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Review of Economic Perspectives

Národohospodárský obzor; The Journal of Masaryk University

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Volume 16, Issue 3


The Evaluation of Recession Magnitudes in EU Countries during the Great Recession 2008–2010

Jiří Mazurek
  • Silesian University in Opava, School of Business Administration in Karvina , Univerzitní nám. 1934/3, Karviná, Czechia
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Published Online: 2016-10-13 | DOI: https://doi.org/10.1515/revecp-2016-0014


The aim of this article is to compare 2008-2010 recession magnitudes in individual EU countries. For the comparison the recession magnitude scale was used. The strongest recession during the examined period took place in Latvia, Estonia, Lithuania, Greece and Ireland, while the weakest recessions in the EU occurred in France, Malta and Cyprus. Poland and Slovakia were the only two EU countries that didn’t fall into a recession, that’s why they were not included in the study. The main findings of the paper are that EU19’s recession was much smaller than both the Great Depression of the 1930s and the recent Great Recession in the USA. Furthermore, with the use of a linear econometric model it was found that recession magnitudes in EU countries were directly proportional to the countries’ GDP per capita in 2008 and growth prior to recessions, while countries’ economic openness was indirectly proportional to recession magnitudes, all the relationships being statistically significant.

Keywords: European Union; global financial crisis; recession; recession classification; recession magnitude


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About the article

Received: 2016-03-06

Accepted: 2016-08-30

Published Online: 2016-10-13

Published in Print: 2016-09-01

Citation Information: Review of Economic Perspectives, Volume 16, Issue 3, Pages 231–244, ISSN (Online) 1804-1663, DOI: https://doi.org/10.1515/revecp-2016-0014.

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© by Jiří Mazurek. This work is licensed under the Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 License. BY-NC-ND 4.0

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