Reference:
Stiblar, F.F..
Balkans – growth, stability,
the impact of financial crisis and
integration to the world
// Trends and management. – 2013. – № 2.
– P. 241-255.
DOI: 10.7256/2307-9118.2013.2.9005.
rubric Тренды экономического развития современного мира
DOI: 10.7256/2307-9118.2013.2.9005
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Abstract: Balkan peninsula is treated as a special
case: as powder keg of Europe and the term “balkanization”
has negative connotation. Events of
last twenty years did not disappoint such terminology,
both within Balkan and outside. There
was collapse of socialist economies, disintegration
of socialist Yugoslavia with not optimal
political solutions. External conditions such as
an ailing EU, political turmoil in Near East had
negative influences on Balkans. The aim of this
article is to investigate what has happened with
Balkan economies in the last twenty years. In particular,
the author focuses on the consideration of
the long term trends in economic growth and its
stability (is catching-up to developed Europe taking
place?); on the impact of global financial crisis
on Balkans (was Balkans with less developed
financial structure insulated from negative consequences
of global financial crisis?); and on the
success in integration of Balkan economies to the
globalizing world (is Balkans still “an isolated island”
in the world of progress?). Basic criteria for
a selection of analyzed countries is geographical
position of country in Balkans. Thus, 11 Balkan
countries are analyzed (Cyprus is not included).
The quality of macroeconomic performance and
long term development strategy used is measured
by dynamic of GDP growth, the stability of growth
in period 1991-2010 and resistance to the effects
of global financial crisis. The first part includes
two indicators of welfare: growth and stability, the
second includes the effects of creation of bubble
in period 2005-2008 and its bursting in after that.
Keywords: financial bubble, integration, economy, analysis, macroeconomic, balkanization, Balkan, dynamics, Eurozone, global financial crisis
Contact information: Stiblar, Franjo, F., Poljanski nasip 2, 1000 Ljubljana, Slovenia
References:
1. Stiblar F.: The Balkan Conflict and Its Solutions, Manet, School of Law, University of Ljubljana, Slovenia, 2007
2. Stiblar F.: The Impact of Global Crisis on Montenegro and the Western Balkans, CBCG, Podgorica, 2009
3. Lin J.Y.: demystifying Chinese Economy, Princeton press, 2011
4. Balkan Monitor, Belgrade, Several issues
5. The EU Enlargement Progress Report, Brussels, November 2011
6. The EBRD Transition Report 2011, London November 2011
7. The IMF World Economic Outlook 2011 and Supplement 2012; Washington DC, October 2011 and January 2012
8. The LINK World Economic Assessment, UN and University of Toronto, Fall 2011
9. The World Bank data set, 2011
10. Sinitsina, M. L. Anti-Crisis Measures in the EU: Analysis of Modern Financial Reforms // . - 2012. - 8. - C. 64 - 80.
11. Sarkisov, A. K. Russian State Corporation ‘Bank for Development and Foreign Economic Affairs’ and its Role in Regulation of Consequences of the World Financial Crisis // . - 2010. - 4. - C. 80 - 86.
12. Galieva, G.F. Macro-economic prerequisites and factors of development of innovation economy. // . - 2011. - 6. - C. 78 - 83.
13. Zaripova, A.T. Comparative analysis of the CSTO, EPDS: use of the experience of the European integration to the integration studies in the post-Soviet territory. // . - 2011. - 3. - C. 114 - 121.
References (transliteration):
1. Stiblar F.: The Balkan Conflict and Its Solutions, Manet, School of Law, University of Ljubljana, Slovenia, 2007
2. Stiblar F.: The Impact of Global Crisis on Montenegro and the Western Balkans, CBCG, Podgorica, 2009
3. Lin J.Y.: demystifying Chinese Economy, Princeton press, 2011
4. Balkan Monitor, Belgrade, Several issues
5. The EU Enlargement Progress Report, Brussels, November 2011
6. The EBRD Transition Report 2011, London November 2011
7. The IMF World Economic Outlook 2011 and Supplement 2012; Washington DC, October 2011 and January 2012
8. The LINK World Economic Assessment, UN and University of Toronto, Fall 2011
9. The World Bank data set, 2011
10. Sinitsina, M. L. Anti-Crisis Measures in the EU: Analysis of Modern Financial Reforms // . - 2012. - 8. - C. 64 - 80.
11. Sarkisov, A. K. Russian State Corporation ‘Bank for Development and Foreign Economic Affairs’ and its Role in Regulation of Consequences of the World Financial Crisis // . - 2010. - 4. - C. 80 - 86.
12. Galieva, G.F. Macro-economic prerequisites and factors of development of innovation economy. // . - 2011. - 6. - C. 78 - 83.
13. Zaripova, A.T. Comparative analysis of the CSTO, EPDS: use of the experience of the European integration to the integration studies in the post-Soviet territory. // . - 2011. - 3. - C. 114 - 121.
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