Crisis and development (one year of crisis in Romania)

Abstract

The papers show the impact of financial crisis in Romanian economy. In the middle of 2008, when the current financial crisis had begun to be felt in many developed countries of the world, like the U.S., but also with the European countries as Germany, Britain, France, Spain, Italy, Romania is still considered far from these influences, and after some even immune to the effects of the crisis. Romania being part of European financial and economic system and world, could not escape the effects of the crisis that began to manifest with virulence in late 2008 and fully in 2009, with a certain gap with developed countries affected by crisis even in 2007. Besides the contagion determined by foreign markets, the Romanian economy has been affected by the influence of internal factors (high current account deficit to be financed, high external debt, mainly short-term delay of effective anti-crisis measures).