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The Effects of the Present Crisis on the Labour Market and on the Banking System in Constanta County

Author

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  • Mitac Mirela Claudia

    (National Bank of Romania, Constanta Branch)

Abstract

The financial crisis of 2007 to the present is a crisis triggered by a liquidity shortfall in the United States banking system. It has resulted in the collapse of large financial institutions, the bailout of banks by national governments, and downturns in stock markets around the world. In many areas, the housing market has also suffered, resulting in numerous evictions, foreclosures and prolonged vacancies. It is considered by many economists to be the worst financial crisis since the Great Depression of the 1930s. It contributed to the failure of key businesses, declines in consumer wealth estimated in the hundreds of trillions of U.S. dollars, substantial financial commitments incurred by governments, and a significant decline in economic activity.[11] Many countries experienced recession in 2008 and Romania went into recession in the third quarter of 2008. In this article I present the impact of the present crisis on the labour market and on the banking system in Constanta county

Suggested Citation

  • Mitac Mirela Claudia, 2010. "The Effects of the Present Crisis on the Labour Market and on the Banking System in Constanta County," Ovidius University Annals, Economic Sciences Series, Ovidius University of Constantza, Faculty of Economic Sciences, vol. 0(2), pages 494-497, October.
    • Handle: RePEc:ovi:oviste:v:10:y:2010:i:2:p:494-497
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    More about this item

    Keywords

    financial crisis; unemployment rate; loans; banking activity.;
    All these keywords.

    JEL classification:

    • G01 - Financial Economics - - General - - - Financial Crises
    • G20 - Financial Economics - - Financial Institutions and Services - - - General

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