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Cristina Barbu and Mihail Negulescu

Journal of Applied Economic Sciences, 2011, vol. 6, issue 3(17)/ Fall 2011, 205-211

Abstract: Economic development means creating something in one place and destroying something in another place. The crisis started in the middle of 2007 rapidly developed and spread into a global economic shock, resulting in a number of European bank failures, declines in various stock indexes, and large reductions in the market value of equities and commodities. The financial crisis is also felt in Romania. In the current macroeconomic context, Romania is exposed to the effects of economic and financial crisis, which may materialize in the plan of real economy, by slowing down the economical growth and reducing the number of work places. In the event of a financial or economic crisis, environmental concerns are put on the back burner. One factor driving this behavior is the perception that the decline in production will automatically lead to a lower level of pollution, but the reality shows that the pollution problem may become worse during the crisis period. The analysts have made several predictions about crisis. It's been two years since the crisis began in Romania. Predictions came true? Environmental degradation and economic crisis are urgent global issues that have a lot in common. Was the crisis bad or good for the Oltenia’s environment?

Keywords: economic crisis; environment; social life; Romania (search for similar items in EconPapers)
JEL-codes: K4 O1 O2 Q5 (search for similar items in EconPapers)
Date: 2011
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Handle: RePEc:ush:jaessh:v:6:y:2011:i:3(17)_fall2011:p:205