Koszty kryzysu gospodarczego w Europie na tle innych regionów świata – analiza przekrojowa
Macroeconomic Costs of Global Financial Crisis in Europe and Other Regions: A Comparative Analysis
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The aim of the paper is to present the results of a comparative analysis of the macroeconomic con¬sequences of the 2008-2009 global financial crisis in the European countries and other regions of the world. The consequences are understood here as the ‘costs of the crisis.’ The macroeconomic costs of the crisis have been estimated using data on GDP per capita, GNP and aggregated value added for all the ana¬lysed 81 coun¬tries. The choice of the estimation method resulted from studies on the research tech¬niques implement¬ed by other authors, both Polish and foreign, interested in the problem. The empirical part of the paper estimates and analyses the costs of the crisis in individual economies, in some groups of countries in Europe and other parts of the world, as well as in globally im¬portant economies (USA, Japan, NAFTA, South America, South-East Asia, ASEAN countries etc.). A similar analysis has been carried out on components of GDP (consumption, investments, government purchases and net export) and in a cross-sectional (cross-industry) perspective. The study reveals that the European economy as a whole (and in particular the EU and euro area countries), as compared with other regions/world markets, has suffered especially severe conse¬quences of the world crisis. Analysis of the ‘structure’ of declines in Europe in a cross-industry per¬spective shows that the economies most affected by the crisis include the Baltic countries and the ‘newcomers’ to euro area, particularly in manu¬facturing, mining and service industries.
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