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Comparison of Effects of the Global Finaicial Crisis: Romaninan and Latvian cases

Author

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  • Masahiko Yoshii

    (Graduate School of Economics, Kobe University)

Abstract

The mini bubbles that the CEECs as well as the old EU member countries experienced in the 2000s abruptly ended, because of the Lehman Shock in September 2008. Most of the CEECs, Especially the Baltic three countries, experienced big falls of the GDP growth, and tried to restore their economies. Among them, Romania gives very interesting lessons. Firstly, the pre-crisis current account deficit problem of Romania was not so serious as those of other CEECs, but Romania had to ask the IMF, the EU and World Bank to hand a rescue package to it just after the crisis took place. Why was the Romanian economy so vulnerable? Secondly, although the GDP fall of Romania in 2009 was comparable to those of other CEECs, or much smaller than those of the Baltic three countries, Romania is one of the two CEECs that experienced negative GDP growth rates in 2010. Why was the Romanian economic recovery so delayed? This paper will try to reveal the peculiarities of the Romanian economy, and will discuss about its prospect.

Suggested Citation

  • Masahiko Yoshii, 2012. "Comparison of Effects of the Global Finaicial Crisis: Romaninan and Latvian cases," Discussion Papers 1217, Graduate School of Economics, Kobe University.
    • Handle: RePEc:koe:wpaper:1217
    as

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