FINANCIAL CRISIS IN CENTRAL AND EASTERN EUROPE – DEVELOPMENT DIFFERENTIATION IN THE REGIONS

Monika Kozub-Idzkowska and Marek Proniewski
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Monika Kozub-Idzkowska: University of Bialystok, Poland
Marek Proniewski: University of Bialystok, Poland

Equilibrium. Quarterly Journal of Economics and Economic Policy, 2011, vol. 6, issue 1, 85-107

Abstract: Crises existed not only in the last decades. In each country fluctuations such as upswings or downturns can be observed in the economy. The serious economic crisis can take place when the extending long-lasting decline continues. In the situation when the crisis appears in the economy it is significant to have a stable financial system. The last financial crisis showed weakness of the contemporary model of social-economic development functioning in the global world, also in Central and Eastern Europe (CEE). The paper presents the situation of Central and Eastern Europe during the financial crisis. The goal is to analyze the most important kinds of macroeconomic indicators of CEE countries, present development differentiation in the regions at NUTS2 level and systematize causes of the crisis and anti-crisis activities in Central and Eastern Europe. In this paper theoretical aspects of the financial crisis and financial crises’ types are shown as a basis for further analysis. The theoretical study, th e observation method and the statistical data analysis were used to present the global financial crisis influence on the CEE economy. Finally, the method of coefficient of variation was implemented to confirm regional development differentiation in Central and Eastern Europe regions and to answer the question if the CEE regions can still narrow the development gap between them and other regions of the European Union.

Keywords: crisis; kinds of financial crisis; regional differentiation; CEE countries (search for similar items in EconPapers)
JEL-codes: E32 E44 E66 (search for similar items in EconPapers)
Date: 2011
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Persistent link: https://EconPapers.repec.org/RePEc:pes:ierequ:v:6:y:2011:i:1:p:85-107

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