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The financial system of the new EU member states: experiences and current challenges

  • Angela ROMAN

    ()

    (Alexandru Ioan Cuza University, Iași, Romania)

  • Alina Camelia ȘARGU

    ()

    (Alexandru Ioan Cuza University, Iași, Romania)

The current financial crisis has had a severe impact on the European financial systems, reinforcing the ongoing discussion about the scale, scope, performance, safety and soundness of the financial system and its institutions. In this context, the purpose of this research is to highlight, using an empirical approach and a quantitative analysis, the vulnerabilities accumulated by the financial systems from the new EU member states (Bulgaria, Czech Republic, Estonia, Hungary, Latvia, Lithuania, Poland, Romania) during the period before the current global economic crisis broke out and to emphasize the extremely serious consequences of the current crisis on their financial systems, the interaction between the financial sector and the real economy, the measures taken by the authorities in order to avoid the collapse of financial systems, as well as the new challenges aroused for the authorities in the current context. Finally, we argue then that building a safer financial system with better crisis management and a compelling solution for burden‐sharing should be the current priority.

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Article provided by ScientificPapers.org in its journal Journal of Knowledge Management, Economics and Information Technology.

Volume (Year): 1 (2011)
Issue (Month): 7 (December)
Pages: 34

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Handle: RePEc:spp:jkmeit:1233
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  1. Philippe Aghion & Peter Howitt & David Mayer-Foulkes, 2004. "The Effects of Financial Development on Convergence: Theory and Evidence," DEGIT Conference Papers c009_021, DEGIT, Dynamics, Economic Growth, and International Trade.
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  4. Stolz, Stéphanie Marie & Wedow, Michael, 2010. "Extraordinary measures in extraordinary times – Public measures in support of the financial sector in the EU and the United States," Occasional Paper Series 117, European Central Bank.
  5. Ross Levine, 2004. "Finance and Growth: Theory and Evidence," NBER Working Papers 10766, National Bureau of Economic Research, Inc.
  6. Sonsoles Gallego & Sándor Gardó & Reiner Martin & Luis Molina & José María Serena, 2010. "The Impact of the Global Economic and Financial Crisis on Central Eastern and SouthEastern Europe (CESEE) and Latin America," Occasional Papers 1002, Banco de España;Occasional Papers Homepage.
  7. Peter M. DeMarzo, 2005. "The Pooling and Tranching of Securities: A Model of Informed Intermediation," Review of Financial Studies, Society for Financial Studies, vol. 18(1), pages 1-35.
  8. Beck , Thorsten & Demirguc-Kunt, Asli & Levine, Ross, 2009. "Financial institutions and markets across countries and over time - data and analysis," Policy Research Working Paper Series 4943, The World Bank.
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