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Impacts of Global Recession in Western Balkan Countries a Comparison with the EU New Member States

In: Financial Systems Integration of Balkan Countries in the European Financial System: Impact of Global Crisis

Author

Listed:
  • Matthieu Llorca

    (University of Bourgogne, Laboratoire d’Economie et de Gestion)

  • Srdjan Redzepagic

    (Institute of Economic Sciences, Belgrade)

Abstract

The current global crisis is systemic by being propagated in a banking, financial and economic crisis. It represents a negative external demand shock for Western Balkan Countries (WBC) with an impact on the banking and financial sector first (dice the third 2008 quarter) and then, since the first 2009 quarter on the real economy. The comparison with the crisis impacts for the EU New Member States reveals clearly that WBC were affected one quarter later due to specifics factors such as a less financial and trade integration with developed countries or a large informal sector. Finally, concerns about the financing of external deficits (trade and current account deficit) are arising due to the decline of remittances and Foreign Direct Investment inflows.

Suggested Citation

  • Matthieu Llorca & Srdjan Redzepagic, 2009. "Impacts of Global Recession in Western Balkan Countries a Comparison with the EU New Member States," Book Chapters, in: Claude Berthomieu & Jean-Paul Guichard & Dejan Eric & Srdjan Redzepagic (ed.), Financial Systems Integration of Balkan Countries in the European Financial System: Impact of Global Crisis, edition 1, volume 1, chapter 2, pages 9-16, Institute of Economic Sciences.
    • Handle: RePEc:ibg:chaptr:finsys-2
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    References listed on IDEAS

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    1. Jakob von Weizsäcker, 2009. "Estimating the size of the European stimulus packages," Policy Contributions 266, Bruegel.
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