Abstract. World liquidity crisis, which started in the USA in 2007, is reputed to be the first full-fledged global financial crisis. The liquidity crisis became global exactly due to the influence of large economies' national financial markets on many small ones. The analysis of the crisis expansion and development in these states (the USA, China, Iceland, Mexico, CEE countries) demonstrated that not only working accounts and reserves, but also foreign and internal borrowings, and therefore, household consumption, investments and government consumption proved to be affected by cyclic processes.