AuthorElena Padurean, Camelia Baltaretu, Delia Nedu
Pages2007-2010 Financial and Economic Crisis Nature
2007-2010 Financial and economic crisis nature
Elena Pădurean1, Camelia Băltăreţu2, Delia Nedu3
1 Centre of Financial and Monetary Research “Victor Slăvescu”, padureanelena@yahoo.com
2 Centre of Financial and Monetary Research “Victor Slăvescu”, cbaltaretu@yahoo.com
3 Centre of Financial and Monetary Research “Victor Slăvescu”, delia_nedu@yahoo.com
Abstract. The c ausal structure of the present financial and economic crisis leads us to a revisiting of the
economic cyclicity, especially concerning the temporal dimension of the economic cycle. In thi s end, the
authors analyze the nature of the above mentioned crisis, from some point of views. As a result, some crucial
directions of action are established as follows: the external channels of transmission of the crisis, the channels
of transmission of the financial crisis into t he economic crisis, the “optimal” order of the anti-crisis measures.
Some possible adverse effects are pointed out in order to prevent any undesirable consequences of the
governmental intervention against the crisis effects.
Key words: financial crisis, economic crisis, anti-crisis measures
1. Some milestones
The current international financial (and economic) crisis has some features that are important to be
revealed, because from them depends on both understanding the nature and causes, and therefore the
possible remedies to absorb1 it.
a. Firstly, it is only a financial crisis. It emerged as a necessary result of excessive autonomization of
nominal flows in relation to economic flows (i.e. excessive autonomization of the nominal economy in
relation to the real economy). Thus, it was possible the emergence of so-called bubble in the nominal
zone flows, which being not supported either explicitly or implicitly, by the real flows, exploded,
resulting the recalibration of all economic and financial associated variables;
b. Secondly, it is a crisis with a punctual origin. It emerged in a certain part of the world (USA) and in
relation to a particular area of business (bank loans);
c. Thirdly, it is a cyclical type of crisis. It follows the logic (at least as we know, until now, from the
orthodox theories on economic ciclicity) of emerging, growing and declining logic of a done economic
phenomenon, of un infrastructural nature, that become un anchor of the necessity to sudden recalibrate
of the economic2 system. In context, we think we have to face a crisis anchored in the logic of
evolution of t andem nominal flows - r eal flows. Once this logic actualized, such a type of crisis
d. fourthly, it is a structural crisis. This feature results from the fact that not only certain relationships
between the dynamics (and structure) of the nominal flows and the dynamics (and structure) of the real
1 It is desirable that economic crises be absorbed, not… offsetted, because absorption means exploiting the opportunities that
any crisis (not only t he economic type or from the economic ar ea) displays for those who are prepared, first culturally, to
identify them.
2 Metap horically, the eco nomic crisis, has in general, the same functions as a kind of geological earthquake: resetting up
some coexistence and functional relationships

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