20.500.12556/DKUM-72787 Finančne panike 17. in 19. stoletja - primerjalna analiza Velike Britanije, Nemčije, Francije in Nizozemske magistrsko delo Financial panics of 17th and 19the century - comparison analasys of great britain, germany, france and netherlands Finančne panike in krize so se pojavljale že skozi zgodovino, vendar pa so se v 17. stoletju z vedno večjimi vplivi centralne banke te samo stopnjevale. Že tekom 18. in 19. stoletja so finančni mehurčki postajali vedno večji in kompleksnejši, saj so vlade s posegi v trg povzročile večja izkrivljanja, ki so vodila do neželenih posledic. Prav tako se je s pojavom prve finančne krize v Sveto rimskem cesarstvu začela doba finančnih mehurčkov, ki so sčasoma postajali vedno bolj intenzivni. Šele v 18. stoletju so se kot posledica čim večjih vplivov centralnih bank na gospodarstvo panike začele pojavljati ciklično in so s tem povzročile nasprotne iniciative pri ljudeh, te pa so vplivale na nastanek mehurčkov, ki so nato s pokom povzročili strašne posledice na gospodarstvu. Čeprav centralne banke niso bile edine, ki so prispevale k finančnim zlomom, so pa igrale kar pomembno vlogo. V 19. stoletju se je k polnjenju mehurčkov pridružila še vlada. Predvsem z različno zakonodajo, ki je imela neželene učinke in je pripomogla k resnosti finančnih težav analiziranih držav. Menimo pa, da bi lahko preprečili resnost in intenzivnost panik ter recesij tako, da bi omejili oziroma ukinili centralno banko, ki te mehurčke ustvarja. Že skozi zgodovino so centralne banke s svojo politiko enostavnega denarja (easy money) povzročile gospodarske ekspanzije, ki so nato privedle do buma in na koncu do finančnega zloma. Prav tako pa menimo, da se iz preteklih panik nismo nič naučili, saj ponavljamo iste napake. To je bilo najbolj opazno pri zadnji paniki leta 2008. Da bi zmanjšali intenzivnost panik, predlagamo, da se centralne banke in vlade več ne vmešavajo v gospodarstvo in v primeru recesij ne uporabljajo stimulacijskih programov, ampak pustijo gospodarstvo, da samo okreva. Zato tudi po zadnji recesiji pravega okrevanja ni bilo, ker sta tako banka kot vlada preprečili stečaj bank s slabim finančnim stanjem, kar je slabo vplivalo na okrevanje, ki ga še danes ni. Financial panics and crises have been around thruout history, but with the growth of the central banks powers in the 17th Century, crises only escalated. During 18th and 19th century, financial bubbles were becoming more and more complex due to the government interventions in the markets which caused unintended consequences. With the onset of the first major economic crisis in the Holy Roman Empire, the era of financial bubbles began, which were at the same time becoming more and more intense. Due to the incrising influence of central banks on the economy in the 18th century, panics began to occur in cyclical patterns and caused perverse incentives on the people. These incentives have had an effect on the formation of bubbles and when they bursted, they brought down many economies. Although the central banks were not the only ones who contributed to these financial meltdowns, they played an important role. In the 19th century the government joined the party and helped with inflating bubbles, with different legislation that has had undesirable effects and has contributed to the seriousness of the financial difficulties of the analyzed countries. However, we believe it would be possible to prevent the severity and intensity of future financial panics and recessions by limiting or abolishing the central bank that creates this financial bubbles. Throughout history, the central banks have caused economic expansions with their easy money policy, which then led to a boom and ultimately to a financial meltdown. We also believe that we have learned nothing from previous panics and recssions, as we repeat the same mistakes. This was most noticable in the latest panic of 2008. In order to reduce the intensity of future panics, we propose that central banks and governments no longer interfiere in the economy, and in case of recessions, they don´t use stimulus programs, but leave the economy to recover. That is why after the last recession, there was no real recovery because both the bank and the government prevented the bankruptcy of banks with poor financial conditions, which had a bad effect on the recovery, which it was not. magistrska dela finančna panika recesija finančna kriza borzni zlom centralna banka financial panic recession financial crisis stock market crash central bank true true false [A. Kovačič] Slovenski jezik Angleški jezik Magistrsko delo/naloga 2018-11-16 11:33:34 2020-03-19 08:42:39 2022-08-01 23:07:17 2020-03-20 03:15:47 2018 0 Ljubljana 2018 Ljubljana VI, 58 str. 0000-00-00 NiDoloceno NiDoloceno NiDoloceno 0000-00-00 0000-00-00 0000-00-00 338.124.4(043.2) 3651306 URN:SI:UM:DK:EH8HOWKT MAG_Kovacic_Andrej_2018.pdf MAG_Kovacic_Andrej_2018.pdf 1 DEFC693BDDBDF23F1910D6869F420B0B 4cc19af6c2b1baff3771e463d7445fefe619543bf54cc66b168645f79f6fd5d6 82ad2ecb-7c10-11eb-bb7a-00155d0001ca 20.500.12556/dkum/399e7c58-01a1-49bc-ab88-63c1d4b8ad07 https://dk.um.si/Dokument.php?lang=slv&id=131478 Fakulteta za varnostne vede 0 0 0