The Evaluation of Recession Magnitudes in EU Countries during the Great Recession 2008–2010
The aim of this article is to compare 2008-2010 recession magnitudes in individual EU countries. For the comparison the recession magnitude scale was used. The strongest recession during the examined period took place in Latvia, Estonia, Lithuania, Greece and Ireland, while the weakest recessions in the EU occurred in France, Malta and Cyprus. Poland and Slovakia were the only two EU countries that didn’t fall into a recession, that’s why they were not included in the study. The main findings of the paper are that EU19’s recession was much smaller than both the Great Depression of the 1930s and the recent Great Recession in the USA. Furthermore, with the use of a linear econometric model it was found that recession magnitudes in EU countries were directly proportional to the countries’ GDP per capita in 2008 and growth prior to recessions, while countries’ economic openness was indirectly proportional to recession magnitudes, all the relationships being statistically significant.
When requesting a correction, please mention this item's handle: RePEc:vrs:reoecp:v:16:y:2016:i:3:p:231-244:n:4. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Peter Golla)
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If references are entirely missing, you can add them using this form.
If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.
Please note that corrections may take a couple of weeks to filter through the various RePEc services.