EFFECTS OF INTERNATIONAL FINANCIAL CRISIS ON THE FINANCIAL SYSTEM AND MONETARY POLICY

Mihaela Cosmina Petre and Cristina Bunea-Bontas
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Mihaela Cosmina Petre: Associate Professors at the „Constantin Brâncoveanu” University

Romanian Economic Business Review, 2010, vol. 5, issue 3, 236-245

Abstract: The current financial and economic crisis seems to be unprecendentely in the last half century. The economic downturn extented in the USA, Europe and Japan seems to be much more painful than the economic downturn in 1981-1982. A massive drop of confidence is under way, both across the business sector, and the consumers, both reacting by cutting costs. The U.S. Government and some governments in Europe, are trying to recover stability, and nationalized parts of their financial sectors to an extent that is in conflict with the modern capitalism basics. Today the entire world seems to change its direction, shaping its course to a period wherein the state role will be higher, and that of the private sector will be lower. This will be probably the most dramatic consequence of the current economic crisis.

Keywords: liquidity; inflation; financial-accounting reportings; fiscal policy; financial markets (search for similar items in EconPapers)
Date: 2010
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