FINANCIAL CRISIS FROM THE MACROECONOMIC LEVEL TO THE MICROECONOMIC LEVEL

Sanda Gheorghe Gabriel and Constanţa Enea (constanta_enea@yahoo.com)
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Sanda Gheorghe Gabriel: FACULTY OF ECONOMICS AND BUSINESS ADMINISTRATION, ROMANIA

Annals - Economy Series, 2014, vol. 4, 277-282

Abstract: The current economic and financial crisis, beyond the problems it generates both at micro and macro level, should determine an adaptation of the mechanisms, institutions and monetary / financial policies to the real economy we are facing. The issue of financial crises is extremely complex, including a series of quantitative and qualitative factors, financial, economic, social, ethical, technological and human, which can intervene and influence the financial operations in a country or several countries simultaneously. We believe that it is difficult to appreciate that a traditional model might explain a financial crisis, given that every context of occurrence, conditions of development and crisis settlement programs are unique and unrepeatable. Every crisis has in its structure certain issues that may be capitalized and can lead to success. Perhaps more obvious are the ways that can lead to total failure of the organization. Finding and capitalizing the potential success is the essence of the crisis management. The essence of the mismanagement of the crisis is to worse situation. The successful management of a crisis involves admitting that you are facing a crisis, taking reasonable measures to remedy the situation, to be seen taking them and heard saying the right words. The issue at this stage of crisis management is that perception becomes true reality. Crisis management is a set of factors designed to combat the crisis and reduce the damage caused by the crisis. In other words, crisis management attempts to prevent or reduce the negative effects of the crisis and protect the organization, the public involved and the specific field by the possible damages. The effective management of the crisis includes crisis communication. This is an essential component through which the organization faced with the difficult situation can rehabilitate it’s publicly image or even to improve it. The crisis communication occurs between the organization and its publics both during the crisis and after it, having the goal to reduce negative effects on the reputation of the organization.

Keywords: financial crisis; organization; crisis management; strategies (search for similar items in EconPapers)
Date: 2014
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Citations: View citations in EconPapers (4)

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