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Considerations on the Impact of the Global Financial Crisis on Economies from Eastern Europe

Author

Listed:
  • Lucian BelaÈ™cu

    (“Lucian Blaga†University of Sibiu)

  • Camelia Budac

    (“Lucian Blaga†University of Sibiu)

Abstract

The paper investigates the causes and consequences of the 2007-2008 global financial crisis on five Eastern European countries, namely the Czech Republic, Hungary, Poland, Romania and Russia, with the purpose of identifying the common points and the differences between these economies in terms of crisis impact, with an accent on their capital markets. Our findings indicate that although the countries under scrutiny have displayed somehow different paths of economic development before the crisis, they were affected, to a higher or smaller extent, by the financial crisis. Also, the crisis was felt in these countries, at least in terms of impact on capital markets, with different lags: in some of these countries the crisis hit at beginning of 2008, while in others signs of the crisis were visible only towards the end of 2008.

Suggested Citation

  • Lucian BelaÈ™cu & Camelia Budac, 2016. "Considerations on the Impact of the Global Financial Crisis on Economies from Eastern Europe," Ovidius University Annals, Economic Sciences Series, Ovidius University of Constantza, Faculty of Economic Sciences, vol. 0(2), pages 415-420, February.
    • Handle: RePEc:ovi:oviste:v:xvi:y:2016:i:2:p:415-420
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    File URL: http://stec.univ-ovidius.ro/html/anale/ENG/2016/2016-II-full/s5/2.pdf
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    References listed on IDEAS

    as
    1. Jean Pisani-Ferry & Pavle Petrovic & Michael A Landesmann & Vladimir Gligorov & Daniel Daianu & Torbjörn Becker & Zsolt Darvas & André Sapir & Beatrice Weder di Mauro, . "Whither growth in central and eastern Europe? Policy lessons for an integrated Europe," Blueprints, Bruegel, number 453, December.
    2. Zsolt Darvas, 2010. "The Impact of the Crisis on Budget Policy in Central and Eastern Europe," OECD Journal on Budgeting, OECD Publishing, vol. 10(1), pages 1-42.
    3. Anders Aslund & Sergie Guriev & Andrew Kuchins (ed.), 2010. "Russia after the Global Economic Crisis," Peterson Institute Press: All Books, Peterson Institute for International Economics, number 4976, October.
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    Cited by:

    1. Alexander I. VILLANUEVA, 2020. "Analyzing Romania GDP: Final consumption, gross investment, and net exports influence compared to previously published models," Theoretical and Applied Economics, Asociatia Generala a Economistilor din Romania - AGER, vol. 0(4(625), W), pages 169-176, Winter.

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    More about this item

    Keywords

    Eastern Europe; crisis; stock market; volatility;
    All these keywords.

    JEL classification:

    • F00 - International Economics - - General - - - General
    • G01 - Financial Economics - - General - - - Financial Crises
    • G15 - Financial Economics - - General Financial Markets - - - International Financial Markets

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