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Subnational Finance Today and Tomorrow in the Slovak Republic: Impacts of the Financial Crisis and Global Recession

In: The Economics of Centralism and Local Autonomy

Author

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  • Phillip J. Bryson

Abstract

Before the global recession, the Republic of Slovakia, like its Czech neighbor to the west, had not invested in modern financial innovations. Nor had it made some of the financial mistakes of the neighboring transitional countries Hungary and Poland. The pre-crisis housing boom in those countries had been based on unhedged loans of billions of euros from West European banks. When the credit crisis struck in 2008, the Slovaks had a few months to suppose that they would not feel its impact too strongly. When the credit crisis quickly leaped from financial markets to the real economy, however, the global recession was under way. Slovakia, like other small, trade-dependent economies, had to learn that the recession would spread through the global economy with devastating force because of a dramatically declining demand for imports.

Suggested Citation

  • Phillip J. Bryson, 2010. "Subnational Finance Today and Tomorrow in the Slovak Republic: Impacts of the Financial Crisis and Global Recession," Palgrave Macmillan Books, in: The Economics of Centralism and Local Autonomy, chapter 0, pages 245-258, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-11201-8_14
    DOI: 10.1057/9780230112018_14
    as

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