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Financialisation and Financial Crisis in South-Eastern European Countries

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Edited By Dubravko Radošević and Vladimir Cvijanović

The book discusses various cases of financialisation and financial crisis in South-Eastern Europe. While these can be directly traced to the region’s reliance upon the global financial regime, the interplay of international financial institutions, the eurozone’s rigidity and domestic policies have produced various outcomes in the countries of the region. The study presents quantitative and qualitative research and offers new insights into the processes that shape the financial and monetary systems. The ex post analysis of how financial instability was created and how it could have been prevented, hopes to provide insights for policy-makers today.
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Foreword

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The economic and financial crises of 2008 and 2009 (with first signs coming in 2007) were remarkable for their global spread, with virtually no country exempt from their effects on employment and output of these crises. It could be seen the first truly global economic crisis, and has often referred to as the GFC (global financial crisis). On the other hand, the heart of the banking and financial crises were in a relatively few countries (including the USA of course), with others notably within the Eurozone threatened by sovereign debt crises and others suffering from the contagion through international trade and investment links. Some authors such as Bob Jessop have then spoken of the North Atlantic financial crisis with the intense banking crises of USA, UK, Ireland (and Iceland) in recognition that countries outside that North Atlantic area suffered economic losses but in general not financial crises. These crises of 2008/2009 were the most recent and widespread of a high rate of financial crises – Laeven and Valencia (2012) record some 400 crises (banking, sovereign debt, exchange rate) over 4 decades, many of which had devastating effects of employment and output. These financial crises serve to focus our attention on the inherent instabilities of the financial sector, albeit that the nature and forms of those instabilities vary over time and space, and can be constrained by regulation. The recent set of crises has occurred after a number of decades of financialisation, which has involved growth of the economic and...

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