TITLE

THE IMPACT OF LITHUANIAN FINANCIAL CRISIS FOR NATIONAL ECONOMY: COMPARATIVE STUDY

AUTHOR(S)
Kiyak, Deimena; Reichenbachas, Tomas
PUB. DATE
June 2012
SOURCE
Regional Formation & Development Studies;2012, Issue 8, p92
SOURCE TYPE
Academic Journal
DOC. TYPE
Article
ABSTRACT
Emphasizing sustainable economic development preconditions in Lithuania and in order to research the formation of regional policy, the article was made on Lithuania financial crisis impact on the economy, comparative study. It was found that in the literature lacks of general method to compare the different financial crises that have occurred in different regions, countries or at different intervals impact to economic indicators, so was created financial crisis impact on countries economy index, to compare this different impact. The study identified three financial crisis which negatively affected Lithuanian economy -- "Lithunia banking crisis" (1995), "Russian financial crisis" (1998) and "Global Financial Crisis" (2008). Based on this new index calculations, the financial crisis affect was compared and found that the greatest negative impact on the economy caused the Global financial crisis (2008). Examining the specifics of Lithuania's economy noted that all of the financial crisis affected the gross domestic product growth, labor market and the country budget balance. Meanwhile, the impact on other macroeconomic indicators of the crisis depended on the crises specifics and was different.
ACCESSION #
82500985

 

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