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The Impact Of Global Crisis On Romania'S Economic Development

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  • Zaman Gheorghe
  • Georgescu George

Abstract

The world is passing through the most difficult economic and financial crisis in the history, which severely affects its stability in the long term, risking an uncontrolled slide into chaos and uncertainty. The housing market crisis emerged in the United States in July 2007, due to multiple interferences generated by the globalization, has spread to other regions, triggering the world economy into recession. The study is trying to present the main causes and characteristics of the crisis, with special attention to its impact on Romania, which has witnessed a severe economic downturn in the first half of 2009, registering a sharp decline in industrial production, construction sector, exports and also in the lending activity. To deal with high budget deficit and liquidity pressures in the short term a financing agreement with international organizations has been concluded. But, in the long term, the external debt burden is increasing, the sustainable development of Romania facing new risks arising from both the global crisis and the internal vulnerabilities.

Suggested Citation

  • Zaman Gheorghe & Georgescu George, 2009. "The Impact Of Global Crisis On Romania'S Economic Development," Annales Universitatis Apulensis Series Oeconomica, Faculty of Sciences, "1 Decembrie 1918" University, Alba Iulia, vol. 2(11), pages 1-1.
    • Handle: RePEc:alu:journl:v:2:y:2009:i:11:p:1
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    References listed on IDEAS

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    1. Mr. Christopher W. Crowe & Mr. Jonathan David Ostry & Mr. Jun I Kim & Mr. Marcos d Chamon & Mr. Atish R. Ghosh, 2009. "Coping with the Crisis: Policy Options for Emerging Market Countries," IMF Staff Position Notes 2009/008, International Monetary Fund.
    2. John C. Hull, 2009. "The Credit Crunch of 2007: What Went Wrong? Why? What Lessons Can be Learned?," World Scientific Book Chapters, in: Douglas D Evanoff & Philipp Hartmann & George G Kaufman (ed.), The First Credit Market Turmoil Of The 21st Century Implications for Public Policy, chapter 11, pages 161-174, World Scientific Publishing Co. Pte. Ltd..
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    Cited by:

    1. Cristina BARBU & Mihail NEGULESCU, 2011. "Does The Economic Crisis Affect Oltenia’Senvironment (Ii)?," Journal of Applied Economic Sciences, Spiru Haret University, Faculty of Financial Management and Accounting Craiova, vol. 6(3(17)/ Fa), pages 205-211.
    2. Zaman, Gheorghe & Georgescu, George, 2015. "Resilience to crisis and GDP recovery at county level in Romania," MPRA Paper 63246, University Library of Munich, Germany.
    3. Iasmina Petrovici & Mihaela Ionica & Octavian C. Neagoe, 2021. "Economic Crisis: A Factor for the Delayed Diagnosis of Breast Cancer," IJERPH, MDPI, vol. 18(8), pages 1-10, April.
    4. Athari, Seyed Alireza & Kondoz, Mehmet & Kirikkaleli, Dervis, 2021. "Dependency between sovereign credit ratings and economic risk: Insight from Balkan countries," Journal of Economics and Business, Elsevier, vol. 116(C).
    5. Zaman Gheorghe & Goschin Zizi, 2014. "A New Classification Of Romanian Counties Based On A Composite Index Of Economic Development," Annals of Faculty of Economics, University of Oradea, Faculty of Economics, vol. 1(1), pages 217-230, July.
    6. Ivona STOICA, 2015. "The regional consumption credit. Trends, structures and territorial relevance," Romanian Journal of Economics, Institute of National Economy, vol. 41(2(50)), pages 282-296, december.
    7. Iancu, Aurel, 2014. "Financial Instability, Cycles and the Role of Institutions," Working Papers of National Institute for Economic Research 141007, Institutul National de Cercetari Economice (INCE).
    8. Oțil Maria Daniela & Miculescu Andra & Cismaș Laura Mariana, 2015. "Disparities in Regional Economic Development in Romania," Scientific Annals of Economics and Business, Sciendo, vol. 62(s1), pages 37-51, October.

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    More about this item

    Keywords

    international financial crisis; global recession; causes and effects of the crisis; anti-crisis remedies; external debt; sustainable development.;
    All these keywords.

    JEL classification:

    • E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
    • F01 - International Economics - - General - - - Global Outlook
    • G01 - Financial Economics - - General - - - Financial Crises
    • G15 - Financial Economics - - General Financial Markets - - - International Financial Markets

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