IDEAS home Printed from https://ideas.repec.org/p/pra/mprapa/56451.html
   My bibliography  Save this paper

The evaluation of recession magnitudes in EU countries during the global financial crisis 2008-2010

Author

Listed:
  • Mazurek, Jiří

Abstract

The aim of the article is to compare 2008-2010 recessions in individual EU countries. For the comparison a new quantitative measure – recession magnitude scale – is used. The scale is derived from (negative) quarterly GDP growth rates during a recession and its duration. Moreover, recessions are classified on the basis of their magnitudes into one of four categories: minor, major, severe and ultra. The strongest recession (of severe category) took place in Latvia, Estonia, Lithuania and Ireland, while the majority of EU countries experienced recessions of major category. Magnitude of Greek recession will be evaluated after the end of the ongoing event. The weakest recessions in EU occurred in France, Malta and Cyprus (the only recession of minor category). A comparison of EU’s recession with the US Great Depression in the 1930s revealed that the recent crisis was more than eight times smaller than that of 1930s. Furthermore, it was found out that recession magnitudes in EU countries were positively correlated to the countries’ economic growth prior to the recession and this relationship was statistically significant at 0.01 level.

Suggested Citation

  • Mazurek, Jiří, 2014. "The evaluation of recession magnitudes in EU countries during the global financial crisis 2008-2010," MPRA Paper 56451, University Library of Munich, Germany.
    • Handle: RePEc:pra:mprapa:56451
    as

    Download full text from publisher

    File URL: https://mpra.ub.uni-muenchen.de/56451/1/MPRA_paper_56451.pdf
    File Function: original version
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Alfonso ARPAIA & Nicola CURCI, "undated". "EU labour market behaviour during the Great Recession," Working Papers wp2010-6, Department of the Treasury, Ministry of the Economy and of Finance.
    2. Jiří Mazurek & Elena Mielcová, 2013. "The Evaluation of Economic Recession Magnitude: Introduction and Application," Prague Economic Papers, Prague University of Economics and Business, vol. 2013(2), pages 182-205.
    3. Paul Gaggl & Serguei Kaniovski & Klaus Prettner & Thomas Url, 2009. "The short and long-run interdependencies between the Eurozone and the USA," Empirica, Springer;Austrian Institute for Economic Research;Austrian Economic Association, vol. 36(2), pages 209-227, May.
    4. Martin Falk & Franz Sinabell, 2009. "A spatial econometric analysis of the regional growth and volatility in Europe," Empirica, Springer;Austrian Institute for Economic Research;Austrian Economic Association, vol. 36(2), pages 193-207, May.
    5. Charles S. Gascon, 2009. "The current recession: how bad is it?," Economic Synopses, Federal Reserve Bank of St. Louis.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Mazurek Jiří, 2016. "The Evaluation of Recession Magnitudes in EU Countries during the Great Recession 2008–2010," Review of Economic Perspectives, Sciendo, vol. 16(3), pages 231-244, September.
    2. Di Shang & Chang Yu & Gang Diao, 2021. "Study on Impacts of COVID-19 Pandemic Recession Based on Monte Carlo Simulation," Prague Economic Papers, Prague University of Economics and Business, vol. 2021(6), pages 724-747.
    3. Mazurek, Jiří, 2013. "The Great Recession: a comparison of recession magnitudes in Europe, USA and Japan," MPRA Paper 51428, University Library of Munich, Germany.
    4. Jiří, Mazurek, 2012. "On some issues concerning definition of an economic recession," MPRA Paper 43381, University Library of Munich, Germany.
    5. Sergio Destefanis & Matteo Fragetta & Giuseppe Mastromatteo & Nazzareno Ruggiero, 2020. "The Beveridge curve in the OECD before and after the great recession," Eurasian Economic Review, Springer;Eurasia Business and Economics Society, vol. 10(3), pages 411-436, September.
    6. Giovanni S F Bruno & Enrico Marelli & Marcello Signorelli, 2014. "The Rise of NEET and Youth Unemployment in EU Regions after the Crisis," Comparative Economic Studies, Palgrave Macmillan;Association for Comparative Economic Studies, vol. 56(4), pages 592-615, December.
    7. Liotti, Giorgio, 2020. "Labour market flexibility, economic crisis and youth unemployment in Italy," Structural Change and Economic Dynamics, Elsevier, vol. 54(C), pages 150-162.
    8. S. Haincourt. & M. Mogliani., 2012. "Has the 2008-2009 recession increased the structural share of unemployment in the euro area?," Quarterly selection of articles - Bulletin de la Banque de France, Banque de France, issue 25, pages 63-80, Spring.
    9. Klaus Prettner & Robert Kunst, 2012. "The dynamic interrelations between unequal neighbors: an Austro-German case study," Empirical Economics, Springer, vol. 43(2), pages 741-761, October.
    10. Jean-Yves Boulin & Gilbert Cette, 2013. "Labour market adjustments during the crisis: the role of working time arrangements1," Transfer: European Review of Labour and Research, , vol. 19(4), pages 475-487, November.
    11. Mazurek Jiří, 2015. "A Comparison Of GDP Growth Of European Countries During 2008-2012 From The Regional And Other Perspectives / Porównanie Wzrostu Pkb W Okresie 2008-2012 W Krajach Europejskich Z Regionalnej I Innej Per," Comparative Economic Research, Sciendo, vol. 18(3), pages 5-18, August.
    12. Samuel Bentolila & Juan Dolado & Juan Jimeno, 2012. "Reforming an insider-outsider labor market: the Spanish experience," IZA Journal of European Labor Studies, Springer;Forschungsinstitut zur Zukunft der Arbeit GmbH (IZA), vol. 1(1), pages 1-29, December.
    13. Mindaugas Butkus & Alma Maciulyte-Sniukiene & Kristina Matuzeviciute, 2020. "Heterogeneous growth outcomes of the EU’s regional financial support mediated by institutions with some empirical evidences at NUTS 3 level," Review of Regional Research: Jahrbuch für Regionalwissenschaft, Springer;Gesellschaft für Regionalforschung (GfR), vol. 40(1), pages 33-66, April.
    14. Catherine Prettner & Klaus Prettner, 2012. "After Two Decades of Integration: How Interdependent are Eastern European Economies and the Euro Area?," Department of Economics Working Papers wuwp138, Vienna University of Economics and Business, Department of Economics.
    15. Yekaterina Chzhen & Dominic Richardson, 2014. "Young People (not) in the Labour Market in Rich Countries during the Great Recession," Papers inwopa726, Innocenti Working Papers.
    16. Dieckhoff, Martina & Gash, Vanessa & Steiber, Nadia, 2015. "Measuring the effect of institutional change on gender inequality in the labour market," EconStor Open Access Articles and Book Chapters, ZBW - Leibniz Information Centre for Economics, vol. 39, pages 59-75.
    17. Josef C Brada & Marcello Signorelli, 2012. "Comparing Labor Market Performance: Some Stylized Facts and Key Findings," Comparative Economic Studies, Palgrave Macmillan;Association for Comparative Economic Studies, vol. 54(2), pages 231-250, June.
    18. Smith, Stephen C. & Rothbaum, Jonathan, 2013. "Cooperatives in a Global Economy: Key Economic Issues, Recent Trends, and Potential for Development," IZA Policy Papers 68, Institute of Labor Economics (IZA).
    19. Beatrice Pierluigi & Jan Bruha & Roberta Serafini, 2014. "Euro area labour markets: Different reaction to shocks?," Journal of Banking and Financial Economics, University of Warsaw, Faculty of Management, vol. 2(2), pages 34-60, November.
    20. Christophe J. Nordman & François-Charles Wolff, 2009. "Is There a Glass Ceiling in Morocco? Evidence from Matched Worker--Firm Data," Journal of African Economies, Centre for the Study of African Economies, vol. 18(4), pages 592-633, August.

    More about this item

    Keywords

    European Union; global financial crisis; recession; recession classification; recession magnitude.;
    All these keywords.

    NEP fields

    This paper has been announced in the following NEP Reports:

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:pra:mprapa:56451. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Joachim Winter (email available below). General contact details of provider: https://edirc.repec.org/data/vfmunde.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.