The Malaysian Experience in Financial‐Economic Crisis Management: An Alternative to the IMF‐Style Approach

The economic crisis fueled contradictions among the parties and weakened public support of internal and external policies of the Baltic states (Lithuania, Latvia, Estonia). Natural necessity to abandon previous one-sided Euro-Atlantic foreign political and foreign economic orientation in favor of more balanced approach towards relations with Eastern neighbours (primarily with Russia) has become the issue of key importance that turned out to be a stumbling block for main political parties (ruling parties, opposition, so called ‚Russian‘ parties) in the Baltic states. The attitude to this problem became crucial during recent political crisis in Latvia, whereas in Lithuania and Estonia it led to changing rhetoric on foreign political issues by opposition parties. It is possible to nominally define the political situation in Lithuania as partisan consensus, whereas in Latvia and Estonia foreign political strategies complicated by unresolved domestic ethnic and language minorities problems are a battlegroud for ruling right-wing conservative coalitions and social-democratic oppositions. So, main social and political forces in the Baltic states faced the task to find a new consensus on foreign political issues in order to efficiently develop national economies under the conditions of financial economic turbulence in the EU and worldwide as well as to support social unity.

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A fresh look at the concepts of economic and macroeconomic crises: General, priority, and institutional approach

Finance and Credit ◽

10.24891/fc.27.10.2282 ◽

2021 ◽

Vol 27 (10) ◽

pp. 2282-2313

Author(s):

Dmitrii V. MANUSHIN

Keyword(s):

Crisis Management ◽

Economic Crisis ◽

Economic Approach ◽

Economic Crises ◽

New Approach ◽

Institutional Economic ◽

Institutional Approach ◽

Effort Mobilization ◽

Logical Method ◽

The Impact

Subject. The article addresses approaches to understanding the economic and macroeconomic crisis. Objectives. The aim is to study and update the concepts of macroeconomic crisis and economic crisis, taking into account modern crisis phenomena and processes, for easier identification and timely anti-crisis measures. Methods. The study draws on the abstract-logical method. Results. The paper clarifies the terms "macroeconomic crisis" and "economic crisis", adds two approaches to the traditional general economic approach to understanding macroeconomic and economic crises, i.e. priority-economic (new approach) and institutional- economic (updated approach). I offer a new systemic grouping of signs of macroeconomic crises and examples that reveal the impact of new signs of these crises on macroeconomics. I formulated a new idea of the unity of intermittent and persistent crisis. Conclusions. The priority-economic approach indicates the priority areas of effort mobilization in the process of crisis management of macroeconomics. The institutional-economic approach broadens the perception of the crises and confirms the need to apply an updated institutional approach to all phenomena and processes studied in macroeconomics.

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Economic Crisis and Controversy with the IMF

Kazakstan 1993–2000 ◽

10.1007/978-3-642-57562-4_3 ◽

2001 ◽

pp. 57-108 ◽

Cited By ~ 1

Author(s):

Lutz Hoffmann

Keyword(s):

Economic Crisis ◽

The Imf

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Building the euro area's debt crisis management capacity with the IMF

Review of International Political Economy ◽

10.1080/09692290.2014.965263 ◽

2015 ◽

Vol 22 (3) ◽

pp. 599-625 ◽

Cited By ~ 11

Author(s):

Daniela Schwarzer

Keyword(s):

Crisis Management ◽

Debt Crisis ◽

Management Capacity ◽

The Imf

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Formation of the EU Development Index

Proceedings of the Latvia University of Agriculture ◽

10.2478/v10236-012-0012-3 ◽

2013 ◽

Vol 28 (1) ◽

pp. 29-37

Author(s):

Vladislavs Vesperis

Keyword(s):

Human Development ◽

Economic Crisis ◽

Human Development Index ◽

Economic Change ◽

Financial Economic ◽

Member States ◽

Development Index ◽

Eu Member States ◽

The Impact ◽

The Eu

Abstract In the context of the global financial-economic crisis it becomes important to find a stronger base for assessment of the socio-economic development and, in particular, search for better indicators. Therefore, the hypothesis is set that it is necessary to develop the EU Development Index, which will provide better assessment of an on-going socio-economic change. The objective of the article is to describe the EU Development Index calculation results and compare them with the Human Development Index values for each Member state of the EU. Ranking list of the EU Member States according to the Human Development Index values did not change substantially, suggesting that the Human Development Index inadequately responds to key socioenvironmental changes that occurred during the global financial economic crisis. At the same time, a number of countries show a sharp decline of the EU development index values, reflecting the impact of global economic crisis, while some countries with a high level of public debt and low confidence of the financial markets have remained in their positions by the both indexes in the year 2009. However, these countries most probably will be forced to make the considerable fiscal discipline measures, which inevitably will have an impact on GDP and income indicators in these countries, therefore their rankings in the coming years will deteriorate. Completely impartial assessment will be possible when countries with high debt levels will have balanced their budgets and economic growth will be based mostly on their own income and production instead of external cash flows and investment entering the country. It can be concluded that EU Development Index allows, in a more equitable fashion, to assess disparities of the EU Member States by development level and more rapidly reflect the rapid socio-economic change.

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