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, the 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.
Highlights
The global crisis crunch arrived in Central and Eastern Europe in October 2008, after the collapse of Lehman Brothers
The aim of this article is to analyze the causes of the crisis, its symptoms, the crisis influence on the regional differentiation and anti-crisis activities undertaken in Central and Eastern Europe
The financial crisis is an example of the economic situation, which is associated with a banking panic where important production and financial sector losses exist
Summary
The global crisis crunch arrived in Central and Eastern Europe in October 2008, after the collapse of Lehman Brothers. These various developments in the CEE countries raise questions about their pre-crisis development model, which was largely based on the integration and cooperation with western Europe. The aim of this article is to analyze the causes of the crisis, its symptoms, the crisis influence on the regional differentiation and anti-crisis activities undertaken in Central and Eastern Europe. To achieve this goal, firstly, the theoretical aspects of the financial crisis and financial crises’ types were presented. There were used the theoretical study, the observation method and the statistical data analysis to present the global financial crisis influence on the CEE economy
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