Crizele economiilor emergente. Analiza empirica a ultimelor trei decenii

Research reveals that Eastern European countries have not learned from previous negative experiences of emerging countries, preferring to experiment on their own premature and uncontrolled consequences of external opening of national economies to foreign trade and capital flows, together with the liberalization of the financial system. The economies of these countries could not manage the massive flows of foreign capital without accumulating structural problems and external vulnerabilities. The global crisis was just a trigger. Although there are differences compared to past crises regarding the causes, the mechanisms and the effects of the current recession, the impact on the national economy is on a smaller scale, the same : lower income, currency depreciation, bad loans and asset (wealth) transfer from the real sector to the foreign capital financial sector, fire sales of public assets to foreign companies, reduction / elimination of public services, increasing dependence of internal decision-making process on international creditors. Only anti-crisis policies - monetary and fiscal - were more relaxed; government and IMF actions have shown that they would not repeat past mistakes in emerging countries.