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Iulian DOBRA
Paris School of Economics
In this study we look at the macroeconomic factors that differentiated ten countries of Central and Eastern Europe with respect to their response to the global crisis of 2008-2010. More precisely, we want to find out why some countries experienced larger GDP declines than others in 2009. We find that previous short term indebtedness and private credit regulation played an important role in affecting a country’s reaction to the global crisis. High short term indebtedness and significant private credit are likely to worsen a country’s response to the crisis. Therefore, in order to improve the evolution of country’s economy during financial crises, future governments may want to avoid short-term indebtedness and to control the amount of credit that financial institutions issue to the private sector.
ŒCONOMICA no. 4/2010
Keywords: crisis, credit market, Eastern Europe, financial sector
JEL: C22, C32, G01
Impact of the Economic Crisis on the Countries in Eastern Europe (III) Literature Review, Theory and Empirical Evidence
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Octavian-Dragomir JORA
Academia de Studii Economice din Bucureşti
Alexandru POPOVICI
Universitatea Româno-Americană
Ramona Iulia DIEACONESCU
Academia de Studii Economice din Bucureşti
Andra Nicoleta MECU
Academia de Studii Economice din Bucureşti
Florentina CHIŢU
Academia de Studii Economice din Bucureşti
Răzvan PÎRCĂLĂBESCU
Academia de Studii Economice din Bucureşti
Cristian MANOLACHI
Academia de Studii Economice din Bucureşti
Anca TAMAŞ
Academia de Studii Economice din Bucureşti
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