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

Carlos Carrasco and Jesus Ferreiro ()

Working papers from Financialisation, Economy, Society & Sustainable Development (FESSUD) Project

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.

Keywords: Great Recession; economic and financial crisis; Eurozone; macroeconomic imbalances (search for similar items in EconPapers)
JEL-codes: C22 O52 O57 P52 (search for similar items in EconPapers)
Pages: 28 pages
Date: 2016-02-20
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Persistent link: https://EconPapers.repec.org/RePEc:fes:wpaper:wpaper149

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