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Following the synthesis of theories related to the mechanisms of international financial crises, authors Kovalev and Paseko developed the Model of global imbalance synergy, which substantiates the idea of generating economic and financial crisis situations globally by manifesting the chain of different imbalances. The model starts from global monetary and demographic imbalances, which determine the imbalances between real and financial sector of global economy, as well as real and market values of transnational companies. Together they all lead to imbalances in the distribution of global wealth in industrially developed and developing countries, as well as imbalance between consumption and income in industrially developed countries. Studies in this area have demonstrated the viability and usefulness of this model. The current situation tends to make some clarifications in this model. First of all, it is about the onset of a pro-cyclical economic crisis in 2018, against the background of which in 2020 an economic crisis of a pandemic nature began. Secondly, the latter tends to exacerbate global imbalances, which may ultimately trigger a global financial crisis. The situation is exacerbated by global trade conflicts with negative consequences, continued currency clashes and inflated financial bubbles. This situation requires urgent remedial actions at the global level.

Impact of the covid-19 crisis on global financial imbalances