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

  • Beáta Farkas

    ()

    (University of Szeged, Hungary)

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    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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    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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    1. 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.
    2. 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 Financial Affairs (DG ECFIN), European Commission.
    3. Sabine Herrmann & Adalbert Winkler, 2009. "Real convergence, financial markets, and the current account - Emerging Europe versus emerging Asia," European Economy - Economic Papers 362, Directorate General Economic and Financial Affairs (DG ECFIN), European Commission.
    4. 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.
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    6. Angelos Antzoulatos, 2011. "Greece in 2010: A Tragedy Without(?) Catharsis," International Advances in Economic Research, International Atlantic Economic Society, vol. 17(3), pages 241-257, August.
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