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The financial systems – an approach from the perspective of the financial crisis

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  • Cristi Marcel Spulbăr

    (Department of Finance, University of Craiova)

Abstract

The paper presents a synthesis of a theoretical study realized within the research contract having as theme “The model for the forecast of the real economy evolution and for the financial market system from Romania using elements from the open systems thermodynamics”, a project that proposes to create an ecometric model which allows to forecast Romania’s real economy as well as the financial system evolution from Romania. The first part brings forward the relation between the financial system and the financial crisis and develops the idea according to which an economy can exploit its potential of growth only in the conditions of a well functioning of the financial system which have to assure the necessary investments financing at minimum costs, but also the adequate application and transmission of the monetary policy with effects on the financial stability. The second part of the paper approaches the problematic of the financial crisis effects on the financial systems stability. The financial system instability can lead to losses in the real economy, to financial markets perturbation, to prices changes, to investments blocking and, in the end, to economical growth decline and even to economical growth stopping. In the third part the financial systems stability from the emerging economies in the light of the contagion and movement effects of the cross-border capital waves as a result of globalization is analyzed and, in the end, some conclusions are presented.

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Bibliographic Info

Article provided by University of Craiova, Faculty of Economics and Business Administration in its journal Annals of Computational Economics.

Volume (Year): 3 (2010)
Issue (Month): 38 (May)
Pages: 8

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Handle: RePEc:aio:aucsse:v:3:y:2010:i:8:p:384-389

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Keywords: financial system; financial crisis; financial stability; emerging economies; credit; financial globalization;

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  1. Guillermo A. Calvo & Alejandro Izquierdo & Ernesto Talvi, 2006. "Phoenix Miracles in Emerging Markets: Recovering without Credit from Systemic Financial Crises," NBER Working Papers 12101, National Bureau of Economic Research, Inc.
  2. Franklin Allen & Douglas Gale, 1976. "Optimal Financial Crises," Center for Financial Institutions Working Papers 97-01, Wharton School Center for Financial Institutions, University of Pennsylvania.
  3. Pavlos Petroulas, 2007. "Short -Term Capital Flows and Growth in Developed and Emerging Markets," Working Papers 60, Bank of Greece.
  4. Jeffrey D. Sachs & Aaron Tornell & Andrés Velasco, 1996. "Financial Crises in Emerging Markets: The Lessons from 1995," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 27(1), pages 147-216.
  5. Barry Eichengreen and Carlos Arteta., 2000. "Banking Crises in Emerging Markets: Presumptions and Evidence," Center for International and Development Economics Research (CIDER) Working Papers C00-115, University of California at Berkeley.
  6. Asli Demirgüç-Kunt & Enrica Detragiache, 1998. "The Determinants of Banking Crises in Developing and Developed Countries," IMF Staff Papers, Palgrave Macmillan, vol. 45(1), pages 81-109, March.
  7. Bhattacharya Sudipto & Thakor Anjan V., 1993. "Contemporary Banking Theory," Journal of Financial Intermediation, Elsevier, vol. 3(1), pages 2-50, October.
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