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The financial systems – an approach from the perspective of the financial crisis

Author

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  • Cristi Marcel Spulbăr

    (Department of Finance, University of Craiova)

Abstract

The paper presents a synthesis of a theoretical study realized within the research contract having as theme “The model for the forecast of the real economy evolution and for the financial market system from Romania using elements from the open systems thermodynamics”, a project that proposes to create an ecometric model which allows to forecast Romania’s real economy as well as the financial system evolution from Romania. The first part brings forward the relation between the financial system and the financial crisis and develops the idea according to which an economy can exploit its potential of growth only in the conditions of a well functioning of the financial system which have to assure the necessary investments financing at minimum costs, but also the adequate application and transmission of the monetary policy with effects on the financial stability. The second part of the paper approaches the problematic of the financial crisis effects on the financial systems stability. The financial system instability can lead to losses in the real economy, to financial markets perturbation, to prices changes, to investments blocking and, in the end, to economical growth decline and even to economical growth stopping. In the third part the financial systems stability from the emerging economies in the light of the contagion and movement effects of the cross-border capital waves as a result of globalization is analyzed and, in the end, some conclusions are presented.

Suggested Citation

  • Cristi Marcel Spulbăr, 2010. "The financial systems – an approach from the perspective of the financial crisis," Annals of University of Craiova - Economic Sciences Series, University of Craiova, Faculty of Economics and Business Administration, vol. 3(38), pages 1-8, May.
  • Handle: RePEc:aio:aucsse:v:3:y:2010:i:8:p:384-389
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    File URL: http://feaa.ucv.ro/AUCSSE/0038v3-045.pdf
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    References listed on IDEAS

    as
    1. Pavlos Petroulas, 2007. "Short -Term Capital Flows and Growth in Developed and Emerging Markets," Working Papers 60, Bank of Greece.
    2. Eichengreen, Barry & Arteta, Carlos, 2000. "Banking Crises in Emerging Markets: Presumptions and Evidence," Center for International and Development Economics Research, Working Paper Series qt3pk9t1h2, Center for International and Development Economics Research, Institute for Business and Economic Research, UC Berkeley.
    3. Franklin Allen & Douglas Gale, 1998. "Optimal Financial Crises," Journal of Finance, American Finance Association, vol. 53(4), pages 1245-1284, August.
    4. Jeffrey D. Sachs & Aaron Tornell & Andrés Velasco, 1996. "Financial Crises in Emerging Markets: The Lessons from 1995," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 27(1), pages 147-216.
    5. Guillermo A. Calvo & Alejandro Izquierdo & Ernesto Talvi, 2006. "Phoenix Miracles in Emerging Markets: Recovering without Credit from Systemic Financial Crises," Research Department Publications 4474, Inter-American Development Bank, Research Department.
    6. Bhattacharya Sudipto & Thakor Anjan V., 1993. "Contemporary Banking Theory," Journal of Financial Intermediation, Elsevier, vol. 3(1), pages 2-50, October.
    7. Asli Demirgüç-Kunt & Enrica Detragiache, 1998. "The Determinants of Banking Crises in Developing and Developed Countries," IMF Staff Papers, Palgrave Macmillan, vol. 45(1), pages 81-109, March.
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