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The Global Financial Crisis Discloses Dysfunctional Distribution of Income in Developed Economies. Where Do Central and Eastern Europe Stand?

Author

Listed:
  • Simona MARINESCU

    (UNDP Istanbul International Center for Private Sector in Development Director, Turkey)

  • Cezar Radu COJOCARIU

    (The Bucharest University of Economic Studies, Romania)

Abstract

Born in 2008 in one of the most dynamic economies of the world as a massive financial crush and spilled over developed countries threatening growth and social stability, the global financial crisis unveiled structural problems in mitigating global risks associated with the integration of markets. While the financial crisis received a strong response from the governments facing declining aggregate demand and recession, a sovereign debt crisis to follow the banking crisis was imminent, but its likely proportion was hard to estimate. The paper approaches in a systemic way the distribution of income in developed economies, the issues associated to this process and the specific situation in CEE countries.

Suggested Citation

  • Simona MARINESCU & Cezar Radu COJOCARIU, 2013. "The Global Financial Crisis Discloses Dysfunctional Distribution of Income in Developed Economies. Where Do Central and Eastern Europe Stand?," REVISTA DE MANAGEMENT COMPARAT INTERNATIONAL/REVIEW OF INTERNATIONAL COMPARATIVE MANAGEMENT, Faculty of Management, Academy of Economic Studies, Bucharest, Romania, vol. 14(3), pages 500-505, July.
  • Handle: RePEc:rom:rmcimn:v:14:y:2013:i:3:p:500-505
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    References listed on IDEAS

    as
    1. A. B. Atkinson, 2009. "Factor shares: the principal problem of political economy?," Oxford Review of Economic Policy, Oxford University Press, vol. 25(1), pages 3-16, Spring.
    2. Robert E. Hall, 1975. "The Rigidity of Wages and the Persistence of Unemployment," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 6(2), pages 301-350.
    3. Gheorghe ZAMAN & Zizi GOSCHIN & Claudiu HERTELIU, 2005. "The Analysis Of The Correlation Between The Evolution Of The Gdp And That Of The Capital And Labour Factors In Romania," Romanian Journal of Economics, Institute of National Economy, vol. 21(2(30)), pages 9-21, December.
    4. Zaman, Gheorghe & Goschin, Zizi & Herteliu, Claudiu, 2005. "Analysis Of The Correlation Between The Gdp Evolutions And The Capital And Labor Factors In Romania," Journal for Economic Forecasting, Institute for Economic Forecasting, vol. 2(3), pages 5-21.
    5. Ricardo Hausmann & Bailey Klinger & Rodrigo Wagner, 2008. "Doing Growth Diagnostics in Practice: A 'Mindbook'," CID Working Papers 177, Center for International Development at Harvard University.
    Full references (including those not matched with items on IDEAS)

    More about this item

    Keywords

    financial crisis; wages; labor; capital shares.;

    JEL classification:

    • M10 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Administration - - - General

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