Comparison between the Global Financial Crisis of 2008 and the COVID-19 Economic Crisis

Batbold Otgonchimeg (2020) Comparison between the Global Financial Crisis of 2008 and the COVID-19 Economic Crisis. Pénzügyi és Számviteli Kar.

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Absztrakt (kivonat)

This study investigates and analyzes the relationship between the Global Financial Crisis of 2008 and the COVID-19 economic crisis. Comparison based on different researches, indicators included in this paper, thus readers can easily understand the differences and similarities between the two crises and their impacts on the Mongolian economy. As for both crises, many industries in many countries have suffered severe damage, households have been rescued, businesses have gone bankrupt, they have been liquidated and the financial sector has been in a harder situation to provide risk-free credit to claimants. On one hand, this study highlights the economic sectors affected by both crises, on the other hand, the possible effects of the two crises on the Mongolian economy and the fiscal and monetary policies developed by the Mongolian government and their action against the pandemic. The thesis designed the data collection method with a mixed method, which means that qualitative data collection was supplemented by quantitative research. To gain more and better insight into the comparison of the crises, casual-comparative research was applied. Its main purpose is to give an explanatory interest in giving a better understanding of the research question. In the case of two crises, I used two different types of research by the World Bank and National Statistics Office of Mongolia that are both include qualitative and quantitative methods. Quantitative research was conducted with 1334 households.             As a result, the crisis caused by the current pandemic is completely different from any previous one or from GFC-2008. The reasons behind it are, it is not triggered by a well-defined economic problem, as we experienced for instance in the 2008 crisis. Governments and central banks have responded to the crisis with previously unprecedented levels of fiscal and monetary facilitations. Moreover, there is a crisis of both demand and supply shocks.In conclusion, comparing the effects of the crisis caused by the GFC-2008 with the current pandemic situation, it can be concluded that the consequences of the current crisis are much more severe and have an unprecedented result. However, more help is coming from the government and other international bodies to severely affected industries, as all organizations and institutions aim to overcome the current crisis, stay afloat, and the governments will do their best to support the retail, corporate and financial sectors.

Intézmény

Budapesti Gazdasági Egyetem

Kar

Pénzügyi és Számviteli Kar

Tanszék

Pénzügy Tanszék

Tudományterület/tudományág

NEM RÉSZLETEZETT

Szak

Pénzügy és Számvitel

Mű típusa:	diplomadolgozat (NEM RÉSZLETEZETT)
Kulcsszavak:	COVID-19, financial crisis, financial impact, GFC of 2008, Mongolian policy
SWORD Depositor:	Archive User
Felhasználói azonosító szám (ID):	Archive User
Rekord készítés dátuma:	2021. Már. 01. 13:49
Utolsó módosítás:	2021. Már. 01. 13:49

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