Atom Sh. Margaryan
Based upon the experience of global financial and economic crises, this article examines the issues surrounding the development of the Republic of Armenia’s current financial system. The concept of the modern study of crises is touched upon, in particular, the character of financial crises are discussed, the reason for their emergence, the different stages, and to overcome these, scientific and theoretical issues. Accordingly, a crisis is viewed as one of the stages in the natural development of the national economic cycle.
By classifying crises, cyclical, structural and coordinated crises are identified and studied. The rise and expansion of Kondratiev waves are discussed. Within the context of observing economic crises, the peculiarities of the manifestation of global financial crises and their influence on the economy of the Republic of Armenia are discussed.
Accordingly, the hypothetical assertion is put forward, that during a global economic crisis, those countries in transition or developing countries are affected more severely, because crises
have a cyclical characteristic; added to these are structural, coordinated and institutional crises.
As a result of studying the economic situation in the Republic of Armenia, recommendations are made based upon the conclusions and generalities, the application of which will provide the ability to overcome the crisis or to soften its blow.
These apply not only to political and institutional structures, but also to fiscal and monetary-credit policies.