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The Reflection of the Current Crisis on the Economic Growth in the European Union New Member States

Author

Listed:
  • Adina Criste

    () (Financial and Monetary Research Centre „Victor Slavescu”, Bucharest, Romania)

  • Iulia Lupu

    () (Financial and Monetary Research Centre „Victor Slavescu”, Bucharest, Romania)

  • Camelia Milea

    () (Financial and Monetary Research Centre „Victor Slavescu”, Bucharest, Romania)

  • Alina Georgeta Ailinca

    () (Financial and Monetary Research Centre „Victor Slavescu”, Bucharest, Romania)

Abstract

The paper presents an analysis of the economic growth evolution in the European Union new member states, being part of a more comprehensive research regarding the euro adoption challenges, taking as benchmark Slovakia and Slovenia, countries that already entered the euro zone. The research underlines the fact that, starting with the mid-September 2008, the macroeconomic landscape of the analyzed countries changed radically, registering a decrease of the economic activities determined both by a diminished export activity and by a reduced internal demand, with effects on the firms’ profitability and on the deterioration of the labour market situation. The results show that the severity of the financial global crisis effects was different in the analyzed countries, as a response to various “paths” of economic development, with less or more important vulnerabilities, with differences in the extent to which the economies are based on external demand and on credit activity induced from abroad. The countries that are suffering the deepest recessions are those that registered not only a decline of exports, but also a collapse of the internal demand, as a result of stopping the credit activities that were a support for the internal demand.

Suggested Citation

  • Adina Criste & Iulia Lupu & Camelia Milea & Alina Georgeta Ailinca, 2011. "The Reflection of the Current Crisis on the Economic Growth in the European Union New Member States," Acta Universitatis Danubius. OEconomica, Danubius University of Galati, issue 2(2), pages 54-64, June.
  • Handle: RePEc:dug:actaec:y:2011:i:2:p:64-64
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    File URL: http://journals.univ-danubius.ro/index.php/oeconomica/article/view/886/771
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    Citations

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    Cited by:

    1. CĂLIN, Adrian Cantemir, 2015. "Connection Of European Economic Growth With The Dynamics Of Volatility Of Stock Market Returns," Studii Financiare (Financial Studies), Centre of Financial and Monetary Research "Victor Slavescu", vol. 19(1), pages 53-66.
    2. Ivan Todorov, 2016. "Currency Integration of the New EU Member Countries," Economic Studies journal, Bulgarian Academy of Sciences - Economic Research Institute, issue 3, pages 82-117.
    3. Brizga, Janis & Feng, Kuishuang & Hubacek, Klaus, 2014. "Drivers of greenhouse gas emissions in the Baltic States: A structural decomposition analysis," Ecological Economics, Elsevier, vol. 98(C), pages 22-28.
    4. Lupu, Iulia & Pop, Napoleon & Criste, Adina & Milea, Camelia & Seitan, Silviu Marius & Ivan, Mihai Vincentiu & Iordache, Floarea & Ailinca, Alina Georgeta & Chirila, Viorica & Chirila, Ciprian & Iarca, 2012. "The Governance Of Euro Adoption In The New Member States Of The European Union," Studii Financiare (Financial Studies), Centre of Financial and Monetary Research "Victor Slavescu", vol. 16(1), pages 117-131.

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