The reasons of instability of post-socialist countries after the financial crisis
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Abstract
The text discusses the reasons of financial crisis of the last decade in the particular case of post-socialist countries. It analyses in particular the endogenous reasons of crisis in those countries, which contributed to particularly strong shock due to external factors, being the sudden deterioration of economic climate and the resulting stop of foreign financial flows. As endogenous cause, the impact of delayed and differentiated growth of welfare after transition to the market economy was indicated. Under consumerism and availability of credits this brought about rapid growth of debt of households. It made available rapid growth of consumption before the crisis, but led to its limitation and fluctuations in post-crisis period, when the debts had to be reimbursed and the foreign financial sources were much less available. It seems that the particular case of Poland was underpinned by lower propensity to borrow of the companies and, partly, of the households, and by the control by the financial supervisor. Those features which were present in spite of income differentiation of the population, were at the origin of lower dependence of inflow of foreign credits.(original abstract)
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