a particular country or global level. The comparison of the literature contained in the typology of financial crises, it was found that differences exist only in a typical distribution of financial crises. However, analysis of financial crises on the economy of such a distribution is not enough. A crisis should be classified according to their site of origin, and the country's economy (external, internal, complex), and according to their incidence (country, regional, global). Therefore, a comprehensive financial crises types of classification table. Synthesis financial crisis classificatory table contains the following types of financial crises: financial panic caused by the crisis, financial bubbles exploded, financial security crisis, a liquidity exhaustion – forced loans crisis, debt crisis, the banking system crisis, the balance of payments crisis, currency crisis. It was found that often one of the financial crisis is very similar to several types and it is difficult to assign it to one or another type. Also, there may be cases when the country faces a number of different types of financial crises at once, or one of the country's financial crisis spreads to another country or the neighboring region. Concluded classificatory financial crisis typological table also identifies the main reasons for the rise, presenting the main indicators of the economic impact of these historic and listed in the Examples of the types of financial crises. Examining the economic development of Lithuania provides that the independent Lithuania there were three financial (economic) crisis. The first – the internal nature of the crisis caused by the collapse of the financial sector, took place in 1996, the second – the 1999 crisis, seen as a consequence of the crisis in Russia took place and finally in 2007 the financial system since the crisis began in the global economic crisis has affected the Lithuanian economy (the economic recession in Lithuania started in 2008 year). [...]