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An analysis of the determinants of the impact of the Great Recession on the Eurozone countries

Author

Listed:
  • Carlos A. Carrasco

    (Department of Applied Economics V, University of the Basque Country UPV/EHU)

  • Jesus Ferreiro

    (Department of Applied Economics V, University of the Basque Country UPV/EHU)

Abstract

Although the financial and economic crisis that erupted in 2008 in the European countries can be considered as a common shock, however its impact on the European economies, in general, and the euro countries, in particular, has been very different. The objective of the paper is to analyze whether these differences are due to the existence and size of the macroeconomic imbalances registered before the crisis or, on the contrary, these differences are explained by intrinsic elements of each country. The paper shows that the impacts of the crisis are closely related with intrinsic features of each country or group of countries, and not only with the expected effects of a common shock to the European Union or the Eurozone member states.

Suggested Citation

  • Carlos A. Carrasco & Jesus Ferreiro, 2016. "An analysis of the determinants of the impact of the Great Recession on the Eurozone countries," Working papers wpaper149, Financialisation, Economy, Society & Sustainable Development (FESSUD) Project.
    • Handle: RePEc:fes:wpaper:wpaper149
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    More about this item

    Keywords

    Great Recession; economic and financial crisis; Eurozone; macroeconomic imbalances;
    All these keywords.

    JEL classification:

    • C22 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - Time-Series Models; Dynamic Quantile Regressions; Dynamic Treatment Effect Models; Diffusion Processes
    • O52 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - Europe
    • O57 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - Comparative Studies of Countries
    • P52 - Political Economy and Comparative Economic Systems - - Comparative Economic Systems - - - Comparative Studies of Particular Economies

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