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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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Introduction

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The South-Eastern European (SEE) economies are very divergent group of economies at various stages of economic development. If we denote the area to be the one from Slovenia, Croatia, Hungary and Romania in the North to Greece in the South we can say that six of these SEE economies are already in the EU (Slovenia, Croatia, Bulgaria, Romania, Greece and Hungary) and that the other countries may be on the path to EU membership in the next 10 years, if real and nominal convergence criteria are met. Two EU economies (Greece and Slovenia) are also full members of the European Monetary Union (EMU), while the other EU member states analysed here will enter into the EMU after the convergence criteria have been fulfilled. Furthermore, the euro is used in Kosovo and Montenegro as the national currency although these two countries are outside the EMU. This implies that such a divergent group of national economies, that are “small open economies” in transition, may have different experiences with the financialisation process, although they share many similarities in this respect. Briefly, financialisation means the predominance of finance over real sector of an economy. A common endeavour of the research presented in this book is to analyze what is common in the financialisation process in this group of European economies, but also what is still specific in the cases presented here.

Generally speaking, the growth in these countries has been based on financial deregulation and external and internal liberalization of...

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