Impacts of Global Recession in Western Balkan Countries a Comparison with the EU New Member States

Matthieu Llorca () and Srdjan Redzepagic ()
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Matthieu Llorca: LEG - Laboratoire d'Economie et de Gestion - UB - Université de Bourgogne - CNRS - Centre National de la Recherche Scientifique
Srdjan Redzepagic: CEMAFI - Centre d'Etudes en Macroéconomie et Finance Internationale - UNS - Université Nice Sophia Antipolis (1965 - 2019), Institute of Economic Sciences Belgrade

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Abstract: The current global crisis is systemic by being propagated in a banking, financial and economic crisis. It represents a negative external demand shock for Western Balkan Countries (WBC) with an impact on the banking and financial sector first (dice the third 2008 quarter) and then, since the first 2009 quarter on the real economy. The comparison with the crisis impacts for the EU New Member States reveals clearly that WBC were affected one quarter later due to specifics factors such as a less financial and trade integration with developed countries or a large informal sector. Finally, concerns about the financing of external deficits (trade and current account deficit) are arising due to the decline of remittances and Foreign Direct Investment inflows.

Keywords: Global economic and financial crisis; channels transmission; policy responses; Western Balkan countries; EU new member states (search for similar items in EconPapers)
Date: 2009
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Published in Claude Berthomieu, Jean-Paul Guichard, Dejan Eric and Srdjan Redzepagic. Financial Systems Integration of Balkan Countries in the European Financial System: Impact of Global Crisis, 1 (Chapitre 2), Institute of Economic Sciences, pp.9-16, 2009, 978-2-7466-1290-7

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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-04712007

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