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The Impact Of The Global Financial Crisis. Evidence From Eu Countries

Author

Listed:
  • Adina DORNEAN

    (Alexandru Ioan Cuza University, Faculty of Economics and Business Administration, amartin@uaic.ro, Iasi, Romania,)

  • Andreea SANDU

    (Alexandru Ioan Cuza University, Faculty of Economics and Business Administration, andreeasandu88@yahoo.com, Iasi, Romania,)

Abstract

The recent financial crisis has affected the economies of all countries in the world, including the European Union (EU) countries and has given rise to new challenges for the EU unity and stability. This paper aims at emphasizing the most important determinants of the financial and economic crisis and its impact on the EU member states. Using the Least Square Method based on Panel Data, we analyze the different impact of the global crisis on the EU countries. For this purpose, we have considered four significant variables: dependent variable � economic growth, two independent variables � budgetary revenue and budgetary deficit and a dummy variable � financial crisis. Our result leads to the hypothesis that all EU member states were faced with the financial crisis, but the countries from the non-euro area were more affected than the ones from the euro area because their economies had a higher sensitivity to the disorders on the international markets and, at the same time, they were unable to manage their economic activities in order to limit the effects of the recent crisis.

Suggested Citation

  • Adina DORNEAN & Andreea SANDU, 2014. "The Impact Of The Global Financial Crisis. Evidence From Eu Countries," Journal of Public Administration, Finance and Law, Alexandru Ioan Cuza University, Faculty of Economics and Business Administration, vol. 0(Special i), pages 55-62, September.
    • Handle: RePEc:aic:jopafl:y:2014:v:s1:p:55-62
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    References listed on IDEAS

    as
    1. Karsten Staehr, 2010. "The global financial crisis and public finances in the New EU Countries from Central and Eastern Europe," Bank of Estonia Working Papers wp2010-02, Bank of Estonia, revised 04 Feb 2010.
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    Cited by:

    1. DORNEAN Adina & OANEA Dumitru-Cristian, 2013. "Foreign Direct Investment And Post Crisis Economic Growth. Evidence From European Union," Revista Economica, Lucian Blaga University of Sibiu, Faculty of Economic Sciences, vol. 65(6), pages 46-60.

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    More about this item

    Keywords

    Global crisis; economic growth; budgetary deficit; regression model;
    All these keywords.

    JEL classification:

    • C32 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Time-Series Models; Dynamic Quantile Regressions; Dynamic Treatment Effect Models; Diffusion Processes; State Space Models
    • E62 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Fiscal Policy; Modern Monetary Theory
    • G01 - Financial Economics - - General - - - Financial Crises

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