EUROPEAN ECONOMIES FACING THE GLOBAL FINANCIAL CRISIS: ARE EMERGING ECONOMIES MORE VULNERABLE THAN ADVANCED ONES?

Smaranda Cimpoeru
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Smaranda Cimpoeru: Bucharest University of Economic Studies, Romania

Revista Economica, 2016, vol. 68, issue 2, 69-85

Abstract: The global financial crisis has arouse many research questions regarding causes, effects and necessary policy measures. This paper tries to answer the question whether advanced and emerging European economies have been equally affected by the global financial crisis from 2007. We apply a cluster analysis for two periods (pre and post crisis), on a set of four leading indicators as suggested by the specialty literature and find four clusters of European economies. The differences of structure between the two groups of clusters may suggest that advanced economies are as much as vulnerable to a financial crisis situation as emerging economies.

Keywords: financial crisis; crisis leading indicators; cluster analysis; global crisis effects (search for similar items in EconPapers)
JEL-codes: C38 E60 G01 O52 (search for similar items in EconPapers)
Date: 2016
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