IMPACT ANALYSIS OF THE 2007 FINANCIAL CRISIS AND THE COVID-19 PANDEMIC ON THE CAPITAL MARKETS

Globalna financijska kriza snažno je utjecala na svjetsku ekonomiju. Neposredni pokretač krize bio je slom drugorazrednih hipoteka u Sjedinjenim Američkim Državama, dok su uzroci doktrinarna i pragmatična rješenja koja su duže vrijeme prevladavala na Zapadu. U uvjetima globalizirane ekonomije nije bilo nacionalne ekonomije koja je bila inertna na eksterne poremećaje. Međutim, intervencijama nacionalnih država u financijskom i realnom sektoru zaustavljen je pad gospodarskih aktivnosti, pa tako i na financijskom tržištu. Negativne promjene na tržištu kapitala uzrokovala je i globalna pandemija Covid-19. Osim ugroze ljudskog zdravlja i pritiska na zdravstveni sustav pandemija je dovela do teške i kompleksne situacije na financijskim tržištima. Strategije i mjere upravljanja krizom provode se na nacionalnoj i međunarodnoj razini. Procjena eksperata je kako će nakon snažne kontrakcije već ove godine (2021.) krenuti oporavak. Predviđa se da će nakon Covid-19 krize tržište kapitala biti prilika za kompanije i investitore. Cilj rada je predstaviti pojam i uzroke financijske krize 2007., kao i pandemije Covid-19 i pritom ukazati na posljedice i plan oporavka. Konačno, usporedit će se učinci financijske i Covid-19 krize, kako na globalnoj razini, tako i na razini Republike Hrvatske.The global financial crisis has strongly affected the world economy. The immediate initiator of the crisis was the collapse of subprime mortgages in the United States, while the causes were doctrinal and pragmatic solutions that have been prevailed in the West for long period. In the conditions of a globalized economy, there was no national economy that was inert to external disturbances. However, the interventions of nation states in the financial and real sector stopped the decline in economic activity, including the financial market. Negative changes in the capital market were caused by the global Covid-19 pandemic. Besides endangering human health and pressure on the health system pandemic has led to difficult and complex situation in the financial markets. Crisis management strategies and measures are implemented at the national and international levels. Experts estimate is that after a strong contraction, recovery will start this year (2021). It is predicted that after the Covid-19 crisis, the capital market will be an opportunity for companies and investors. The aim is to present the concept and the causes of the financial crisis in 2007, as well as pandemic Covide-19 and thereby point out the consequences of the recovery plan. Finally, the effects of the financial and Covid-19 crises will be compared, both at the global level as well as at the level of the Republic of Croatia