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The Effects Of The Financial Crisis On The Systems And Financial Markets

Author

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  • GHIOCEL Florin

    (University of Craiova, Romania)

Abstract

The emphasis on financial liberalization in emerging countries, including those in the transition to a functioning capitalist competitive economy, has aggravated the problem of financial crises, but not only. The governments of the great powers (who were going to overcome the effects of the real estate crisis in the early 1990s) and the big financial institutions jointly developed a doctrine called the Washington Consensus - through the IMF tried to persuade the governments of the states in development and former socialist states to adopt as soon as possible the financial liberalization. The states that responded enthusiastically/favorably to this request have been labeled as emerging markets or emerging economies. They immediately came to the attention of major international financial intermediaries for the purposes of financial agreements optimistic and drew a veritable avalanche of capital. Here lies the origin of the worst financial crises emerging after the Great Depression.

Suggested Citation

  • GHIOCEL Florin, 2019. "The Effects Of The Financial Crisis On The Systems And Financial Markets," Revista Economica, Lucian Blaga University of Sibiu, Faculty of Economic Sciences, vol. 71(5), pages 19-38, December.
    • Handle: RePEc:blg:reveco:v:71:y:2019:i:5:p:19-38
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    File URL: http://economice.ulbsibiu.ro/revista.economica/archive/71502ghiocel.pdf
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