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The Impact of the Global Economic Crisis in the Old and New Cohesion Member States of the European Union

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  • Beáta Farkas

    () (University of Szeged, Hungary)

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    Abstract

    Within the European Union cohesion member states were hit hardest by the global economic crisis. In this region, development relied more heavily on the influx of foreign capital compared to other emerging regions, which, in turn, made these countries more vulnerable to the effects of the crisis. The extent of the downturn depended on the imbalances accumulated before the crisis. As a result, the growth outlooks of Poland, Slovakia, and the Czech Republic have deteriorated least, whereas Hungary fell behind the Visegrád countries. Ireland and the new cohesion member states facing a difficult situation reacted more flexibly to the crisis than the Mediterranean countries. The cohesion member states suffered more significant losses in areas key to growth potential (investments, education, innovation), and were forced to employ harsher austerity measures in these areas compared to the Northern/Western central states, which supports econometric analyses forecasting a slow-down of convergence. This also makes it necessary to redefine the concept of integration.

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    File URL: http://www.asz.hu/public-finance-quarterly-articles/2012/the-impact-of-the-global-economic-crisis-in-the-old-and-new-cohesion-member-states-of-the-european-union/a-53-70-farkasbeata.pdf
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    Bibliographic Info

    Article provided by State Audit Office of Hungary in its journal Public Finance Quarterly.

    Volume (Year): 57 (2012)
    Issue (Month): 1 ()
    Pages: 53-70

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    Handle: RePEc:pfq:journl:v:57:y:2012:i:1:p:53-70

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    Web page: http://www.asz.hu

    Related research

    Keywords: European integration; cohesion countries; convergence;

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    1. Anton Jevcak & Ralph Setzer & Massimo Suardi, 2010. "Determinants of Capital Flows to the New EU Member States Before and During the Financial Crisis," European Economy - Economic Papers 425, Directorate General Economic and Monetary Affairs (DG ECFIN), European Commission.
    2. Michael Mitsopoulos & Theodore Pelagidis, 2011. "Understanding the Greek Crisis," World Economics, World Economics, Economic & Financial Publishing, PO Box 69, Henley-on-Thames, Oxfordshire, United Kingdom, RG9 1GB, vol. 12(1), pages 177-192, January.
    3. Herrmann, Sabine & Winkler, Adalbert, 2009. "Real convergence, financial markets, and the current account - Emerging Europe versus emerging Asia," The North American Journal of Economics and Finance, Elsevier, vol. 20(2), pages 100-123, August.
    4. Angelos Antzoulatos, 2011. "Greece in 2010: A Tragedy Without(?) Catharsis," International Advances in Economic Research, Springer, vol. 17(3), pages 241-257, August.
    5. Sonsoles Gallego & Sándor Gardó & Reiner Martin & Luis Molina & José María Serena, 2010. "The Impact of the Global Economic and Financial Crisis on Central Eastern and SouthEastern Europe (CESEE) and Latin America," Banco de España Occasional Papers 1002, Banco de España.
    6. Péter Halmai & Viktória Vásáry, 2011. "Crisis And Economic Growth In The Eu," Analele Stiintifice ale Universitatii "Alexandru Ioan Cuza" din Iasi - Stiinte Economice, Alexandru Ioan Cuza University, Faculty of Economics and Business Administration, vol. 58, pages 411-431, november.
    7. Fédéric Holm-Hadulla & Sándor Gardó & Reiner Martin, 2010. "The impact of the global economic and financial crisis on central, eastern and south-eastern Europe - A stock-taking exercise," Occasional Paper Series 114, European Central Bank.
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