{"id":2271,"date":"2025-09-02T19:55:26","date_gmt":"2025-09-02T19:55:26","guid":{"rendered":"https:\/\/fundguidr.ee\/?p=2271"},"modified":"2026-01-02T22:08:51","modified_gmt":"2026-01-02T22:08:51","slug":"6-recent-financial-crises","status":"publish","type":"post","link":"https:\/\/fundguidr.ee\/en\/investment-wisdom\/6-recent-financial-crises\/","title":{"rendered":"Financial crises - 6 recent crises and their lessons learned"},"content":{"rendered":"<p>[et_pb_section fb_built=&#8221;1&#8243; _builder_version=&#8221;4.19.0&#8243; _module_preset=&#8221;default&#8221; background_color=&#8221;#f6f8ff&#8221; background_image=&#8221;https:\/\/fundguidr.ee\/wp-content\/uploads\/2022\/11\/BG-28.png&#8221; background_size=&#8221;initial&#8221; locked=&#8221;off&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_row _builder_version=&#8221;4.19.0&#8243; _module_preset=&#8221;default&#8221; width=&#8221;90%&#8221; custom_css_main_element=&#8221;position: unset;&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_column type=&#8221;4_4&#8243; _builder_version=&#8221;4.19.0&#8243; _module_preset=&#8221;default&#8221; custom_css_main_element=&#8221;position: unset;&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_post_title meta=&#8221;off&#8221; featured_image=&#8221;off&#8221; _builder_version=&#8221;4.27.2&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;][\/et_pb_post_title][\/et_pb_column][\/et_pb_row][\/et_pb_section][et_pb_section fb_built=&#8221;1&#8243; _builder_version=&#8221;4.27.2&#8243; _module_preset=&#8221;default&#8221; background_color=&#8221;#FFFFFF&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_row column_structure=&#8221;1_2,1_2&#8243; module_id=&#8221;aktsia5&#8243; _builder_version=&#8221;4.27.2&#8243; _module_preset=&#8221;default&#8221; custom_padding=&#8221;||0px||false|false&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_column type=&#8221;1_2&#8243; _builder_version=&#8221;4.19.0&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_blurb content_max_width=&#8221;100%&#8221; _builder_version=&#8221;4.27.2&#8243; _module_preset=&#8221;default&#8221; header_font=&#8221;Nunito|700|||||||&#8221; header_text_color=&#8221;#171717&#8243; header_font_size=&#8221;22px&#8221; body_font=&#8221;Poppins||||||||&#8221; body_text_color=&#8221;#171717&#8243; custom_margin=&#8221;||25px||false|false&#8221; text_orientation_tablet=&#8221;center&#8221; text_orientation_phone=&#8221;center&#8221; text_orientation_last_edited=&#8221;on|tablet&#8221; global_colors_info=&#8221;{}&#8221;]<\/p>\n<p><span style=\"font-weight: 400;\">Finantskriisid \u2013 need s\u00f5nad v\u00f5ivad tekitada \u00e4revust ja tuua silme ette pildid paanikas b\u00f6rsimaakleritest v\u00f5i pankrotistunud ettev\u00f5tetest. Kuigi m\u00f5ned ajaloolised tormid, nagu 17. sajandi Tulbimaania v\u00f5i 1930. aastate Suur Depressioon, on omaette \u00f5ppet\u00fckid, on just viimaste k\u00fcmnendite \u2013 alates 1990. aastatest \u2013 finantskriisid need, mis on k\u00f5ige otsesemalt vorminud t\u00e4nap\u00e4eva globaalset majanduskeskkonda, regulatsioone ja meie kui investorite k\u00e4itumist. Nagu Mark Twain on tabavalt \u00f6elnud: &#8220;Ajalugu ei korda ennast, aga tihti ta riimub.&#8221;<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Finantskriisid on kahtlemata hirmutavad ja v\u00f5ivad tekitada suurt kahju. Samas on need ka hindamatud \u00f5petajad. Neisse s\u00fc\u00fcvimine, nende p\u00f5hjuste ja tagaj\u00e4rgede anal\u00fc\u00fcsimine aitab meil paremini m\u00f5ista turgude d\u00fcnaamikat, inimps\u00fchholoogia rolli majanduses ja v\u00e4ltida (v\u00f5i v\u00e4hemalt leevendada) tulevikus sarnaseid vigu. Selles artiklis heidame pilgu olulistele finantskriisidele alates 1990. aastatest, uurime nende anatoomiat ja mis k\u00f5ige t\u00e4htsam \u2013 destilleerime v\u00e4lja need kallihinnalised \u00f5ppetunnid ja muudatused, mis aitavad meil k\u00f5igil targemalt ja teadlikumalt finantsmaailmas navigeerida.<\/span><\/p>\n<p>[\/et_pb_blurb][\/et_pb_column][et_pb_column type=&#8221;1_2&#8243; _builder_version=&#8221;4.19.0&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_image src=&#8221;https:\/\/images.pexels.com\/photos\/6949496\/pexels-photo-6949496.jpeg?auto=compress&#038;cs=tinysrgb&#038;w=1260&#038;h=750&#038;dpr=1&#8243; _builder_version=&#8221;4.27.2&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;][\/et_pb_image][\/et_pb_column][\/et_pb_row][\/et_pb_section][et_pb_section fb_built=&#8221;1&#8243; _builder_version=&#8221;4.27.2&#8243; _module_preset=&#8221;default&#8221; background_color=&#8221;#f6f8ff&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_row module_id=&#8221;aktsia5&#8243; _builder_version=&#8221;4.27.2&#8243; _module_preset=&#8221;default&#8221; custom_padding=&#8221;||0px||false|false&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_column type=&#8221;4_4&#8243; _builder_version=&#8221;4.19.0&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_blurb title=&#8221;Mis on finantskriis? L\u00fchike selgitus&#8221; content_max_width=&#8221;100%&#8221; _builder_version=&#8221;4.27.2&#8243; _module_preset=&#8221;default&#8221; header_font=&#8221;Nunito|700|||||||&#8221; header_text_color=&#8221;#171717&#8243; header_font_size=&#8221;22px&#8221; body_font=&#8221;Poppins||||||||&#8221; body_text_color=&#8221;#171717&#8243; custom_margin=&#8221;||25px||false|false&#8221; text_orientation_tablet=&#8221;center&#8221; text_orientation_phone=&#8221;center&#8221; text_orientation_last_edited=&#8221;on|tablet&#8221; global_colors_info=&#8221;{}&#8221;]<\/p>\n<p><span style=\"font-weight: 400;\">Enne kui sukeldume ajalukku, m\u00e4\u00e4ratleme l\u00fchidalt, mis \u00fcldse on finantskriisid. K\u00f5ige \u00fcldisemalt on finantskriisid olukorrad, kus:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Finantsinstrumendid ja -varad<\/b><span style=\"font-weight: 400;\"> (nagu aktsiad, v\u00f5lakirjad, kinnisvara) kaotavad j\u00e4rsult ja ulatuslikult oma v\u00e4\u00e4rtust.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Finantsinstitutsioonid<\/b><span style=\"font-weight: 400;\"> (pangad, kindlustusseltsid, investeerimisfondid) satuvad t\u00f5sistesse raskustesse, mis v\u00f5ib viia nende maksej\u00f5uetuseni.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Krediiditurgude toimimine<\/b><span style=\"font-weight: 400;\"> on oluliselt h\u00e4iritud \u2013 laenuandmine v\u00e4heneb v\u00f5i peatub, sest usaldus on kadunud ja riskid tunduvad liiga suured.<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Finantskriisidega kaasnevad sageli teatud t\u00fc\u00fcpilised elemendid: <\/span><b>spekulatiivsed mullid<\/b><span style=\"font-weight: 400;\"> (varahindade p\u00f5hjendamatu ja kiire kasv), <\/span><b>paaniline m\u00fc\u00fck<\/b><span style=\"font-weight: 400;\">, <\/span><b>likviidsuskriis<\/b><span style=\"font-weight: 400;\"> (rahapuudus turul), ettev\u00f5tete ja eraisikute <\/span><b>pankrotid<\/b><span style=\"font-weight: 400;\"> ning laiem <\/span><b>majanduslangus<\/b><span style=\"font-weight: 400;\">.<\/span><\/p>\n<p>[\/et_pb_blurb][\/et_pb_column][\/et_pb_row][\/et_pb_section][et_pb_section fb_built=&#8221;1&#8243; prev_background_color=&#8221;#f6f8ff&#8221; next_background_color=&#8221;#f6f8ff&#8221; _builder_version=&#8221;4.27.2&#8243; _module_preset=&#8221;default&#8221; background_color=&#8221;#FFFFFF&#8221; top_divider_style=&#8221;wave&#8221; bottom_divider_style=&#8221;wave2&#8243; global_colors_info=&#8221;{}&#8221;][et_pb_row module_id=&#8221;aktsia5&#8243; _builder_version=&#8221;4.27.2&#8243; _module_preset=&#8221;default&#8221; custom_padding=&#8221;||0px||false|false&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_column type=&#8221;4_4&#8243; _builder_version=&#8221;4.19.0&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_blurb title=&#8221;Uuema aja finantskriisid ja nende anatoomia (alates 1990ndatest)&#8221; content_max_width=&#8221;100%&#8221; _builder_version=&#8221;4.27.2&#8243; _module_preset=&#8221;default&#8221; header_font=&#8221;Nunito|700|||||||&#8221; header_text_color=&#8221;#171717&#8243; header_font_size=&#8221;22px&#8221; body_font=&#8221;Poppins||||||||&#8221; body_text_color=&#8221;#171717&#8243; custom_margin=&#8221;||25px||false|false&#8221; text_orientation_tablet=&#8221;center&#8221; text_orientation_phone=&#8221;center&#8221; text_orientation_last_edited=&#8221;on|tablet&#8221; global_colors_info=&#8221;{}&#8221;]<\/p>\n<p><span style=\"font-weight: 400;\">Alates 1990. aastatest on maailm kogenud mitmeid m\u00e4rkimisv\u00e4\u00e4rseid finantstorme, millest iga\u00fchel on oma erip\u00e4rad ja \u00f5ppetunnid.<\/span><\/p>\n<p>[\/et_pb_blurb][\/et_pb_column][\/et_pb_row][et_pb_row module_id=&#8221;aktsia5&#8243; _builder_version=&#8221;4.27.2&#8243; _module_preset=&#8221;default&#8221; custom_padding=&#8221;||0px||false|false&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_column type=&#8221;4_4&#8243; _builder_version=&#8221;4.19.0&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_blurb title=&#8221;1. Aasia finantskriis (1997\u20131998): %22Tiigrite%22 komistuskivi&#8221; content_max_width=&#8221;100%&#8221; _builder_version=&#8221;4.27.4&#8243; _module_preset=&#8221;default&#8221; header_font=&#8221;Nunito|700|||||||&#8221; header_text_color=&#8221;#171717&#8243; header_font_size=&#8221;22px&#8221; body_font=&#8221;Poppins||||||||&#8221; body_text_color=&#8221;#171717&#8243; custom_margin=&#8221;||25px||false|false&#8221; text_orientation_tablet=&#8221;center&#8221; text_orientation_phone=&#8221;center&#8221; text_orientation_last_edited=&#8221;on|tablet&#8221; global_colors_info=&#8221;{}&#8221;][\/et_pb_blurb][\/et_pb_column][\/et_pb_row][et_pb_row column_structure=&#8221;1_2,1_2&#8243; use_custom_gutter=&#8221;on&#8221; gutter_width=&#8221;2&#8243; _builder_version=&#8221;4.19.0&#8243; _module_preset=&#8221;default&#8221; custom_padding=&#8221;||0px||false|false&#8221; locked=&#8221;off&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_column type=&#8221;1_2&#8243; _builder_version=&#8221;4.19.0&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_blurb title=&#8221;Mis toimus&#8221; use_icon=&#8221;on&#8221; font_icon=&#8221;&#xe007;||divi||400&#8243; icon_color=&#8221;gcid-4be89a11-e1d4-4e38-bd60-3e2564590e85&#8243; icon_placement=&#8221;left&#8221; image_icon_width=&#8221;20px&#8221; content_max_width=&#8221;100%&#8221; icon_placement_tablet=&#8221;top&#8221; icon_placement_phone=&#8221;top&#8221; icon_placement_last_edited=&#8221;on|tablet&#8221; module_class=&#8221;educationcareerdetail_section2_blurb&#8221; _builder_version=&#8221;4.27.2&#8243; _module_preset=&#8221;default&#8221; header_font=&#8221;Poppins||||||||&#8221; header_text_color=&#8221;#171717&#8243; header_font_size=&#8221;15px&#8221; header_line_height=&#8221;1.3em&#8221; body_font=&#8221;|300|||||||&#8221; body_text_color=&#8221;#000000&#8243; text_orientation_tablet=&#8221;center&#8221; text_orientation_phone=&#8221;center&#8221; text_orientation_last_edited=&#8221;on|tablet&#8221; custom_css_blurb_image=&#8221;margin-bottom: 0;||width: auto;&#8221; custom_css_blurb_title=&#8221;padding-bottom: 0;&#8221; custom_css_blurb_content=&#8221;display: flex;||align-items: center;&#8221; global_colors_info=&#8221;{%22gcid-4be89a11-e1d4-4e38-bd60-3e2564590e85%22:%91%22icon_color%22%93}&#8221; custom_css_blurb_image_tablet=&#8221;margin-bottom: 5px;||width: auto;&#8221; custom_css_blurb_image_last_edited=&#8221;on|tablet&#8221; custom_css_blurb_content_tablet=&#8221;display: block;&#8221; custom_css_blurb_content_last_edited=&#8221;on|tablet&#8221; custom_css_blurb_image_phone=&#8221;margin-bottom: 5px;||width: auto;&#8221; custom_css_blurb_content_phone=&#8221;display: block;&#8221;]<\/p>\n<p>P\u00e4rast aastaid kestnud kiiret majanduskasvu tabas mitmeid Kagu- ja Ida-Aasia &#8220;tiigreid&#8221; (Tai, Indoneesia, L\u00f5una-Korea, Malaisia jt) ootamatu ja s\u00fcgav finantskriis. See algas Tai bahti devalveerimisega 1997. aasta juulis ja levis piirkonnas kiiresti.<\/p>\n<p>[\/et_pb_blurb][et_pb_blurb title=&#8221;P\u00f5hjused&#8221; use_icon=&#8221;on&#8221; font_icon=&#8221;&#xe007;||divi||400&#8243; icon_color=&#8221;gcid-4be89a11-e1d4-4e38-bd60-3e2564590e85&#8243; icon_placement=&#8221;left&#8221; image_icon_width=&#8221;20px&#8221; content_max_width=&#8221;100%&#8221; icon_placement_tablet=&#8221;top&#8221; icon_placement_phone=&#8221;top&#8221; icon_placement_last_edited=&#8221;on|tablet&#8221; module_class=&#8221;educationcareerdetail_section2_blurb&#8221; _builder_version=&#8221;4.27.2&#8243; _module_preset=&#8221;default&#8221; header_font=&#8221;Poppins||||||||&#8221; header_text_color=&#8221;#171717&#8243; header_font_size=&#8221;15px&#8221; header_line_height=&#8221;1.3em&#8221; body_font=&#8221;|300|||||||&#8221; body_text_color=&#8221;#000000&#8243; text_orientation_tablet=&#8221;center&#8221; text_orientation_phone=&#8221;center&#8221; text_orientation_last_edited=&#8221;on|tablet&#8221; custom_css_blurb_image=&#8221;margin-bottom: 0;||width: auto;&#8221; custom_css_blurb_title=&#8221;padding-bottom: 0;&#8221; custom_css_blurb_content=&#8221;display: flex;||align-items: center;&#8221; global_colors_info=&#8221;{%22gcid-4be89a11-e1d4-4e38-bd60-3e2564590e85%22:%91%22icon_color%22%93}&#8221; custom_css_blurb_image_tablet=&#8221;margin-bottom: 5px;||width: auto;&#8221; custom_css_blurb_image_last_edited=&#8221;on|tablet&#8221; custom_css_blurb_content_tablet=&#8221;display: block;&#8221; custom_css_blurb_content_last_edited=&#8221;on|tablet&#8221; custom_css_blurb_image_phone=&#8221;margin-bottom: 5px;||width: auto;&#8221; custom_css_blurb_content_phone=&#8221;display: block;&#8221;]<\/p>\n<p>Kiire majanduskasv oli osaliselt finantseeritud suure v\u00e4lisv\u00f5laga, mis oli sageli l\u00fchiajaline ja v\u00e4lisvaluutas. Paljudel riikidel olid fikseeritud v\u00f5i poolfikseeritud vahetuskursid dollari suhtes, mis muutusid haavatavaks spekulatiivsetele r\u00fcnnakutele. Lisaks m\u00e4ngisid rolli n\u00f5rk finantsj\u00e4relevalve, puudulik riskijuhtimine pankades ja nn &#8220;s\u00f5brakapitalism&#8221; (l\u00e4bipaistmatud sidemed \u00e4ri- ja poliitilise eliidi vahel).<\/p>\n<p>[\/et_pb_blurb][et_pb_blurb title=&#8221;Krahh ja tagaj\u00e4rjed&#8221; use_icon=&#8221;on&#8221; font_icon=&#8221;&#xe007;||divi||400&#8243; icon_color=&#8221;gcid-4be89a11-e1d4-4e38-bd60-3e2564590e85&#8243; icon_placement=&#8221;left&#8221; image_icon_width=&#8221;20px&#8221; content_max_width=&#8221;100%&#8221; icon_placement_tablet=&#8221;top&#8221; icon_placement_phone=&#8221;top&#8221; icon_placement_last_edited=&#8221;on|tablet&#8221; module_class=&#8221;educationcareerdetail_section2_blurb&#8221; _builder_version=&#8221;4.27.2&#8243; _module_preset=&#8221;default&#8221; header_font=&#8221;Poppins||||||||&#8221; header_text_color=&#8221;#171717&#8243; header_font_size=&#8221;15px&#8221; header_line_height=&#8221;1.3em&#8221; body_font=&#8221;|300|||||||&#8221; body_text_color=&#8221;#000000&#8243; text_orientation_tablet=&#8221;center&#8221; text_orientation_phone=&#8221;center&#8221; text_orientation_last_edited=&#8221;on|tablet&#8221; custom_css_blurb_image=&#8221;margin-bottom: 0;||width: auto;&#8221; custom_css_blurb_title=&#8221;padding-bottom: 0;&#8221; custom_css_blurb_content=&#8221;display: flex;||align-items: center;&#8221; global_colors_info=&#8221;{%22gcid-4be89a11-e1d4-4e38-bd60-3e2564590e85%22:%91%22icon_color%22%93}&#8221; custom_css_blurb_image_tablet=&#8221;margin-bottom: 5px;||width: auto;&#8221; custom_css_blurb_image_last_edited=&#8221;on|tablet&#8221; custom_css_blurb_content_tablet=&#8221;display: block;&#8221; custom_css_blurb_content_last_edited=&#8221;on|tablet&#8221; custom_css_blurb_image_phone=&#8221;margin-bottom: 5px;||width: auto;&#8221; custom_css_blurb_content_phone=&#8221;display: block;&#8221;]<\/p>\n<p>Valuutad kukkusid, aktsiaturud langesid, paljud ettev\u00f5tted ja pangad pankrotistusid. J\u00e4rgnesid tugevad majanduslangused, t\u00f6\u00f6puuduse kasv ja sotsiaalsed rahutused. <a href=\"https:\/\/www.imf.org\/en\/Home\" target=\"_blank\" rel=\"noopener\">Rahvusvaheline Valuutafond<\/a> (IMF) sekkus ulatuslike p\u00e4\u00e4stepakettidega, mis olid aga seotud rangete ja sageli ebapopulaarsete k\u00e4rpekavadega.<\/p>\n<p>[\/et_pb_blurb][\/et_pb_column][et_pb_column type=&#8221;1_2&#8243; _builder_version=&#8221;4.19.0&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_blurb title=&#8221;\u00d5ppetunnid&#8221; use_icon=&#8221;on&#8221; font_icon=&#8221;&#xe007;||divi||400&#8243; icon_color=&#8221;gcid-4be89a11-e1d4-4e38-bd60-3e2564590e85&#8243; icon_placement=&#8221;left&#8221; image_icon_width=&#8221;20px&#8221; content_max_width=&#8221;100%&#8221; icon_placement_tablet=&#8221;top&#8221; icon_placement_phone=&#8221;top&#8221; icon_placement_last_edited=&#8221;on|tablet&#8221; module_class=&#8221;educationcareerdetail_section2_blurb&#8221; _builder_version=&#8221;4.27.4&#8243; _module_preset=&#8221;default&#8221; header_font=&#8221;Poppins||||||||&#8221; header_text_color=&#8221;#171717&#8243; header_font_size=&#8221;15px&#8221; header_line_height=&#8221;1.3em&#8221; body_font=&#8221;|300|||||||&#8221; body_text_color=&#8221;#000000&#8243; text_orientation_tablet=&#8221;center&#8221; text_orientation_phone=&#8221;center&#8221; text_orientation_last_edited=&#8221;on|tablet&#8221; custom_css_blurb_image=&#8221;margin-bottom: 0;||width: auto;&#8221; custom_css_blurb_title=&#8221;padding-bottom: 0;&#8221; custom_css_blurb_content=&#8221;display: flex;||align-items: center;&#8221; global_colors_info=&#8221;{%22gcid-4be89a11-e1d4-4e38-bd60-3e2564590e85%22:%91%22icon_color%22%93}&#8221; custom_css_blurb_image_tablet=&#8221;margin-bottom: 5px;||width: auto;&#8221; custom_css_blurb_image_last_edited=&#8221;on|tablet&#8221; custom_css_blurb_content_tablet=&#8221;display: block;&#8221; custom_css_blurb_content_last_edited=&#8221;on|tablet&#8221; custom_css_blurb_image_phone=&#8221;margin-bottom: 5px;||width: auto;&#8221; custom_css_blurb_content_phone=&#8221;display: block;&#8221;]<\/p>\n<ul>\n<li><strong>Fikseeritud vahetuskursside ohtlikkus<\/strong>: avatud kapitaliturgude tingimustes on fikseeritud vahetuskursse raske kaitsta spekulatiivsete r\u00fcnnakute eest.<\/li>\n<li><strong>L\u00fchiajalise v\u00e4lisv\u00f5la riskid:<\/strong> auur s\u00f5ltuvus l\u00fchiajalisest v\u00e4lisvaluutas nomineeritud v\u00f5last v\u00f5ib muutuda saatuslikuks, kui investorite usaldus kaob.<\/li>\n<li><strong>Finantssektori reguleerimise ja l\u00e4bipaistvuse t\u00e4htsus:<\/strong> tugev j\u00e4relevalve, adekvaatsed kapitalin\u00f5uded ja hea riskijuhtimine pankades on kriitilise t\u00e4htsusega.<\/li>\n<li><strong>Kriiside nakkavus:<\/strong> finantskriisid v\u00f5ivad kiiresti levida \u00fchest riigist teise, eriti sarnaste haavatavustega piirkondades.<\/li>\n<\/ul>\n<p>[\/et_pb_blurb][et_pb_blurb title=&#8221;Muudatused&#8221; use_icon=&#8221;on&#8221; font_icon=&#8221;&#xe007;||divi||400&#8243; icon_color=&#8221;gcid-4be89a11-e1d4-4e38-bd60-3e2564590e85&#8243; icon_placement=&#8221;left&#8221; image_icon_width=&#8221;20px&#8221; content_max_width=&#8221;100%&#8221; icon_placement_tablet=&#8221;top&#8221; icon_placement_phone=&#8221;top&#8221; icon_placement_last_edited=&#8221;on|tablet&#8221; module_class=&#8221;educationcareerdetail_section2_blurb&#8221; _builder_version=&#8221;4.27.4&#8243; _module_preset=&#8221;default&#8221; header_font=&#8221;Poppins||||||||&#8221; header_text_color=&#8221;#171717&#8243; header_font_size=&#8221;15px&#8221; header_line_height=&#8221;1.3em&#8221; body_font=&#8221;|300|||||||&#8221; body_text_color=&#8221;#000000&#8243; text_orientation_tablet=&#8221;center&#8221; text_orientation_phone=&#8221;center&#8221; text_orientation_last_edited=&#8221;on|tablet&#8221; custom_css_blurb_image=&#8221;margin-bottom: 0;||width: auto;&#8221; custom_css_blurb_title=&#8221;padding-bottom: 0;&#8221; custom_css_blurb_content=&#8221;display: flex;||align-items: center;&#8221; global_colors_info=&#8221;{%22gcid-4be89a11-e1d4-4e38-bd60-3e2564590e85%22:%91%22icon_color%22%93}&#8221; custom_css_blurb_image_tablet=&#8221;margin-bottom: 5px;||width: auto;&#8221; custom_css_blurb_image_last_edited=&#8221;on|tablet&#8221; custom_css_blurb_content_tablet=&#8221;display: block;&#8221; custom_css_blurb_content_last_edited=&#8221;on|tablet&#8221; custom_css_blurb_image_phone=&#8221;margin-bottom: 5px;||width: auto;&#8221; custom_css_blurb_content_phone=&#8221;display: block;&#8221;]<\/p>\n<p>Paljud Aasia riigid tugevdasid oma finantsj\u00e4relevalvet, liikusid paindlikumate vahetuskursside poole, suurendasid valuutareserve ja parandasid riskijuhtimist. Samuti s\u00fcvenes arusaam vajadusest regionaalse koost\u00f6\u00f6 j\u00e4rele finantsstabiilsuse tagamisel.<\/p>\n<p>[\/et_pb_blurb][\/et_pb_column][\/et_pb_row][et_pb_row module_id=&#8221;aktsia5&#8243; _builder_version=&#8221;4.27.2&#8243; _module_preset=&#8221;default&#8221; custom_padding=&#8221;||0px||false|false&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_column type=&#8221;4_4&#8243; _builder_version=&#8221;4.19.0&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_blurb title=&#8221;2. Vene finantskriis (1998): krahh ja selle m\u00f5jud&#8221; content_max_width=&#8221;100%&#8221; _builder_version=&#8221;4.27.4&#8243; _module_preset=&#8221;default&#8221; header_font=&#8221;Nunito|700|||||||&#8221; header_text_color=&#8221;#171717&#8243; header_font_size=&#8221;22px&#8221; body_font=&#8221;Poppins||||||||&#8221; body_text_color=&#8221;#171717&#8243; custom_margin=&#8221;||25px||false|false&#8221; text_orientation_tablet=&#8221;center&#8221; text_orientation_phone=&#8221;center&#8221; text_orientation_last_edited=&#8221;on|tablet&#8221; global_colors_info=&#8221;{}&#8221;][\/et_pb_blurb][\/et_pb_column][\/et_pb_row][et_pb_row column_structure=&#8221;1_2,1_2&#8243; use_custom_gutter=&#8221;on&#8221; gutter_width=&#8221;2&#8243; _builder_version=&#8221;4.19.0&#8243; _module_preset=&#8221;default&#8221; custom_padding=&#8221;||0px||false|false&#8221; locked=&#8221;off&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_column type=&#8221;1_2&#8243; _builder_version=&#8221;4.19.0&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_blurb title=&#8221;Mis toimus&#8221; use_icon=&#8221;on&#8221; font_icon=&#8221;&#xe007;||divi||400&#8243; icon_color=&#8221;gcid-4be89a11-e1d4-4e38-bd60-3e2564590e85&#8243; icon_placement=&#8221;left&#8221; image_icon_width=&#8221;20px&#8221; content_max_width=&#8221;100%&#8221; icon_placement_tablet=&#8221;top&#8221; icon_placement_phone=&#8221;top&#8221; icon_placement_last_edited=&#8221;on|tablet&#8221; module_class=&#8221;educationcareerdetail_section2_blurb&#8221; _builder_version=&#8221;4.27.2&#8243; _module_preset=&#8221;default&#8221; header_font=&#8221;Poppins||||||||&#8221; header_text_color=&#8221;#171717&#8243; header_font_size=&#8221;15px&#8221; header_line_height=&#8221;1.3em&#8221; body_font=&#8221;|300|||||||&#8221; body_text_color=&#8221;#000000&#8243; text_orientation_tablet=&#8221;center&#8221; text_orientation_phone=&#8221;center&#8221; text_orientation_last_edited=&#8221;on|tablet&#8221; custom_css_blurb_image=&#8221;margin-bottom: 0;||width: auto;&#8221; custom_css_blurb_title=&#8221;padding-bottom: 0;&#8221; custom_css_blurb_content=&#8221;display: flex;||align-items: center;&#8221; global_colors_info=&#8221;{%22gcid-4be89a11-e1d4-4e38-bd60-3e2564590e85%22:%91%22icon_color%22%93}&#8221; custom_css_blurb_image_tablet=&#8221;margin-bottom: 5px;||width: auto;&#8221; custom_css_blurb_image_last_edited=&#8221;on|tablet&#8221; custom_css_blurb_content_tablet=&#8221;display: block;&#8221; custom_css_blurb_content_last_edited=&#8221;on|tablet&#8221; custom_css_blurb_image_phone=&#8221;margin-bottom: 5px;||width: auto;&#8221; custom_css_blurb_content_phone=&#8221;display: block;&#8221;]<\/p>\n<p>\u00a01998. aasta augustis tabas Venemaad r\u00e4nk finantskriis, mis tipnes rubla devalveerimise ja riigi suutmatusega t\u00e4ita oma l\u00fchiajalisi kodumaiseid v\u00f5lakohustusi (nn GKO-d).<\/p>\n<p>[\/et_pb_blurb][et_pb_blurb title=&#8221;P\u00f5hjused&#8221; use_icon=&#8221;on&#8221; font_icon=&#8221;&#xe007;||divi||400&#8243; icon_color=&#8221;gcid-4be89a11-e1d4-4e38-bd60-3e2564590e85&#8243; icon_placement=&#8221;left&#8221; image_icon_width=&#8221;20px&#8221; content_max_width=&#8221;100%&#8221; icon_placement_tablet=&#8221;top&#8221; icon_placement_phone=&#8221;top&#8221; icon_placement_last_edited=&#8221;on|tablet&#8221; module_class=&#8221;educationcareerdetail_section2_blurb&#8221; _builder_version=&#8221;4.27.2&#8243; _module_preset=&#8221;default&#8221; header_font=&#8221;Poppins||||||||&#8221; header_text_color=&#8221;#171717&#8243; header_font_size=&#8221;15px&#8221; header_line_height=&#8221;1.3em&#8221; body_font=&#8221;|300|||||||&#8221; body_text_color=&#8221;#000000&#8243; text_orientation_tablet=&#8221;center&#8221; text_orientation_phone=&#8221;center&#8221; text_orientation_last_edited=&#8221;on|tablet&#8221; custom_css_blurb_image=&#8221;margin-bottom: 0;||width: auto;&#8221; custom_css_blurb_title=&#8221;padding-bottom: 0;&#8221; custom_css_blurb_content=&#8221;display: flex;||align-items: center;&#8221; global_colors_info=&#8221;{%22gcid-4be89a11-e1d4-4e38-bd60-3e2564590e85%22:%91%22icon_color%22%93}&#8221; custom_css_blurb_image_tablet=&#8221;margin-bottom: 5px;||width: auto;&#8221; custom_css_blurb_image_last_edited=&#8221;on|tablet&#8221; custom_css_blurb_content_tablet=&#8221;display: block;&#8221; custom_css_blurb_content_last_edited=&#8221;on|tablet&#8221; custom_css_blurb_image_phone=&#8221;margin-bottom: 5px;||width: auto;&#8221; custom_css_blurb_content_phone=&#8221;display: block;&#8221;]<\/p>\n<p>Madal nafta hind (Venemaa peamine ekspordiartikkel), krooniliselt suur riigieelarve defitsiit, mida kaeti l\u00fchiajaliste ja v\u00e4ga k\u00f5rge intressiga GKO-de emiteerimisega, n\u00f5rk maksude kogumine ja Aasia finantskriisi negatiivne m\u00f5ju investorite kindlustundele arenevatel turgudel.<\/p>\n<p>[\/et_pb_blurb][et_pb_blurb title=&#8221;Krahh ja tagaj\u00e4rjed&#8221; use_icon=&#8221;on&#8221; font_icon=&#8221;&#xe007;||divi||400&#8243; icon_color=&#8221;gcid-4be89a11-e1d4-4e38-bd60-3e2564590e85&#8243; icon_placement=&#8221;left&#8221; image_icon_width=&#8221;20px&#8221; content_max_width=&#8221;100%&#8221; icon_placement_tablet=&#8221;top&#8221; icon_placement_phone=&#8221;top&#8221; icon_placement_last_edited=&#8221;on|tablet&#8221; module_class=&#8221;educationcareerdetail_section2_blurb&#8221; _builder_version=&#8221;4.27.2&#8243; _module_preset=&#8221;default&#8221; header_font=&#8221;Poppins||||||||&#8221; header_text_color=&#8221;#171717&#8243; header_font_size=&#8221;15px&#8221; header_line_height=&#8221;1.3em&#8221; body_font=&#8221;|300|||||||&#8221; body_text_color=&#8221;#000000&#8243; text_orientation_tablet=&#8221;center&#8221; text_orientation_phone=&#8221;center&#8221; text_orientation_last_edited=&#8221;on|tablet&#8221; custom_css_blurb_image=&#8221;margin-bottom: 0;||width: auto;&#8221; custom_css_blurb_title=&#8221;padding-bottom: 0;&#8221; custom_css_blurb_content=&#8221;display: flex;||align-items: center;&#8221; global_colors_info=&#8221;{%22gcid-4be89a11-e1d4-4e38-bd60-3e2564590e85%22:%91%22icon_color%22%93}&#8221; custom_css_blurb_image_tablet=&#8221;margin-bottom: 5px;||width: auto;&#8221; custom_css_blurb_image_last_edited=&#8221;on|tablet&#8221; custom_css_blurb_content_tablet=&#8221;display: block;&#8221; custom_css_blurb_content_last_edited=&#8221;on|tablet&#8221; custom_css_blurb_image_phone=&#8221;margin-bottom: 5px;||width: auto;&#8221; custom_css_blurb_content_phone=&#8221;display: block;&#8221;]<\/p>\n<p>Rubla v\u00e4\u00e4rtus kukkus drastiliselt, valitsus kuulutas v\u00e4lja moratooriumi osale v\u00e4lisv\u00f5lgadele ja restruktureeris kodumaised v\u00f5lakirjad. Paljud pangad pankrotistusid, elanikkonna s\u00e4\u00e4stud kaotasid v\u00e4\u00e4rtust. J\u00e4rgnes j\u00e4rsk majanduslangus ja elatustaseme langus. Kriis avaldas tuntavat m\u00f5ju ka naaberriikidele, sealhulgas Eestile, kelle jaoks Venemaa oli oluline eksporditurg.<\/p>\n<p>[\/et_pb_blurb][\/et_pb_column][et_pb_column type=&#8221;1_2&#8243; _builder_version=&#8221;4.19.0&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_blurb title=&#8221;\u00d5ppetunnid&#8221; use_icon=&#8221;on&#8221; font_icon=&#8221;&#xe007;||divi||400&#8243; icon_color=&#8221;gcid-4be89a11-e1d4-4e38-bd60-3e2564590e85&#8243; icon_placement=&#8221;left&#8221; image_icon_width=&#8221;20px&#8221; content_max_width=&#8221;100%&#8221; icon_placement_tablet=&#8221;top&#8221; icon_placement_phone=&#8221;top&#8221; icon_placement_last_edited=&#8221;on|tablet&#8221; module_class=&#8221;educationcareerdetail_section2_blurb&#8221; _builder_version=&#8221;4.27.4&#8243; _module_preset=&#8221;default&#8221; header_font=&#8221;Poppins||||||||&#8221; header_text_color=&#8221;#171717&#8243; header_font_size=&#8221;15px&#8221; header_line_height=&#8221;1.3em&#8221; body_font=&#8221;|300|||||||&#8221; body_text_color=&#8221;#000000&#8243; text_orientation_tablet=&#8221;center&#8221; text_orientation_phone=&#8221;center&#8221; text_orientation_last_edited=&#8221;on|tablet&#8221; custom_css_blurb_image=&#8221;margin-bottom: 0;||width: auto;&#8221; custom_css_blurb_title=&#8221;padding-bottom: 0;&#8221; custom_css_blurb_content=&#8221;display: flex;||align-items: center;&#8221; global_colors_info=&#8221;{%22gcid-4be89a11-e1d4-4e38-bd60-3e2564590e85%22:%91%22icon_color%22%93}&#8221; custom_css_blurb_image_tablet=&#8221;margin-bottom: 5px;||width: auto;&#8221; custom_css_blurb_image_last_edited=&#8221;on|tablet&#8221; custom_css_blurb_content_tablet=&#8221;display: block;&#8221; custom_css_blurb_content_last_edited=&#8221;on|tablet&#8221; custom_css_blurb_image_phone=&#8221;margin-bottom: 5px;||width: auto;&#8221; custom_css_blurb_content_phone=&#8221;display: block;&#8221;]<\/p>\n<ul>\n<li><strong>Tooraineriiete haavatavus:<\/strong> suur s\u00f5ltuvus \u00fche v\u00f5i m\u00f5ne tooraine ekspordist muudab majanduse v\u00e4ga tundlikuks maailmaturu hindade k\u00f5ikumistele.<\/li>\n<li><strong>Riigirahanduse j\u00e4tkusuutlikkuse kriitiline t\u00e4htsus:<\/strong> kontrollimatu laenamine ja eelarvedistsipliini puudumine v\u00f5ib viia riigi maksej\u00f5uetuseni.<\/li>\n<li><strong>Usalduse roll finantsturgudel: i<\/strong>nvestorite usalduse kaotus v\u00f5ib vallandada kiire kapitali v\u00e4ljavoolu ja s\u00fcvendada kriisi.<\/li>\n<li>Eesti jaoks otsene \u00f5ppetund naabrituru riskidest ja vajadusest mitmekesistada eksporditurge.<\/li>\n<\/ul>\n<p>[\/et_pb_blurb][et_pb_blurb title=&#8221;Muudatused&#8221; use_icon=&#8221;on&#8221; font_icon=&#8221;&#xe007;||divi||400&#8243; icon_color=&#8221;gcid-4be89a11-e1d4-4e38-bd60-3e2564590e85&#8243; icon_placement=&#8221;left&#8221; image_icon_width=&#8221;20px&#8221; content_max_width=&#8221;100%&#8221; icon_placement_tablet=&#8221;top&#8221; icon_placement_phone=&#8221;top&#8221; icon_placement_last_edited=&#8221;on|tablet&#8221; module_class=&#8221;educationcareerdetail_section2_blurb&#8221; _builder_version=&#8221;4.27.4&#8243; _module_preset=&#8221;default&#8221; header_font=&#8221;Poppins||||||||&#8221; header_text_color=&#8221;#171717&#8243; header_font_size=&#8221;15px&#8221; header_line_height=&#8221;1.3em&#8221; body_font=&#8221;|300|||||||&#8221; body_text_color=&#8221;#000000&#8243; text_orientation_tablet=&#8221;center&#8221; text_orientation_phone=&#8221;center&#8221; text_orientation_last_edited=&#8221;on|tablet&#8221; custom_css_blurb_image=&#8221;margin-bottom: 0;||width: auto;&#8221; custom_css_blurb_title=&#8221;padding-bottom: 0;&#8221; custom_css_blurb_content=&#8221;display: flex;||align-items: center;&#8221; global_colors_info=&#8221;{%22gcid-4be89a11-e1d4-4e38-bd60-3e2564590e85%22:%91%22icon_color%22%93}&#8221; custom_css_blurb_image_tablet=&#8221;margin-bottom: 5px;||width: auto;&#8221; custom_css_blurb_image_last_edited=&#8221;on|tablet&#8221; custom_css_blurb_content_tablet=&#8221;display: block;&#8221; custom_css_blurb_content_last_edited=&#8221;on|tablet&#8221; custom_css_blurb_image_phone=&#8221;margin-bottom: 5px;||width: auto;&#8221; custom_css_blurb_content_phone=&#8221;display: block;&#8221;]<\/p>\n<p>Venemaal viis kriis hiljem karmima eelarvepoliitika, maksureformide ja stabiliseerimisfondi (hiljem Rahvusliku Heaolu Fond) loomiseni, et koguda reserve nafta hinna k\u00f5ikumiste vastu. Eesti jaoks andis see t\u00f5uke otsida aktiivsemalt L\u00e4\u00e4ne-Euroopa turge.<\/p>\n<p>[\/et_pb_blurb][\/et_pb_column][\/et_pb_row][et_pb_row module_id=&#8221;aktsia5&#8243; _builder_version=&#8221;4.27.2&#8243; _module_preset=&#8221;default&#8221; custom_padding=&#8221;||0px||false|false&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_column type=&#8221;4_4&#8243; _builder_version=&#8221;4.19.0&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_blurb title=&#8221;3. Dot-com&#8217;i mull (1990. aastate l\u00f5pp \u2013 2001): Uue majanduse eufooria ja krahh&#8221; content_max_width=&#8221;100%&#8221; _builder_version=&#8221;4.27.4&#8243; _module_preset=&#8221;default&#8221; header_font=&#8221;Nunito|700|||||||&#8221; header_text_color=&#8221;#171717&#8243; header_font_size=&#8221;22px&#8221; body_font=&#8221;Poppins||||||||&#8221; body_text_color=&#8221;#171717&#8243; custom_margin=&#8221;||25px||false|false&#8221; text_orientation_tablet=&#8221;center&#8221; text_orientation_phone=&#8221;center&#8221; text_orientation_last_edited=&#8221;on|tablet&#8221; global_colors_info=&#8221;{}&#8221;][\/et_pb_blurb][\/et_pb_column][\/et_pb_row][et_pb_row column_structure=&#8221;1_2,1_2&#8243; use_custom_gutter=&#8221;on&#8221; gutter_width=&#8221;2&#8243; _builder_version=&#8221;4.19.0&#8243; _module_preset=&#8221;default&#8221; custom_padding=&#8221;||0px||false|false&#8221; locked=&#8221;off&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_column type=&#8221;1_2&#8243; _builder_version=&#8221;4.19.0&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_blurb title=&#8221;Mis toimus&#8221; use_icon=&#8221;on&#8221; font_icon=&#8221;&#xe007;||divi||400&#8243; icon_color=&#8221;gcid-4be89a11-e1d4-4e38-bd60-3e2564590e85&#8243; icon_placement=&#8221;left&#8221; image_icon_width=&#8221;20px&#8221; content_max_width=&#8221;100%&#8221; icon_placement_tablet=&#8221;top&#8221; icon_placement_phone=&#8221;top&#8221; icon_placement_last_edited=&#8221;on|tablet&#8221; module_class=&#8221;educationcareerdetail_section2_blurb&#8221; _builder_version=&#8221;4.27.2&#8243; _module_preset=&#8221;default&#8221; header_font=&#8221;Poppins||||||||&#8221; header_text_color=&#8221;#171717&#8243; header_font_size=&#8221;15px&#8221; header_line_height=&#8221;1.3em&#8221; body_font=&#8221;|300|||||||&#8221; body_text_color=&#8221;#000000&#8243; text_orientation_tablet=&#8221;center&#8221; text_orientation_phone=&#8221;center&#8221; text_orientation_last_edited=&#8221;on|tablet&#8221; custom_css_blurb_image=&#8221;margin-bottom: 0;||width: auto;&#8221; custom_css_blurb_title=&#8221;padding-bottom: 0;&#8221; custom_css_blurb_content=&#8221;display: flex;||align-items: center;&#8221; global_colors_info=&#8221;{%22gcid-4be89a11-e1d4-4e38-bd60-3e2564590e85%22:%91%22icon_color%22%93}&#8221; custom_css_blurb_image_tablet=&#8221;margin-bottom: 5px;||width: auto;&#8221; custom_css_blurb_image_last_edited=&#8221;on|tablet&#8221; custom_css_blurb_content_tablet=&#8221;display: block;&#8221; custom_css_blurb_content_last_edited=&#8221;on|tablet&#8221; custom_css_blurb_image_phone=&#8221;margin-bottom: 5px;||width: auto;&#8221; custom_css_blurb_content_phone=&#8221;display: block;&#8221;]<\/p>\n<p>1990. aastate teisel poolel tekkis tohutu optimism ja investeerimisbuum seoses interneti ja uute tehnoloogiaettev\u00f5tete (nn &#8220;dot-com&#8221; firmad) esilekerkimisega. Paljude nende ettev\u00f5tete aktsiahinnad t\u00f5usid stratosf\u00e4\u00e4ri, sageli ilma, et neil oleks selget \u00e4rimudelit v\u00f5i kasumlikkust.<\/p>\n<p>[\/et_pb_blurb][et_pb_blurb title=&#8221;P\u00f5hjused&#8221; use_icon=&#8221;on&#8221; font_icon=&#8221;&#xe007;||divi||400&#8243; icon_color=&#8221;gcid-4be89a11-e1d4-4e38-bd60-3e2564590e85&#8243; icon_placement=&#8221;left&#8221; image_icon_width=&#8221;20px&#8221; content_max_width=&#8221;100%&#8221; icon_placement_tablet=&#8221;top&#8221; icon_placement_phone=&#8221;top&#8221; icon_placement_last_edited=&#8221;on|tablet&#8221; module_class=&#8221;educationcareerdetail_section2_blurb&#8221; _builder_version=&#8221;4.27.2&#8243; _module_preset=&#8221;default&#8221; header_font=&#8221;Poppins||||||||&#8221; header_text_color=&#8221;#171717&#8243; header_font_size=&#8221;15px&#8221; header_line_height=&#8221;1.3em&#8221; body_font=&#8221;|300|||||||&#8221; body_text_color=&#8221;#000000&#8243; text_orientation_tablet=&#8221;center&#8221; text_orientation_phone=&#8221;center&#8221; text_orientation_last_edited=&#8221;on|tablet&#8221; custom_css_blurb_image=&#8221;margin-bottom: 0;||width: auto;&#8221; custom_css_blurb_title=&#8221;padding-bottom: 0;&#8221; custom_css_blurb_content=&#8221;display: flex;||align-items: center;&#8221; global_colors_info=&#8221;{%22gcid-4be89a11-e1d4-4e38-bd60-3e2564590e85%22:%91%22icon_color%22%93}&#8221; custom_css_blurb_image_tablet=&#8221;margin-bottom: 5px;||width: auto;&#8221; custom_css_blurb_image_last_edited=&#8221;on|tablet&#8221; custom_css_blurb_content_tablet=&#8221;display: block;&#8221; custom_css_blurb_content_last_edited=&#8221;on|tablet&#8221; custom_css_blurb_image_phone=&#8221;margin-bottom: 5px;||width: auto;&#8221; custom_css_blurb_content_phone=&#8221;display: block;&#8221;]<\/p>\n<p>Eufooria uue tehnoloogia (internet) potentsiaali \u00fcmber, liialdatud kasvuootused, riskikapitali \u00fclek\u00fcllus, &#8220;kasum pole oluline, peaasi on turuosa kasvatada&#8221; mentaliteet, meedia haip.<\/p>\n<p>[\/et_pb_blurb][et_pb_blurb title=&#8221;Krahh ja tagaj\u00e4rjed&#8221; use_icon=&#8221;on&#8221; font_icon=&#8221;&#xe007;||divi||400&#8243; icon_color=&#8221;gcid-4be89a11-e1d4-4e38-bd60-3e2564590e85&#8243; icon_placement=&#8221;left&#8221; image_icon_width=&#8221;20px&#8221; content_max_width=&#8221;100%&#8221; icon_placement_tablet=&#8221;top&#8221; icon_placement_phone=&#8221;top&#8221; icon_placement_last_edited=&#8221;on|tablet&#8221; module_class=&#8221;educationcareerdetail_section2_blurb&#8221; _builder_version=&#8221;4.27.2&#8243; _module_preset=&#8221;default&#8221; header_font=&#8221;Poppins||||||||&#8221; header_text_color=&#8221;#171717&#8243; header_font_size=&#8221;15px&#8221; header_line_height=&#8221;1.3em&#8221; body_font=&#8221;|300|||||||&#8221; body_text_color=&#8221;#000000&#8243; text_orientation_tablet=&#8221;center&#8221; text_orientation_phone=&#8221;center&#8221; text_orientation_last_edited=&#8221;on|tablet&#8221; custom_css_blurb_image=&#8221;margin-bottom: 0;||width: auto;&#8221; custom_css_blurb_title=&#8221;padding-bottom: 0;&#8221; custom_css_blurb_content=&#8221;display: flex;||align-items: center;&#8221; global_colors_info=&#8221;{%22gcid-4be89a11-e1d4-4e38-bd60-3e2564590e85%22:%91%22icon_color%22%93}&#8221; custom_css_blurb_image_tablet=&#8221;margin-bottom: 5px;||width: auto;&#8221; custom_css_blurb_image_last_edited=&#8221;on|tablet&#8221; custom_css_blurb_content_tablet=&#8221;display: block;&#8221; custom_css_blurb_content_last_edited=&#8221;on|tablet&#8221; custom_css_blurb_image_phone=&#8221;margin-bottom: 5px;||width: auto;&#8221; custom_css_blurb_content_phone=&#8221;display: block;&#8221;]<\/p>\n<p>Alates 2000. aasta m\u00e4rtsist hakkas mull l\u00f5hkema. Tehnoloogiaaktsiate indeksid (eriti NASDAQ USA-s) langesid j\u00e4rsult. Paljud \u00fclehinnatud ja kahjumlikud internetifirmad l\u00e4ksid pankrotti v\u00f5i nende v\u00e4\u00e4rtus haihtus. Investorid kaotasid suuri summasid.<\/p>\n<p>[\/et_pb_blurb][\/et_pb_column][et_pb_column type=&#8221;1_2&#8243; _builder_version=&#8221;4.19.0&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_blurb title=&#8221;\u00d5ppetunnid&#8221; use_icon=&#8221;on&#8221; font_icon=&#8221;&#xe007;||divi||400&#8243; icon_color=&#8221;gcid-4be89a11-e1d4-4e38-bd60-3e2564590e85&#8243; icon_placement=&#8221;left&#8221; image_icon_width=&#8221;20px&#8221; content_max_width=&#8221;100%&#8221; icon_placement_tablet=&#8221;top&#8221; icon_placement_phone=&#8221;top&#8221; icon_placement_last_edited=&#8221;on|tablet&#8221; module_class=&#8221;educationcareerdetail_section2_blurb&#8221; _builder_version=&#8221;4.27.4&#8243; _module_preset=&#8221;default&#8221; header_font=&#8221;Poppins||||||||&#8221; header_text_color=&#8221;#171717&#8243; header_font_size=&#8221;15px&#8221; header_line_height=&#8221;1.3em&#8221; body_font=&#8221;|300|||||||&#8221; body_text_color=&#8221;#000000&#8243; text_orientation_tablet=&#8221;center&#8221; text_orientation_phone=&#8221;center&#8221; text_orientation_last_edited=&#8221;on|tablet&#8221; custom_css_blurb_image=&#8221;margin-bottom: 0;||width: auto;&#8221; custom_css_blurb_title=&#8221;padding-bottom: 0;&#8221; custom_css_blurb_content=&#8221;display: flex;||align-items: center;&#8221; global_colors_info=&#8221;{%22gcid-4be89a11-e1d4-4e38-bd60-3e2564590e85%22:%91%22icon_color%22%93}&#8221; custom_css_blurb_image_tablet=&#8221;margin-bottom: 5px;||width: auto;&#8221; custom_css_blurb_image_last_edited=&#8221;on|tablet&#8221; custom_css_blurb_content_tablet=&#8221;display: block;&#8221; custom_css_blurb_content_last_edited=&#8221;on|tablet&#8221; custom_css_blurb_image_phone=&#8221;margin-bottom: 5px;||width: auto;&#8221; custom_css_blurb_content_phone=&#8221;display: block;&#8221;]<\/p>\n<ul>\n<li><strong>Fundamentaalanal\u00fc\u00fcsi t\u00e4htsus:<\/strong> \u00e4ra unusta traditsioonilisi hindamismeetodeid (kasumid, rahavood, \u00e4rimudel) ka siis, kui tegemist on &#8220;uue ja revolutsioonilise&#8221; tehnoloogiaga.<\/li>\n<li><strong>Moer\u00f6\u00f6gatuste oht<\/strong>: investeerimine ei tohiks olla moega kaasajooksmine. &#8220;Kuumadesse&#8221; sektoritesse investeerimisel tuleb olla eriti ettevaatlik.<\/li>\n<li><strong>&#8220;Seekord on teisiti&#8221; m\u00f5tteviisi ohtlikkus:<\/strong> iga <a href=\"https:\/\/fundguidr.ee\/uncategorized\/nft\/\">buumi<\/a> ajal kiputakse arvama, et vanad reeglid enam ei kehti. Ajalugu n\u00e4itab, et see on harva t\u00f5si.<\/li>\n<\/ul>\n<p>[\/et_pb_blurb][et_pb_blurb title=&#8221;Muudatused&#8221; use_icon=&#8221;on&#8221; font_icon=&#8221;&#xe007;||divi||400&#8243; icon_color=&#8221;gcid-4be89a11-e1d4-4e38-bd60-3e2564590e85&#8243; icon_placement=&#8221;left&#8221; image_icon_width=&#8221;20px&#8221; content_max_width=&#8221;100%&#8221; icon_placement_tablet=&#8221;top&#8221; icon_placement_phone=&#8221;top&#8221; icon_placement_last_edited=&#8221;on|tablet&#8221; module_class=&#8221;educationcareerdetail_section2_blurb&#8221; _builder_version=&#8221;4.27.4&#8243; _module_preset=&#8221;default&#8221; header_font=&#8221;Poppins||||||||&#8221; header_text_color=&#8221;#171717&#8243; header_font_size=&#8221;15px&#8221; header_line_height=&#8221;1.3em&#8221; body_font=&#8221;|300|||||||&#8221; body_text_color=&#8221;#000000&#8243; text_orientation_tablet=&#8221;center&#8221; text_orientation_phone=&#8221;center&#8221; text_orientation_last_edited=&#8221;on|tablet&#8221; custom_css_blurb_image=&#8221;margin-bottom: 0;||width: auto;&#8221; custom_css_blurb_title=&#8221;padding-bottom: 0;&#8221; custom_css_blurb_content=&#8221;display: flex;||align-items: center;&#8221; global_colors_info=&#8221;{%22gcid-4be89a11-e1d4-4e38-bd60-3e2564590e85%22:%91%22icon_color%22%93}&#8221; custom_css_blurb_image_tablet=&#8221;margin-bottom: 5px;||width: auto;&#8221; custom_css_blurb_image_last_edited=&#8221;on|tablet&#8221; custom_css_blurb_content_tablet=&#8221;display: block;&#8221; custom_css_blurb_content_last_edited=&#8221;on|tablet&#8221; custom_css_blurb_image_phone=&#8221;margin-bottom: 5px;||width: auto;&#8221; custom_css_blurb_content_phone=&#8221;display: block;&#8221;]<\/p>\n<p>Kuigi see kriis ei toonud kaasa nii ulatuslikke regulatiivseid muudatusi kui 2008. aasta kriis, t\u00f5i see kaasa investorite k\u00e4itumise ja riskihindamise teatud kainestumise. Oluline on m\u00e4rkida, et osaliselt selle aja suurte raamatupidamisskandaalide (nt Enron, <a href=\"https:\/\/www.investopedia.com\/terms\/w\/worldcom.asp\" target=\"_blank\" rel=\"noopener\">WorldCom<\/a>) t\u00f5ttu v\u00f5eti USA-s 2002. aastal vastu <a href=\"https:\/\/www.sarbanes-oxley-act.com\/\" target=\"_blank\" rel=\"noopener\">Sarbanes-Oxley<\/a> seadus (SOX), mis karmistas oluliselt n\u00f5udeid ettev\u00f5tete finantsaruandlusele ja sisekontrollile.<\/p>\n<p>[\/et_pb_blurb][\/et_pb_column][\/et_pb_row][et_pb_row module_id=&#8221;aktsia5&#8243; _builder_version=&#8221;4.27.2&#8243; _module_preset=&#8221;default&#8221; custom_padding=&#8221;||0px||false|false&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_column type=&#8221;4_4&#8243; _builder_version=&#8221;4.19.0&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_blurb title=&#8221;4. \u00dclemaailmne finantskriis (2007\u20132009): Subprime-laenudest s\u00fcsteemse kriisini&#8221; content_max_width=&#8221;100%&#8221; _builder_version=&#8221;4.27.4&#8243; _module_preset=&#8221;default&#8221; header_font=&#8221;Nunito|700|||||||&#8221; header_text_color=&#8221;#171717&#8243; header_font_size=&#8221;22px&#8221; body_font=&#8221;Poppins||||||||&#8221; body_text_color=&#8221;#171717&#8243; custom_margin=&#8221;||25px||false|false&#8221; text_orientation_tablet=&#8221;center&#8221; text_orientation_phone=&#8221;center&#8221; text_orientation_last_edited=&#8221;on|tablet&#8221; global_colors_info=&#8221;{}&#8221;][\/et_pb_blurb][\/et_pb_column][\/et_pb_row][et_pb_row column_structure=&#8221;1_2,1_2&#8243; use_custom_gutter=&#8221;on&#8221; gutter_width=&#8221;2&#8243; _builder_version=&#8221;4.19.0&#8243; _module_preset=&#8221;default&#8221; custom_padding=&#8221;||0px||false|false&#8221; locked=&#8221;off&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_column type=&#8221;1_2&#8243; _builder_version=&#8221;4.19.0&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_blurb title=&#8221;Mis toimus&#8221; use_icon=&#8221;on&#8221; font_icon=&#8221;&#xe007;||divi||400&#8243; icon_color=&#8221;gcid-4be89a11-e1d4-4e38-bd60-3e2564590e85&#8243; icon_placement=&#8221;left&#8221; image_icon_width=&#8221;20px&#8221; content_max_width=&#8221;100%&#8221; icon_placement_tablet=&#8221;top&#8221; icon_placement_phone=&#8221;top&#8221; icon_placement_last_edited=&#8221;on|tablet&#8221; module_class=&#8221;educationcareerdetail_section2_blurb&#8221; _builder_version=&#8221;4.27.2&#8243; _module_preset=&#8221;default&#8221; header_font=&#8221;Poppins||||||||&#8221; header_text_color=&#8221;#171717&#8243; header_font_size=&#8221;15px&#8221; header_line_height=&#8221;1.3em&#8221; body_font=&#8221;|300|||||||&#8221; body_text_color=&#8221;#000000&#8243; text_orientation_tablet=&#8221;center&#8221; text_orientation_phone=&#8221;center&#8221; text_orientation_last_edited=&#8221;on|tablet&#8221; custom_css_blurb_image=&#8221;margin-bottom: 0;||width: auto;&#8221; custom_css_blurb_title=&#8221;padding-bottom: 0;&#8221; custom_css_blurb_content=&#8221;display: flex;||align-items: center;&#8221; global_colors_info=&#8221;{%22gcid-4be89a11-e1d4-4e38-bd60-3e2564590e85%22:%91%22icon_color%22%93}&#8221; custom_css_blurb_image_tablet=&#8221;margin-bottom: 5px;||width: auto;&#8221; custom_css_blurb_image_last_edited=&#8221;on|tablet&#8221; custom_css_blurb_content_tablet=&#8221;display: block;&#8221; custom_css_blurb_content_last_edited=&#8221;on|tablet&#8221; custom_css_blurb_image_phone=&#8221;margin-bottom: 5px;||width: auto;&#8221; custom_css_blurb_content_phone=&#8221;display: block;&#8221;]<\/p>\n<p>See on ilmselt k\u00f5ige ulatuslikum ja m\u00f5jukam finantskriis p\u00e4rast Suurt Depressiooni, saades alguse USA eluasemeturult ja kasvades kiiresti \u00fclemaailmseks finants- ja majanduskriisiks.<\/p>\n<p>[\/et_pb_blurb][et_pb_blurb title=&#8221;P\u00f5hjused&#8221; use_icon=&#8221;on&#8221; font_icon=&#8221;&#xe007;||divi||400&#8243; icon_color=&#8221;gcid-4be89a11-e1d4-4e38-bd60-3e2564590e85&#8243; icon_placement=&#8221;left&#8221; image_icon_width=&#8221;20px&#8221; content_max_width=&#8221;100%&#8221; icon_placement_tablet=&#8221;top&#8221; icon_placement_phone=&#8221;top&#8221; icon_placement_last_edited=&#8221;on|tablet&#8221; module_class=&#8221;educationcareerdetail_section2_blurb&#8221; _builder_version=&#8221;4.27.2&#8243; _module_preset=&#8221;default&#8221; header_font=&#8221;Poppins||||||||&#8221; header_text_color=&#8221;#171717&#8243; header_font_size=&#8221;15px&#8221; header_line_height=&#8221;1.3em&#8221; body_font=&#8221;|300|||||||&#8221; body_text_color=&#8221;#000000&#8243; text_orientation_tablet=&#8221;center&#8221; text_orientation_phone=&#8221;center&#8221; text_orientation_last_edited=&#8221;on|tablet&#8221; custom_css_blurb_image=&#8221;margin-bottom: 0;||width: auto;&#8221; custom_css_blurb_title=&#8221;padding-bottom: 0;&#8221; custom_css_blurb_content=&#8221;display: flex;||align-items: center;&#8221; global_colors_info=&#8221;{%22gcid-4be89a11-e1d4-4e38-bd60-3e2564590e85%22:%91%22icon_color%22%93}&#8221; custom_css_blurb_image_tablet=&#8221;margin-bottom: 5px;||width: auto;&#8221; custom_css_blurb_image_last_edited=&#8221;on|tablet&#8221; custom_css_blurb_content_tablet=&#8221;display: block;&#8221; custom_css_blurb_content_last_edited=&#8221;on|tablet&#8221; custom_css_blurb_image_phone=&#8221;margin-bottom: 5px;||width: auto;&#8221; custom_css_blurb_content_phone=&#8221;display: block;&#8221;]<\/p>\n<p>USA eluasememull (subprime-h\u00fcpoteeklaenud), keerukad finantsinstrumendid (CDOd, MBSid), reitinguagentuuride puudulik t\u00f6\u00f6, liigne finantsv\u00f5imendus, &#8220;liiga suured, et kukkuda&#8221; (too big to fail) pangad, ja globaalne makromajanduslik tasakaalustamatus.<\/p>\n<p>[\/et_pb_blurb][et_pb_blurb title=&#8221;Krahh ja tagaj\u00e4rjed&#8221; use_icon=&#8221;on&#8221; font_icon=&#8221;&#xe007;||divi||400&#8243; icon_color=&#8221;gcid-4be89a11-e1d4-4e38-bd60-3e2564590e85&#8243; icon_placement=&#8221;left&#8221; image_icon_width=&#8221;20px&#8221; content_max_width=&#8221;100%&#8221; icon_placement_tablet=&#8221;top&#8221; icon_placement_phone=&#8221;top&#8221; icon_placement_last_edited=&#8221;on|tablet&#8221; module_class=&#8221;educationcareerdetail_section2_blurb&#8221; _builder_version=&#8221;4.27.2&#8243; _module_preset=&#8221;default&#8221; header_font=&#8221;Poppins||||||||&#8221; header_text_color=&#8221;#171717&#8243; header_font_size=&#8221;15px&#8221; header_line_height=&#8221;1.3em&#8221; body_font=&#8221;|300|||||||&#8221; body_text_color=&#8221;#000000&#8243; text_orientation_tablet=&#8221;center&#8221; text_orientation_phone=&#8221;center&#8221; text_orientation_last_edited=&#8221;on|tablet&#8221; custom_css_blurb_image=&#8221;margin-bottom: 0;||width: auto;&#8221; custom_css_blurb_title=&#8221;padding-bottom: 0;&#8221; custom_css_blurb_content=&#8221;display: flex;||align-items: center;&#8221; global_colors_info=&#8221;{%22gcid-4be89a11-e1d4-4e38-bd60-3e2564590e85%22:%91%22icon_color%22%93}&#8221; custom_css_blurb_image_tablet=&#8221;margin-bottom: 5px;||width: auto;&#8221; custom_css_blurb_image_last_edited=&#8221;on|tablet&#8221; custom_css_blurb_content_tablet=&#8221;display: block;&#8221; custom_css_blurb_content_last_edited=&#8221;on|tablet&#8221; custom_css_blurb_image_phone=&#8221;margin-bottom: 5px;||width: auto;&#8221; custom_css_blurb_content_phone=&#8221;display: block;&#8221;]<\/p>\n<p>Lehman Brothersi pankrot 2008. aasta septembris vallandas \u00fclemaailmse paanika. Krediiditurud k\u00fclmusid, aktsiaturud langesid j\u00e4rsult. Paljud riigid pidid oma panku p\u00e4\u00e4stma ulatuslike p\u00e4\u00e4stepakettidega. J\u00e4rgnes globaalne majanduslangus (Suur Retsessioon), t\u00f6\u00f6puuduse kasv ja m\u00f5nes Euroopa riigis ka riigiv\u00f5lakriis (vt j\u00e4rgmine punkt). Eestit tabas see kriis eriti r\u00e4ngalt, tuues kaasa \u00fche s\u00fcgavaima majanduslanguse ELis.<\/p>\n<p>[\/et_pb_blurb][\/et_pb_column][et_pb_column type=&#8221;1_2&#8243; _builder_version=&#8221;4.19.0&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_blurb title=&#8221;\u00d5ppetunnid&#8221; use_icon=&#8221;on&#8221; font_icon=&#8221;&#xe007;||divi||400&#8243; icon_color=&#8221;gcid-4be89a11-e1d4-4e38-bd60-3e2564590e85&#8243; icon_placement=&#8221;left&#8221; image_icon_width=&#8221;20px&#8221; content_max_width=&#8221;100%&#8221; icon_placement_tablet=&#8221;top&#8221; icon_placement_phone=&#8221;top&#8221; icon_placement_last_edited=&#8221;on|tablet&#8221; module_class=&#8221;educationcareerdetail_section2_blurb&#8221; _builder_version=&#8221;4.27.4&#8243; _module_preset=&#8221;default&#8221; header_font=&#8221;Poppins||||||||&#8221; header_text_color=&#8221;#171717&#8243; header_font_size=&#8221;15px&#8221; header_line_height=&#8221;1.3em&#8221; body_font=&#8221;|300|||||||&#8221; body_text_color=&#8221;#000000&#8243; text_orientation_tablet=&#8221;center&#8221; text_orientation_phone=&#8221;center&#8221; text_orientation_last_edited=&#8221;on|tablet&#8221; custom_css_blurb_image=&#8221;margin-bottom: 0;||width: auto;&#8221; custom_css_blurb_title=&#8221;padding-bottom: 0;&#8221; custom_css_blurb_content=&#8221;display: flex;||align-items: center;&#8221; global_colors_info=&#8221;{%22gcid-4be89a11-e1d4-4e38-bd60-3e2564590e85%22:%91%22icon_color%22%93}&#8221; custom_css_blurb_image_tablet=&#8221;margin-bottom: 5px;||width: auto;&#8221; custom_css_blurb_image_last_edited=&#8221;on|tablet&#8221; custom_css_blurb_content_tablet=&#8221;display: block;&#8221; custom_css_blurb_content_last_edited=&#8221;on|tablet&#8221; custom_css_blurb_image_phone=&#8221;margin-bottom: 5px;||width: auto;&#8221; custom_css_blurb_content_phone=&#8221;display: block;&#8221;]<\/p>\n<p>S\u00fcsteemse riski oht, finantsinnovatsiooni varjuk\u00fcljed, reguleerimise ja j\u00e4relevalve kriitiline olulisus, moraaliriski probleem, globaalse finantss\u00fcsteemi vastastikune seotus.<\/p>\n<p>[\/et_pb_blurb][et_pb_blurb title=&#8221;Muudatused&#8221; use_icon=&#8221;on&#8221; font_icon=&#8221;&#xe007;||divi||400&#8243; icon_color=&#8221;gcid-4be89a11-e1d4-4e38-bd60-3e2564590e85&#8243; icon_placement=&#8221;left&#8221; image_icon_width=&#8221;20px&#8221; content_max_width=&#8221;100%&#8221; icon_placement_tablet=&#8221;top&#8221; icon_placement_phone=&#8221;top&#8221; icon_placement_last_edited=&#8221;on|tablet&#8221; module_class=&#8221;educationcareerdetail_section2_blurb&#8221; _builder_version=&#8221;4.27.4&#8243; _module_preset=&#8221;default&#8221; header_font=&#8221;Poppins||||||||&#8221; header_text_color=&#8221;#171717&#8243; header_font_size=&#8221;15px&#8221; header_line_height=&#8221;1.3em&#8221; body_font=&#8221;|300|||||||&#8221; body_text_color=&#8221;#000000&#8243; text_orientation_tablet=&#8221;center&#8221; text_orientation_phone=&#8221;center&#8221; text_orientation_last_edited=&#8221;on|tablet&#8221; custom_css_blurb_image=&#8221;margin-bottom: 0;||width: auto;&#8221; custom_css_blurb_title=&#8221;padding-bottom: 0;&#8221; custom_css_blurb_content=&#8221;display: flex;||align-items: center;&#8221; global_colors_info=&#8221;{%22gcid-4be89a11-e1d4-4e38-bd60-3e2564590e85%22:%91%22icon_color%22%93}&#8221; custom_css_blurb_image_tablet=&#8221;margin-bottom: 5px;||width: auto;&#8221; custom_css_blurb_image_last_edited=&#8221;on|tablet&#8221; custom_css_blurb_content_tablet=&#8221;display: block;&#8221; custom_css_blurb_content_last_edited=&#8221;on|tablet&#8221; custom_css_blurb_image_phone=&#8221;margin-bottom: 5px;||width: auto;&#8221; custom_css_blurb_content_phone=&#8221;display: block;&#8221;]<\/p>\n<p><a href=\"https:\/\/www.investopedia.com\/terms\/d\/dodd-frank-financial-regulatory-reform-bill.asp\" target=\"_blank\" rel=\"noopener\">Dodd-Franki seadus<\/a> USA-s, Baseli III pangandusstandardid (k\u00f5rgemad kapitalin\u00f5uded), finantsj\u00e4relevalve tugevdamine Euroopas (nt Euroopa S\u00fcsteemsete Riskide N\u00f5ukogu (ESRB), Euroopa Pangandusj\u00e4relevalve (EBA) loomine), tarbijakaitse tugevdamine finantssektoris.\u00a0<\/p>\n<p>[\/et_pb_blurb][\/et_pb_column][\/et_pb_row][et_pb_row module_id=&#8221;aktsia5&#8243; _builder_version=&#8221;4.27.2&#8243; _module_preset=&#8221;default&#8221; custom_padding=&#8221;||0px||false|false&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_column type=&#8221;4_4&#8243; _builder_version=&#8221;4.19.0&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_blurb title=&#8221;5. Euroala v\u00f5lakriis (ca 2010\u20132012 ja edasi): Globaalse finantskriisi j\u00e4rellainetus Euroopas&#8221; content_max_width=&#8221;100%&#8221; _builder_version=&#8221;4.27.4&#8243; _module_preset=&#8221;default&#8221; header_font=&#8221;Nunito|700|||||||&#8221; header_text_color=&#8221;#171717&#8243; header_font_size=&#8221;22px&#8221; body_font=&#8221;Poppins||||||||&#8221; body_text_color=&#8221;#171717&#8243; custom_margin=&#8221;||25px||false|false&#8221; text_orientation_tablet=&#8221;center&#8221; text_orientation_phone=&#8221;center&#8221; text_orientation_last_edited=&#8221;on|tablet&#8221; global_colors_info=&#8221;{}&#8221;][\/et_pb_blurb][\/et_pb_column][\/et_pb_row][et_pb_row column_structure=&#8221;1_2,1_2&#8243; use_custom_gutter=&#8221;on&#8221; gutter_width=&#8221;2&#8243; _builder_version=&#8221;4.19.0&#8243; _module_preset=&#8221;default&#8221; custom_padding=&#8221;||0px||false|false&#8221; locked=&#8221;off&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_column type=&#8221;1_2&#8243; _builder_version=&#8221;4.19.0&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_blurb title=&#8221;Mis toimus&#8221; use_icon=&#8221;on&#8221; font_icon=&#8221;&#xe007;||divi||400&#8243; icon_color=&#8221;gcid-4be89a11-e1d4-4e38-bd60-3e2564590e85&#8243; icon_placement=&#8221;left&#8221; image_icon_width=&#8221;20px&#8221; content_max_width=&#8221;100%&#8221; icon_placement_tablet=&#8221;top&#8221; icon_placement_phone=&#8221;top&#8221; icon_placement_last_edited=&#8221;on|tablet&#8221; module_class=&#8221;educationcareerdetail_section2_blurb&#8221; _builder_version=&#8221;4.27.2&#8243; _module_preset=&#8221;default&#8221; header_font=&#8221;Poppins||||||||&#8221; header_text_color=&#8221;#171717&#8243; header_font_size=&#8221;15px&#8221; header_line_height=&#8221;1.3em&#8221; body_font=&#8221;|300|||||||&#8221; body_text_color=&#8221;#000000&#8243; text_orientation_tablet=&#8221;center&#8221; text_orientation_phone=&#8221;center&#8221; text_orientation_last_edited=&#8221;on|tablet&#8221; custom_css_blurb_image=&#8221;margin-bottom: 0;||width: auto;&#8221; custom_css_blurb_title=&#8221;padding-bottom: 0;&#8221; custom_css_blurb_content=&#8221;display: flex;||align-items: center;&#8221; global_colors_info=&#8221;{%22gcid-4be89a11-e1d4-4e38-bd60-3e2564590e85%22:%91%22icon_color%22%93}&#8221; custom_css_blurb_image_tablet=&#8221;margin-bottom: 5px;||width: auto;&#8221; custom_css_blurb_image_last_edited=&#8221;on|tablet&#8221; custom_css_blurb_content_tablet=&#8221;display: block;&#8221; custom_css_blurb_content_last_edited=&#8221;on|tablet&#8221; custom_css_blurb_image_phone=&#8221;margin-bottom: 5px;||width: auto;&#8221; custom_css_blurb_content_phone=&#8221;display: block;&#8221;]<\/p>\n<p>M\u00f5ned euroala riigid (eriti Kreeka, Iirimaa, Portugal, hiljem ka Hispaania ja K\u00fcpros) sattusid suurtesse raskustesse oma riigiv\u00f5la teenindamisega. Investorid kaotasid usu nende riikide maksev\u00f5imesse.<\/p>\n<p>[\/et_pb_blurb][et_pb_blurb title=&#8221;P\u00f5hjused&#8221; use_icon=&#8221;on&#8221; font_icon=&#8221;&#xe007;||divi||400&#8243; icon_color=&#8221;gcid-4be89a11-e1d4-4e38-bd60-3e2564590e85&#8243; icon_placement=&#8221;left&#8221; image_icon_width=&#8221;20px&#8221; content_max_width=&#8221;100%&#8221; icon_placement_tablet=&#8221;top&#8221; icon_placement_phone=&#8221;top&#8221; icon_placement_last_edited=&#8221;on|tablet&#8221; module_class=&#8221;educationcareerdetail_section2_blurb&#8221; _builder_version=&#8221;4.27.2&#8243; _module_preset=&#8221;default&#8221; header_font=&#8221;Poppins||||||||&#8221; header_text_color=&#8221;#171717&#8243; header_font_size=&#8221;15px&#8221; header_line_height=&#8221;1.3em&#8221; body_font=&#8221;|300|||||||&#8221; body_text_color=&#8221;#000000&#8243; text_orientation_tablet=&#8221;center&#8221; text_orientation_phone=&#8221;center&#8221; text_orientation_last_edited=&#8221;on|tablet&#8221; custom_css_blurb_image=&#8221;margin-bottom: 0;||width: auto;&#8221; custom_css_blurb_title=&#8221;padding-bottom: 0;&#8221; custom_css_blurb_content=&#8221;display: flex;||align-items: center;&#8221; global_colors_info=&#8221;{%22gcid-4be89a11-e1d4-4e38-bd60-3e2564590e85%22:%91%22icon_color%22%93}&#8221; custom_css_blurb_image_tablet=&#8221;margin-bottom: 5px;||width: auto;&#8221; custom_css_blurb_image_last_edited=&#8221;on|tablet&#8221; custom_css_blurb_content_tablet=&#8221;display: block;&#8221; custom_css_blurb_content_last_edited=&#8221;on|tablet&#8221; custom_css_blurb_image_phone=&#8221;margin-bottom: 5px;||width: auto;&#8221; custom_css_blurb_content_phone=&#8221;display: block;&#8221;]<\/p>\n<p>M\u00f5nede riikide pikaajaliselt k\u00f5rge riigiv\u00f5lg ja eelarvedefitsiit, mida s\u00fcvendas \u00fclemaailmne finantskriis (p\u00e4\u00e4stsid panku, majanduslangus v\u00e4hendas maksutulusid), struktuursed probleemid (nt konkurentsiv\u00f5ime langus), rahaliidu \u00fclesehituse puuduj\u00e4\u00e4gid (puudus \u00fchine fiskaalpoliitika ja kriisilahendusmehhanismid).<\/p>\n<p>[\/et_pb_blurb][et_pb_blurb title=&#8221;S\u00fcndmused ja tagaj\u00e4rjed&#8221; use_icon=&#8221;on&#8221; font_icon=&#8221;&#xe007;||divi||400&#8243; icon_color=&#8221;gcid-4be89a11-e1d4-4e38-bd60-3e2564590e85&#8243; icon_placement=&#8221;left&#8221; image_icon_width=&#8221;20px&#8221; content_max_width=&#8221;100%&#8221; icon_placement_tablet=&#8221;top&#8221; icon_placement_phone=&#8221;top&#8221; icon_placement_last_edited=&#8221;on|tablet&#8221; module_class=&#8221;educationcareerdetail_section2_blurb&#8221; _builder_version=&#8221;4.27.2&#8243; _module_preset=&#8221;default&#8221; header_font=&#8221;Poppins||||||||&#8221; header_text_color=&#8221;#171717&#8243; header_font_size=&#8221;15px&#8221; header_line_height=&#8221;1.3em&#8221; body_font=&#8221;|300|||||||&#8221; body_text_color=&#8221;#000000&#8243; text_orientation_tablet=&#8221;center&#8221; text_orientation_phone=&#8221;center&#8221; text_orientation_last_edited=&#8221;on|tablet&#8221; custom_css_blurb_image=&#8221;margin-bottom: 0;||width: auto;&#8221; custom_css_blurb_title=&#8221;padding-bottom: 0;&#8221; custom_css_blurb_content=&#8221;display: flex;||align-items: center;&#8221; global_colors_info=&#8221;{%22gcid-4be89a11-e1d4-4e38-bd60-3e2564590e85%22:%91%22icon_color%22%93}&#8221; custom_css_blurb_image_tablet=&#8221;margin-bottom: 5px;||width: auto;&#8221; custom_css_blurb_image_last_edited=&#8221;on|tablet&#8221; custom_css_blurb_content_tablet=&#8221;display: block;&#8221; custom_css_blurb_content_last_edited=&#8221;on|tablet&#8221; custom_css_blurb_image_phone=&#8221;margin-bottom: 5px;||width: auto;&#8221; custom_css_blurb_content_phone=&#8221;display: block;&#8221;]<\/p>\n<p>Riikide v\u00f5lakirjade intressim\u00e4\u00e4rad t\u00f5usid j\u00e4rsult, \u00e4hvardades neid maksej\u00f5uetusega. Loodi Euroopa Finantsstabiilsuse Fond (EFSF) ja hiljem p\u00fcsivam <a href=\"https:\/\/www.fin.ee\/finantspoliitika-valissuhted\/rahvusvaheline-koostoo-ja-euroopa-liit\/euroopa-stabiilsusmehhanism\" target=\"_blank\" rel=\"noopener\">Euroopa Stabiilsusmehhanism<\/a> (ESM) p\u00e4\u00e4stepakettide andmiseks. Euroopa Keskpank (EKP) sekkus oluliselt turgude rahustamiseks (nt v\u00f5lakirjade ostuprogrammidega). J\u00e4rgnesid valulikud k\u00e4rpekavad ja reformid abisaajariikides.<\/p>\n<p>[\/et_pb_blurb][\/et_pb_column][et_pb_column type=&#8221;1_2&#8243; _builder_version=&#8221;4.19.0&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_blurb title=&#8221;\u00d5ppetunnid&#8221; use_icon=&#8221;on&#8221; font_icon=&#8221;&#xe007;||divi||400&#8243; icon_color=&#8221;gcid-4be89a11-e1d4-4e38-bd60-3e2564590e85&#8243; icon_placement=&#8221;left&#8221; image_icon_width=&#8221;20px&#8221; content_max_width=&#8221;100%&#8221; icon_placement_tablet=&#8221;top&#8221; icon_placement_phone=&#8221;top&#8221; icon_placement_last_edited=&#8221;on|tablet&#8221; module_class=&#8221;educationcareerdetail_section2_blurb&#8221; _builder_version=&#8221;4.27.4&#8243; _module_preset=&#8221;default&#8221; header_font=&#8221;Poppins||||||||&#8221; header_text_color=&#8221;#171717&#8243; header_font_size=&#8221;15px&#8221; header_line_height=&#8221;1.3em&#8221; body_font=&#8221;|300|||||||&#8221; body_text_color=&#8221;#000000&#8243; text_orientation_tablet=&#8221;center&#8221; text_orientation_phone=&#8221;center&#8221; text_orientation_last_edited=&#8221;on|tablet&#8221; custom_css_blurb_image=&#8221;margin-bottom: 0;||width: auto;&#8221; custom_css_blurb_title=&#8221;padding-bottom: 0;&#8221; custom_css_blurb_content=&#8221;display: flex;||align-items: center;&#8221; global_colors_info=&#8221;{%22gcid-4be89a11-e1d4-4e38-bd60-3e2564590e85%22:%91%22icon_color%22%93}&#8221; custom_css_blurb_image_tablet=&#8221;margin-bottom: 5px;||width: auto;&#8221; custom_css_blurb_image_last_edited=&#8221;on|tablet&#8221; custom_css_blurb_content_tablet=&#8221;display: block;&#8221; custom_css_blurb_content_last_edited=&#8221;on|tablet&#8221; custom_css_blurb_image_phone=&#8221;margin-bottom: 5px;||width: auto;&#8221; custom_css_blurb_content_phone=&#8221;display: block;&#8221;]<\/p>\n<p>Rahaliidu v\u00e4ljakutsed ilma tugeva fiskaal- ja poliitilise liiduta, riigirahanduse distsipliini ja struktuursete reformide vajalikkus, pankade ja riikide tihe vastastikune seotus (&#8220;doom loop&#8221; \u2013 riigi probleemid m\u00f5jutavad panku ja vastupidi).<\/p>\n<p>[\/et_pb_blurb][et_pb_blurb title=&#8221;Muudatused&#8221; use_icon=&#8221;on&#8221; font_icon=&#8221;&#xe007;||divi||400&#8243; icon_color=&#8221;gcid-4be89a11-e1d4-4e38-bd60-3e2564590e85&#8243; icon_placement=&#8221;left&#8221; image_icon_width=&#8221;20px&#8221; content_max_width=&#8221;100%&#8221; icon_placement_tablet=&#8221;top&#8221; icon_placement_phone=&#8221;top&#8221; icon_placement_last_edited=&#8221;on|tablet&#8221; module_class=&#8221;educationcareerdetail_section2_blurb&#8221; _builder_version=&#8221;4.27.4&#8243; _module_preset=&#8221;default&#8221; header_font=&#8221;Poppins||||||||&#8221; header_text_color=&#8221;#171717&#8243; header_font_size=&#8221;15px&#8221; header_line_height=&#8221;1.3em&#8221; body_font=&#8221;|300|||||||&#8221; body_text_color=&#8221;#000000&#8243; text_orientation_tablet=&#8221;center&#8221; text_orientation_phone=&#8221;center&#8221; text_orientation_last_edited=&#8221;on|tablet&#8221; custom_css_blurb_image=&#8221;margin-bottom: 0;||width: auto;&#8221; custom_css_blurb_title=&#8221;padding-bottom: 0;&#8221; custom_css_blurb_content=&#8221;display: flex;||align-items: center;&#8221; global_colors_info=&#8221;{%22gcid-4be89a11-e1d4-4e38-bd60-3e2564590e85%22:%91%22icon_color%22%93}&#8221; custom_css_blurb_image_tablet=&#8221;margin-bottom: 5px;||width: auto;&#8221; custom_css_blurb_image_last_edited=&#8221;on|tablet&#8221; custom_css_blurb_content_tablet=&#8221;display: block;&#8221; custom_css_blurb_content_last_edited=&#8221;on|tablet&#8221; custom_css_blurb_image_phone=&#8221;margin-bottom: 5px;||width: auto;&#8221; custom_css_blurb_content_phone=&#8221;display: block;&#8221;]<\/p>\n<p>ESMi loomine, pangandusliidu sammud (\u00fchine pangandusj\u00e4relevalve, \u00fchine kriisilahendusmehhanism), eelarvereeglite karmistamine ELis (nt &#8220;Six-Pack&#8221;, &#8220;Two-Pack&#8221; seadusandlus).<\/p>\n<p>[\/et_pb_blurb][\/et_pb_column][\/et_pb_row][et_pb_row module_id=&#8221;aktsia5&#8243; _builder_version=&#8221;4.27.2&#8243; _module_preset=&#8221;default&#8221; custom_padding=&#8221;||0px||false|false&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_column type=&#8221;4_4&#8243; _builder_version=&#8221;4.19.0&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_blurb title=&#8221;6. COVID-19 pandeemia turu\u0161okk (2020): Globaalne seiskumine ja (seni) kiire taastumine&#8221; content_max_width=&#8221;100%&#8221; _builder_version=&#8221;4.27.4&#8243; _module_preset=&#8221;default&#8221; header_font=&#8221;Nunito|700|||||||&#8221; header_text_color=&#8221;#171717&#8243; header_font_size=&#8221;22px&#8221; body_font=&#8221;Poppins||||||||&#8221; body_text_color=&#8221;#171717&#8243; custom_margin=&#8221;||25px||false|false&#8221; text_orientation_tablet=&#8221;center&#8221; text_orientation_phone=&#8221;center&#8221; text_orientation_last_edited=&#8221;on|tablet&#8221; global_colors_info=&#8221;{}&#8221;][\/et_pb_blurb][\/et_pb_column][\/et_pb_row][et_pb_row column_structure=&#8221;1_2,1_2&#8243; use_custom_gutter=&#8221;on&#8221; gutter_width=&#8221;2&#8243; _builder_version=&#8221;4.19.0&#8243; _module_preset=&#8221;default&#8221; custom_padding=&#8221;||0px||false|false&#8221; locked=&#8221;off&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_column type=&#8221;1_2&#8243; _builder_version=&#8221;4.19.0&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_blurb title=&#8221;Mis toimus&#8221; use_icon=&#8221;on&#8221; font_icon=&#8221;&#xe007;||divi||400&#8243; icon_color=&#8221;gcid-4be89a11-e1d4-4e38-bd60-3e2564590e85&#8243; icon_placement=&#8221;left&#8221; image_icon_width=&#8221;20px&#8221; content_max_width=&#8221;100%&#8221; icon_placement_tablet=&#8221;top&#8221; icon_placement_phone=&#8221;top&#8221; icon_placement_last_edited=&#8221;on|tablet&#8221; module_class=&#8221;educationcareerdetail_section2_blurb&#8221; _builder_version=&#8221;4.27.2&#8243; _module_preset=&#8221;default&#8221; header_font=&#8221;Poppins||||||||&#8221; header_text_color=&#8221;#171717&#8243; header_font_size=&#8221;15px&#8221; header_line_height=&#8221;1.3em&#8221; body_font=&#8221;|300|||||||&#8221; body_text_color=&#8221;#000000&#8243; text_orientation_tablet=&#8221;center&#8221; text_orientation_phone=&#8221;center&#8221; text_orientation_last_edited=&#8221;on|tablet&#8221; custom_css_blurb_image=&#8221;margin-bottom: 0;||width: auto;&#8221; custom_css_blurb_title=&#8221;padding-bottom: 0;&#8221; custom_css_blurb_content=&#8221;display: flex;||align-items: center;&#8221; global_colors_info=&#8221;{%22gcid-4be89a11-e1d4-4e38-bd60-3e2564590e85%22:%91%22icon_color%22%93}&#8221; custom_css_blurb_image_tablet=&#8221;margin-bottom: 5px;||width: auto;&#8221; custom_css_blurb_image_last_edited=&#8221;on|tablet&#8221; custom_css_blurb_content_tablet=&#8221;display: block;&#8221; custom_css_blurb_content_last_edited=&#8221;on|tablet&#8221; custom_css_blurb_image_phone=&#8221;margin-bottom: 5px;||width: auto;&#8221; custom_css_blurb_content_phone=&#8221;display: block;&#8221;]<\/p>\n<p>2020. aasta alguses vallandunud COVID-19 pandeemia p\u00f5hjustas enneolematu \u0161oki maailmamajandusele ja finantsturgudele.<\/p>\n<p>[\/et_pb_blurb][et_pb_blurb title=&#8221;P\u00f5hjused&#8221; use_icon=&#8221;on&#8221; font_icon=&#8221;&#xe007;||divi||400&#8243; icon_color=&#8221;gcid-4be89a11-e1d4-4e38-bd60-3e2564590e85&#8243; icon_placement=&#8221;left&#8221; image_icon_width=&#8221;20px&#8221; content_max_width=&#8221;100%&#8221; icon_placement_tablet=&#8221;top&#8221; icon_placement_phone=&#8221;top&#8221; icon_placement_last_edited=&#8221;on|tablet&#8221; module_class=&#8221;educationcareerdetail_section2_blurb&#8221; _builder_version=&#8221;4.27.2&#8243; _module_preset=&#8221;default&#8221; header_font=&#8221;Poppins||||||||&#8221; header_text_color=&#8221;#171717&#8243; header_font_size=&#8221;15px&#8221; header_line_height=&#8221;1.3em&#8221; body_font=&#8221;|300|||||||&#8221; body_text_color=&#8221;#000000&#8243; text_orientation_tablet=&#8221;center&#8221; text_orientation_phone=&#8221;center&#8221; text_orientation_last_edited=&#8221;on|tablet&#8221; custom_css_blurb_image=&#8221;margin-bottom: 0;||width: auto;&#8221; custom_css_blurb_title=&#8221;padding-bottom: 0;&#8221; custom_css_blurb_content=&#8221;display: flex;||align-items: center;&#8221; global_colors_info=&#8221;{%22gcid-4be89a11-e1d4-4e38-bd60-3e2564590e85%22:%91%22icon_color%22%93}&#8221; custom_css_blurb_image_tablet=&#8221;margin-bottom: 5px;||width: auto;&#8221; custom_css_blurb_image_last_edited=&#8221;on|tablet&#8221; custom_css_blurb_content_tablet=&#8221;display: block;&#8221; custom_css_blurb_content_last_edited=&#8221;on|tablet&#8221; custom_css_blurb_image_phone=&#8221;margin-bottom: 5px;||width: auto;&#8221; custom_css_blurb_content_phone=&#8221;display: block;&#8221;]<\/p>\n<p>M\u00f5nede riikide pikaajaliselt k\u00f5rge riigiv\u00f5lg ja eelarvedefitsiit, mida s\u00fcvendas \u00fclemaailmne finantskriis (p\u00e4\u00e4stsid panku, majanduslangus v\u00e4hendas maksutulusid), struktuursed probleemid (nt konkurentsiv\u00f5ime langus), rahaliidu \u00fclesehituse puuduj\u00e4\u00e4gid (puudus \u00fchine fiskaalpoliitika ja kriisilahendusmehhanismid).<\/p>\n<p>[\/et_pb_blurb][et_pb_blurb title=&#8221;S\u00fcndmused ja tagaj\u00e4rjed&#8221; use_icon=&#8221;on&#8221; font_icon=&#8221;&#xe007;||divi||400&#8243; icon_color=&#8221;gcid-4be89a11-e1d4-4e38-bd60-3e2564590e85&#8243; icon_placement=&#8221;left&#8221; image_icon_width=&#8221;20px&#8221; content_max_width=&#8221;100%&#8221; icon_placement_tablet=&#8221;top&#8221; icon_placement_phone=&#8221;top&#8221; icon_placement_last_edited=&#8221;on|tablet&#8221; module_class=&#8221;educationcareerdetail_section2_blurb&#8221; _builder_version=&#8221;4.27.2&#8243; _module_preset=&#8221;default&#8221; header_font=&#8221;Poppins||||||||&#8221; header_text_color=&#8221;#171717&#8243; header_font_size=&#8221;15px&#8221; header_line_height=&#8221;1.3em&#8221; body_font=&#8221;|300|||||||&#8221; body_text_color=&#8221;#000000&#8243; text_orientation_tablet=&#8221;center&#8221; text_orientation_phone=&#8221;center&#8221; text_orientation_last_edited=&#8221;on|tablet&#8221; custom_css_blurb_image=&#8221;margin-bottom: 0;||width: auto;&#8221; custom_css_blurb_title=&#8221;padding-bottom: 0;&#8221; custom_css_blurb_content=&#8221;display: flex;||align-items: center;&#8221; global_colors_info=&#8221;{%22gcid-4be89a11-e1d4-4e38-bd60-3e2564590e85%22:%91%22icon_color%22%93}&#8221; custom_css_blurb_image_tablet=&#8221;margin-bottom: 5px;||width: auto;&#8221; custom_css_blurb_image_last_edited=&#8221;on|tablet&#8221; custom_css_blurb_content_tablet=&#8221;display: block;&#8221; custom_css_blurb_content_last_edited=&#8221;on|tablet&#8221; custom_css_blurb_image_phone=&#8221;margin-bottom: 5px;||width: auto;&#8221; custom_css_blurb_content_phone=&#8221;display: block;&#8221;]<\/p>\n<p>Aktsiaturud langesid 2020. aasta veebruaris-m\u00e4rtsis erakordselt kiiresti (m\u00f5nel pool kiireim langus ajaloos). Samas j\u00e4rgnes sellele ka erakordselt kiire taastumine, millele aitasid kaasa keskpankade (sh EKP ja USA F\u00f6deraalreservi) ja valitsuste massiivsed stiimulprogrammid (intressim\u00e4\u00e4rade langetamine, varaostuprogrammid, otsesed toetused ettev\u00f5tetele ja kodumajapidamistele).<\/p>\n<p>[\/et_pb_blurb][\/et_pb_column][et_pb_column type=&#8221;1_2&#8243; _builder_version=&#8221;4.19.0&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_blurb title=&#8221;\u00d5ppetunnid&#8221; use_icon=&#8221;on&#8221; font_icon=&#8221;&#xe007;||divi||400&#8243; icon_color=&#8221;gcid-4be89a11-e1d4-4e38-bd60-3e2564590e85&#8243; icon_placement=&#8221;left&#8221; image_icon_width=&#8221;20px&#8221; content_max_width=&#8221;100%&#8221; icon_placement_tablet=&#8221;top&#8221; icon_placement_phone=&#8221;top&#8221; icon_placement_last_edited=&#8221;on|tablet&#8221; module_class=&#8221;educationcareerdetail_section2_blurb&#8221; _builder_version=&#8221;4.27.4&#8243; _module_preset=&#8221;default&#8221; header_font=&#8221;Poppins||||||||&#8221; header_text_color=&#8221;#171717&#8243; header_font_size=&#8221;15px&#8221; header_line_height=&#8221;1.3em&#8221; body_font=&#8221;|300|||||||&#8221; body_text_color=&#8221;#000000&#8243; text_orientation_tablet=&#8221;center&#8221; text_orientation_phone=&#8221;center&#8221; text_orientation_last_edited=&#8221;on|tablet&#8221; custom_css_blurb_image=&#8221;margin-bottom: 0;||width: auto;&#8221; custom_css_blurb_title=&#8221;padding-bottom: 0;&#8221; custom_css_blurb_content=&#8221;display: flex;||align-items: center;&#8221; global_colors_info=&#8221;{%22gcid-4be89a11-e1d4-4e38-bd60-3e2564590e85%22:%91%22icon_color%22%93}&#8221; custom_css_blurb_image_tablet=&#8221;margin-bottom: 5px;||width: auto;&#8221; custom_css_blurb_image_last_edited=&#8221;on|tablet&#8221; custom_css_blurb_content_tablet=&#8221;display: block;&#8221; custom_css_blurb_content_last_edited=&#8221;on|tablet&#8221; custom_css_blurb_image_phone=&#8221;margin-bottom: 5px;||width: auto;&#8221; custom_css_blurb_content_phone=&#8221;display: block;&#8221;]<\/p>\n<ul>\n<li><strong>Globaalsete \u0161okkide (nagu pandeemiad) potentsiaal:<\/strong> sellised s\u00fcndmused v\u00f5ivad finantsturge ja reaalmajandust tabada ootamatult ja r\u00e4ngalt.<\/li>\n<li><strong>Keskpankade ja valitsuste roll<\/strong>: kiire ja otsustav sekkumine v\u00f5ib aidata leevendada kriisi s\u00fcgavust ja kiirendada taastumist, kuigi sellel v\u00f5ivad olla ka pikaajalised tagaj\u00e4rjed (nt inflatsioonisurve, suurenenud riigiv\u00f5lg).<\/li>\n<li><strong>Sektorite erinev haavatavus ja vastupidavus:<\/strong> m\u00f5ned sektorid (nt turism, meelelahutus) said r\u00e4ngalt kannatada, samas kui teised (nt tehnoloogia, e-kaubandus) osutusid vastupidavamaks v\u00f5i isegi kasvasid.<\/li>\n<li><strong>\u00c4rimudelite ja tarneahelate vastupidavuse t\u00e4htsus.<\/strong><\/li>\n<\/ul>\n<p>[\/et_pb_blurb][et_pb_blurb title=&#8221;Muudatused&#8221; use_icon=&#8221;on&#8221; font_icon=&#8221;&#xe007;||divi||400&#8243; icon_color=&#8221;gcid-4be89a11-e1d4-4e38-bd60-3e2564590e85&#8243; icon_placement=&#8221;left&#8221; image_icon_width=&#8221;20px&#8221; content_max_width=&#8221;100%&#8221; icon_placement_tablet=&#8221;top&#8221; icon_placement_phone=&#8221;top&#8221; icon_placement_last_edited=&#8221;on|tablet&#8221; module_class=&#8221;educationcareerdetail_section2_blurb&#8221; _builder_version=&#8221;4.27.4&#8243; _module_preset=&#8221;default&#8221; header_font=&#8221;Poppins||||||||&#8221; header_text_color=&#8221;#171717&#8243; header_font_size=&#8221;15px&#8221; header_line_height=&#8221;1.3em&#8221; body_font=&#8221;|300|||||||&#8221; body_text_color=&#8221;#000000&#8243; text_orientation_tablet=&#8221;center&#8221; text_orientation_phone=&#8221;center&#8221; text_orientation_last_edited=&#8221;on|tablet&#8221; custom_css_blurb_image=&#8221;margin-bottom: 0;||width: auto;&#8221; custom_css_blurb_title=&#8221;padding-bottom: 0;&#8221; custom_css_blurb_content=&#8221;display: flex;||align-items: center;&#8221; global_colors_info=&#8221;{%22gcid-4be89a11-e1d4-4e38-bd60-3e2564590e85%22:%91%22icon_color%22%93}&#8221; custom_css_blurb_image_tablet=&#8221;margin-bottom: 5px;||width: auto;&#8221; custom_css_blurb_image_last_edited=&#8221;on|tablet&#8221; custom_css_blurb_content_tablet=&#8221;display: block;&#8221; custom_css_blurb_content_last_edited=&#8221;on|tablet&#8221; custom_css_blurb_image_phone=&#8221;margin-bottom: 5px;||width: auto;&#8221; custom_css_blurb_content_phone=&#8221;display: block;&#8221;]<\/p>\n<p>Suurem fookus \u00e4rimudelite riskitaluvusele, tarneahelate mitmekesistamisele ja l\u00fchendamisele (reshoring\/nearshoring), digitaalsete lahenduste ja kaugt\u00f6\u00f6 kiirendatud kasutuselev\u00f5tt.<\/p>\n<p>[\/et_pb_blurb][\/et_pb_column][\/et_pb_row][et_pb_row _builder_version=&#8221;4.27.4&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_column type=&#8221;4_4&#8243; _builder_version=&#8221;4.27.4&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;][\/et_pb_column][\/et_pb_row][\/et_pb_section][et_pb_section fb_built=&#8221;1&#8243; _builder_version=&#8221;4.27.2&#8243; _module_preset=&#8221;default&#8221; background_color=&#8221;#f6f8ff&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_row column_structure=&#8221;2_5,3_5&#8243; module_id=&#8221;aktsia5&#8243; _builder_version=&#8221;4.27.2&#8243; _module_preset=&#8221;default&#8221; custom_padding=&#8221;||0px||false|false&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_column type=&#8221;2_5&#8243; _builder_version=&#8221;4.19.0&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_blurb title=&#8221;\u00dchised nimetajad ja korduvad mustrid finantskriisides (fookusega uuemal ajal)&#8221; content_max_width=&#8221;100%&#8221; _builder_version=&#8221;4.27.2&#8243; _module_preset=&#8221;default&#8221; header_font=&#8221;Nunito|700|||||||&#8221; header_text_color=&#8221;#171717&#8243; header_font_size=&#8221;22px&#8221; body_font=&#8221;Poppins||||||||&#8221; body_text_color=&#8221;#171717&#8243; custom_margin=&#8221;||25px||false|false&#8221; text_orientation_tablet=&#8221;center&#8221; text_orientation_phone=&#8221;center&#8221; text_orientation_last_edited=&#8221;on|tablet&#8221; global_colors_info=&#8221;{}&#8221;]<\/p>\n<p><span style=\"font-weight: 400;\">Kuigi k\u00f5ik finantskriisid on unikaalsed, korduvad teatud mustrid:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Inimlik ps\u00fchholoogia:<\/b><span style=\"font-weight: 400;\"> Ahnus, hirm, eufooria ja paanika on endiselt v\u00f5imsad j\u00f5ud. N\u00e4iteks Dot-com&#8217;i mull oli selgelt eufooria tulemus, samas kui 2008. ja 2020. aasta kriisides n\u00e4gime kiiret hirmu ja <a href=\"https:\/\/fundguidr.ee\/uncategorized\/investeerimispsuhholoogia-2\/\">paanika<\/a> levikut.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Spekulatiivsed mullid:<\/b><span style=\"font-weight: 400;\"> Olgu tegu Aasia &#8220;tiigrite&#8221; aktsiate, internetifirmade v\u00f5i USA kinnisvaraga, mullid tekivad ikka ja j\u00e4lle.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Liigne v\u00f5imendus:<\/b><span style=\"font-weight: 400;\"> 2008. aasta kriisi keskmes oli finantss\u00fcsteemi tohutu v\u00f5imendus.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Regulatsiooni puudulikkus v\u00f5i kohanemisraskused:<\/b><span style=\"font-weight: 400;\"> Finantsinnovatsioon on sageli regulatsioonist sammu v\u00f5rra ees, nagu n\u00e4itasid keerukad tuletisinstrumendid enne 2008. aastat.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Kriiside nakkavus ja globaliseerumine:<\/b><span style=\"font-weight: 400;\"> T\u00e4nap\u00e4eva tihedalt seotud maailmas levivad finantskriisid kiiresti. Aasia kriis m\u00f5jutas Venemaad, 2008. aasta USA kriis kogu maailma. COVID-19 oli definitsiooni j\u00e4rgi globaalne.<\/span><\/li>\n<\/ul>\n<p>[\/et_pb_blurb][\/et_pb_column][et_pb_column type=&#8221;3_5&#8243; _builder_version=&#8221;4.19.0&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_image src=&#8221;https:\/\/images.pexels.com\/photos\/9532302\/pexels-photo-9532302.jpeg?_gl=1*1s6nf39*_ga*NjkzNDk2Nzg1LjE3NTY1NTE3NTI.*_ga_8JE65Q40S6*czE3NTY1NTE3NTIkbzEkZzEkdDE3NTY1NTM0OTgkajM2JGwwJGgw&#8221; _builder_version=&#8221;4.27.4&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;][\/et_pb_image][\/et_pb_column][\/et_pb_row][et_pb_row module_id=&#8221;aktsia5&#8243; _builder_version=&#8221;4.27.2&#8243; _module_preset=&#8221;default&#8221; custom_padding=&#8221;||0px||false|false&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_column type=&#8221;4_4&#8243; _builder_version=&#8221;4.19.0&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_blurb title=&#8221;Mida oleme \u00f5ppinud? Praktilised j\u00e4reldused t\u00e4nasele investorile&#8221; content_max_width=&#8221;100%&#8221; _builder_version=&#8221;4.27.2&#8243; _module_preset=&#8221;default&#8221; header_font=&#8221;Nunito|700|||||||&#8221; header_text_color=&#8221;#171717&#8243; header_font_size=&#8221;22px&#8221; body_font=&#8221;Poppins||||||||&#8221; body_text_color=&#8221;#171717&#8243; custom_margin=&#8221;||25px||false|false&#8221; text_orientation_tablet=&#8221;center&#8221; text_orientation_phone=&#8221;center&#8221; text_orientation_last_edited=&#8221;on|tablet&#8221; global_colors_info=&#8221;{}&#8221;]<\/p>\n<p><span style=\"font-weight: 400;\">Viimaste k\u00fcmnendite finantskriisid pakuvad eriti v\u00e4\u00e4rtuslikke \u00f5ppetunde:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Ajalugu kordub (v\u00f5i v\u00e4hemalt riimub):<\/b><span style=\"font-weight: 400;\"> Ole teadlik mustritest. \u00c4ra eelda, et &#8220;seekord on teisiti&#8221;.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Hajutamine on Sinu parim s\u00f5ber:<\/b><span style=\"font-weight: 400;\"> Globaalselt hajutatud portfell on kriiside vastu paremini kaitstud. Aasia kriis n\u00e4itas regionaalsete riskide realiseerumist, GFC aga globaalsete riskide oma.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>M\u00f5ista, millesse investeerid:<\/b><span style=\"font-weight: 400;\"> Keerukad finantstooted (nagu CDOd 2008. aastal) v\u00f5ivad peita endas ootamatuid riske. Kui Sa millestki aru ei saa, siis pigem hoidu.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>V\u00f5imenduse oht:<\/b><span style=\"font-weight: 400;\"> Eriti oluline \u00f5ppetund 2008. aastast.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Pikaajaline perspektiiv:<\/b><span style=\"font-weight: 400;\"> Kuigi langused v\u00f5ivad olla j\u00e4rsud (nagu 2020. aasta m\u00e4rtsis), on pikaajaline investeerimine end ajalooliselt \u00f5igustanud. Oluline on mitte paanikam\u00fc\u00fcki teha.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Keskpankade ja valitsuste roll:<\/b><span style=\"font-weight: 400;\"> Nende sekkumine v\u00f5ib turgu oluliselt m\u00f5jutada (nii positiivselt kui ka negatiivselt pikas plaanis). Ole teadlik nende poliitikatest.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Likviidsuse t\u00e4htsus:<\/b><span style=\"font-weight: 400;\"> Kriisi ajal v\u00f5ib likviidsus turult kaduda. Hoia osa varadest kergesti rahaks tehtavana (meelerahufond).<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Eesti kontekst:<\/b><span style=\"font-weight: 400;\"> Oleme v\u00e4ike ja avatud majandus, seega globaalsed kriisid m\u00f5jutavad meid tugevalt. Samas oleme ka osa ELi ja euroala kaitses\u00fcsteemidest (nt ESM, pangandusliit, Tagatisfond).<\/span><\/li>\n<\/ul>\n<p>[\/et_pb_blurb][\/et_pb_column][\/et_pb_row][\/et_pb_section][et_pb_section fb_built=&#8221;1&#8243; prev_background_color=&#8221;#f6f8ff&#8221; _builder_version=&#8221;4.27.2&#8243; _module_preset=&#8221;default&#8221; background_color=&#8221;#FFFFFF&#8221; top_divider_style=&#8221;mountains2&#8243; global_colors_info=&#8221;{}&#8221;][et_pb_row module_id=&#8221;aktsia5&#8243; _builder_version=&#8221;4.27.2&#8243; _module_preset=&#8221;default&#8221; custom_padding=&#8221;||0px||false|false&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_column type=&#8221;4_4&#8243; _builder_version=&#8221;4.19.0&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_blurb title=&#8221;Kokkuv\u00f5tteks&#8221; content_max_width=&#8221;100%&#8221; _builder_version=&#8221;4.27.2&#8243; _module_preset=&#8221;default&#8221; header_font=&#8221;Nunito|700|||||||&#8221; header_text_color=&#8221;#171717&#8243; header_font_size=&#8221;22px&#8221; body_font=&#8221;Poppins||||||||&#8221; body_text_color=&#8221;#171717&#8243; custom_margin=&#8221;||25px||false|false&#8221; text_orientation_tablet=&#8221;center&#8221; text_orientation_phone=&#8221;center&#8221; text_orientation_last_edited=&#8221;on|tablet&#8221; global_colors_info=&#8221;{}&#8221;]<\/p>\n<div id=\"aktsia4\" class=\"et_pb_row_inner et_pb_row_inner_0\">\n<div class=\"et_pb_column_inner et_pb_column_4_4 et_pb_column_inner et_pb_column_inner_0 et-last-child\">\n<div class=\"et_pb_module et_pb_text et_pb_text_12  et_pb_text_align_left et_pb_bg_layout_light\">\n<div class=\"et_pb_text_inner\">\n<p><span style=\"font-weight: 400;\">Finantskriisid on olnud ja j\u00e4\u00e4vad t\u00f5en\u00e4oliselt ka edaspidi turumajanduse osaks. Viimaste k\u00fcmnendite s\u00fcndmused on n\u00e4idanud, kui kiiresti v\u00f5ivad need tekkida ja levida globaliseerunud maailmas. Samuti oleme n\u00e4inud, kuidas tehnoloogia v\u00f5ib nii uusi v\u00f5imalusi kui ka uusi riske luua.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Kuid see ei t\u00e4henda, et peaksime elama pidevas hirmus. Vastupidi \u2013 minevikust, eriti uuemast ajaloost \u00f5ppimine, selle mustrite ja mehhanismide m\u00f5istmine on meie parim kaitse ja teejuht tuleviku riskide maandamisel. Teadlik, informeeritud ja kriitiliselt m\u00f5tlev investor on alati paremini kaitstud kui see, kes tegutseb emotsioonide ajel v\u00f5i pimesi teisi j\u00e4rgides. T\u00e4nap\u00e4eva maailmas, kus muutused on kiired ja uued riskid (nt k\u00fcberriskid, kliimamuutustega seotud riskid) v\u00f5ivad esile kerkida, on pidev \u00f5ppimine ja kohanemisv\u00f5ime eriti olulised.<\/span><\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"et_pb_row_inner et_pb_row_inner_1 et_pb_equal_columns et_pb_gutters2\">\n<div class=\"et_pb_column_inner et_pb_column_1_3 et_pb_column_inner et_pb_column_inner_1\"><\/div>\n<\/div>\n<p>[\/et_pb_blurb][\/et_pb_column][\/et_pb_row][\/et_pb_section]<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Finantskriisid \u2013 need s\u00f5nad v\u00f5ivad tekitada \u00e4revust ja tuua silme ette pildid paanikas b\u00f6rsimaakleritest v\u00f5i pankrotistunud ettev\u00f5tetest. Kuigi m\u00f5ned ajaloolised tormid, nagu 17. sajandi Tulbimaania v\u00f5i 1930. aastate Suur Depressioon, on omaette \u00f5ppet\u00fckid, on just viimaste k\u00fcmnendite \u2013 alates 1990. aastatest \u2013 finantskriisid need, mis on k\u00f5ige otsesemalt vorminud t\u00e4nap\u00e4eva globaalset majanduskeskkonda, regulatsioone ja meie [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":2279,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"on","_et_pb_old_content":"","_et_gb_content_width":"2880","_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[31],"tags":[],"class_list":["post-2271","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investeerimistarkus"],"rank_math_title":null,"rank_math_focus_keyword":"finantskriisid,\u00f5ppetunnid","rank_math_description":"Finantskriisid alates 1990ndatest \u2013 Aasia ja Vene kriisidest kuni Dot-com mulli, 2008. aasta krahhi ja hilisemate \u0161okkeini. Mida v\u00f5ime neist \u00f5ppida","_links":{"self":[{"href":"https:\/\/fundguidr.ee\/en\/wp-json\/wp\/v2\/posts\/2271","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/fundguidr.ee\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/fundguidr.ee\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/fundguidr.ee\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/fundguidr.ee\/en\/wp-json\/wp\/v2\/comments?post=2271"}],"version-history":[{"count":10,"href":"https:\/\/fundguidr.ee\/en\/wp-json\/wp\/v2\/posts\/2271\/revisions"}],"predecessor-version":[{"id":2860,"href":"https:\/\/fundguidr.ee\/en\/wp-json\/wp\/v2\/posts\/2271\/revisions\/2860"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/fundguidr.ee\/en\/wp-json\/wp\/v2\/media\/2279"}],"wp:attachment":[{"href":"https:\/\/fundguidr.ee\/en\/wp-json\/wp\/v2\/media?parent=2271"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/fundguidr.ee\/en\/wp-json\/wp\/v2\/categories?post=2271"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/fundguidr.ee\/en\/wp-json\/wp\/v2\/tags?post=2271"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}