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Financial Crisis In Central And Eastern Europe – Development Differentiation In The Regions

Author

Listed:
  • Monika Kozub-Idzkowska

    (University of Bialystok, Poland)

  • Marek Proniewski

    (University of Bialystok, Poland)

Abstract

Crises existed not only in the last decades. In each country fluctuations such as upswings or downturns can be observed in the economy. The serious economic crisis can take place when the extending long-lasting decline continues. In the situation when the crisis appears in the economy it is significant to have a stable financial system. The last financial crisis showed weakness of the contemporary model of social-economic development functioning in the global world, also in Central and Eastern Europe (CEE). The paper presents the situation of Central and Eastern Europe during the financial crisis. The goal is to analyze the most important kinds of macroeconomic indicators of CEE countries, present development differentiation in the regions at NUTS2 level and systematize causes of the crisis and anti-crisis activities in Central and Eastern Europe. In this paper theoretical aspects of the financial crisis and financial crises’ types are shown as a basis for further analysis. The theoretical study, th e observation method and the statistical data analysis were used to present the global financial crisis influence on the CEE economy. Finally, the method of coefficient of variation was implemented to confirm regional development differentiation in Central and Eastern Europe regions and to answer the question if the CEE regions can still narrow the development gap between them and other regions of the European Union.

Suggested Citation

  • Monika Kozub-Idzkowska & Marek Proniewski, 2011. "Financial Crisis In Central And Eastern Europe – Development Differentiation In The Regions," Equilibrium. Quarterly Journal of Economics and Economic Policy, Institute of Economic Research, vol. 6(1), pages 85-107, March.
    • Handle: RePEc:pes:ierequ:v:6:y:2011:i:1:p:85-107
    DOI: 10.12775/EQUIL2011.005
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    References listed on IDEAS

    as
    1. Pradeep Mitra & Marcelo Selowsky & Juan Zalduendo, 2010. "Turmoil at Twenty : Recession, Recovery, and Reform in Central and Eastern Europe and the Former Soviet Union," World Bank Publications - Books, The World Bank Group, number 2682.
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    More about this item

    Keywords

    crisis; kinds of financial crisis; regional differentiation; CEE countries;
    All these keywords.

    JEL classification:

    • E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
    • E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
    • E66 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - General Outlook and Conditions

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