EUROPEAN ECONOMIES FACING THE GLOBAL FINANCIAL CRISIS: ARE EMERGING ECONOMIES MORE VULNERABLE THAN ADVANCED ONES?

CIMPOERU Smaranda, Bucharest University of Economic Studies, Romania

Abstract:
The global financial crisis has arouse many research questions regarding causes, effects and necessary policy measures. This paper tries to answer the question whether advanced and emerging European economies have been equally affected by the global financial crisis from 2007. We apply a cluster analysis for two periods (pre and post crisis), on a set of four leading indicators as suggested by the specialty literature and find four clusters of European economies. The differences of structure between the two groups of clusters may suggest that advanced economies are as much as vulnerable to a financial crisis situation as emerging economies.

Keywords: financial crisis, crisis leading indicators, cluster analysis, global crisis effects

JEL Classification: G01, C38, E60, O52

Volume: 68, Issue: 2

Pages: 69 - 85

Publication date: September, 2016

Download the article: http://economice.ulbsibiu.ro/revista.economica/archive/68206cimpoeru.pdf

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