From the Financial Crisis to the Sovereign Debt Crisis

Botescu Ion () and Cîrnu Doru
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Botescu Ion: “Ovidius” University of Constanza
Cîrnu Doru: „Constantin Brâncuºi” University of Târgu Jiu

Ovidius University Annals, Economic Sciences Series, 2011, vol. XI, issue 2, 107-111

Abstract: In the last 200 years financial crises have succeeded themselves at more or less equal time intervals. The 25 years after the second world war have been one the least affected periods by crises because of intense state control in banking activities through regulations in this area. A single exception was recorded in the period 1945-1971, which was marked by the Brazilian financial crisis. It is presumed this is because of intense state involvement in the control of banking activities through regulations. From 1971 approximately 120 financial crises have been recorded in the world. The manifestation means of the Eastern Asia (1997), Brazil (1999), Argentina (2001), Russia (1998) crises have determined their expansion aspect in the context of globalization. Unfortunately, virtually all politicians and some specialists in this area have not drawn the right conclusions from these crisis, this can be seen in their occurrence frequency. This made possible both the devastating financial crisis, with its epicenter in the USA and the premises of a new crisis that revolves around sovereign debt, the responsibility being positioned this time in the euro zone.

Keywords: banking crisis; sovereign debt crisis; deregulation; real-estate bubble (search for similar items in EconPapers)
JEL-codes: G01 G02 (search for similar items in EconPapers)
Date: 2011
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