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The Influence of the Current Crisis on Balkan Countries on Their Way to the EU Integration Processes

In: European Integration Process in Western Balkan Countries

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  • Sanja Filipovic

    (University EDUCONS)

Abstract

The aim of this chapter is to address the key transmission channels and possible mechanisms for minimizing or even neutralizing the effects of the global economic crisis in the Western Balkan countries. In that respect, the macroeconomic indicators will be analysed for the period starting just before the crisis has emerged and ending with the latest available data. Thus, the key factors affected by the crisis to the greatest extent will be selected and considered – inflow of foreign direct investments, credit growth, decreasing of export revenues and remittances, foreign debt, fiscal budget, etc. The empirical research showed that decline of capital inflows (both in the form of FDI and bank loans) and decrease in export revenues are the common transmission channels of spill over effects of global crisis in all Western Balkan countries. Special attention will be paid to measures taken by the governments responding to the crisis.

Suggested Citation

  • Sanja Filipovic, 2012. "The Influence of the Current Crisis on Balkan Countries on Their Way to the EU Integration Processes," Book Chapters, in: Paulino Teixeira & António Portugal Duarte & Srdjan Redzepagic & Dejan Eric (ed.), European Integration Process in Western Balkan Countries, edition 1, volume 1, chapter 34, pages 672-690, Institute of Economic Sciences.
    • Handle: RePEc:ibg:chaptr:euinpro-34
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    References listed on IDEAS

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    1. Paul De Grauwe & Gunther Schnabl, 2008. "Exchange Rate Stability, Inflation, and Growth in (South) Eastern and Central Europe," Review of Development Economics, Wiley Blackwell, vol. 12(3), pages 530-549, August.
    2. Gardó, Sándor & Martin, Reiner, 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.
    3. Martin, Reiner & Gardó, Sándor, 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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