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The Global Crisis and the Western Balkans

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  • Franjo Stiblar

    (University of Ljubljana)

Abstract

The Western Balkan countries are significantly exposed to the effects of global crisis because most of them are highly indebted abroad, possess insufficient hard currency reserves and experience high balance of payments deficits. Although the first wave of financial crisis (a fall in prices of new financial instruments) was not critical for them, the second wave in the form of credit crunch, collapse of exports and disruption of the inflow of remittances has significant impact. As a result, the economic activity is significantly slowing down in the region, regardless of relative satisfactory tourist season in some of countries. The negative economic developments will slow down the process of resolving conflicts in the region related to bloody dissolution of former SFR Yugoslavia. Inclusion of the elements of solidarism to their economic systems and policies could ease the catching-up of the region in the process of its reintegration to developed Europe.

Suggested Citation

  • Franjo Stiblar, 2011. "The Global Crisis and the Western Balkans," DANUBE: Law and Economics Review, European Association Comenius - EACO, issue 3, pages 23-46, September.
    • Handle: RePEc:cmn:journl:y:2011:i:3:p:23-46
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    References listed on IDEAS

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    1. Rastislav Funta, 2011. "Economic Law and Economic Crisis. Where Do We Go From Here? Economic, Legal and Political Dimension," DANUBE: Law and Economics Review, European Association Comenius - EACO, issue 1, pages 65-71, March.
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    Cited by:

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    2. Jaroslaw Marczak & Natalya Uvarova, 2016. "The Kazakhstan-European Union Partnership: Modernization of the Republic's Financial System," DANUBE: Law and Economics Review, European Association Comenius - EACO, issue 4, pages 229-241, December.
    3. Natalya Uvarova, 2015. "Convergence between Kazakhstan´s Financial System and International Standards: Overcomig Difficulties," DANUBE: Law and Economics Review, European Association Comenius - EACO, issue 2, pages 121-129, June.
    4. Hannah C. Gabriel, 2024. "Bankruptcy and international intervention: The case of Addiko bank," Economics of Transition and Institutional Change, John Wiley & Sons, vol. 32(1), pages 339-357, January.
    5. DR. Nagy Imre Zoltán, 2012. "Financing Methods in Professional Football," Working Paper Series 1201, Óbuda University, Keleti Faculty of Business and Management.

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