The financial system of the new EU member states: experiences and current challenges
AbstractThe current financial crisis has had a severe impact on the European financial systems, reinforcing the ongoing discussion about the scale, scope, performance, safety and soundness of the financial system and its institutions. In this context, the purpose of this research is to highlight, using an empirical approach and a quantitative analysis, the vulnerabilities accumulated by the financial systems from the new EU member states (Bulgaria, Czech Republic, Estonia, Hungary, Latvia, Lithuania, Poland, Romania) during the period before the current global economic crisis broke out and to emphasize the extremely serious consequences of the current crisis on their financial systems, the interaction between the financial sector and the real economy, the measures taken by the authorities in order to avoid the collapse of financial systems, as well as the new challenges aroused for the authorities in the current context. Finally, we argue then that building a safer financial system with better crisis management and a compelling solution for burden‐sharing should be the current priority.
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Bibliographic InfoArticle provided by ScientificPapers.org in its journal Journal of Knowledge Management, Economics and Information Technology.
Volume (Year): 1 (2011)
Issue (Month): 7 (December)
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Web page: http://www.scientificpapers.org
financial system; banking sector; credit growth; capital market; new EU member states; financial crisis;
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