Varieties of capitalism: Impact of the financial crisis on the emergent varieties of capitalism in Estonia, Hungary and Slovenia
|Author:||Bc. Daniel Burda|
|Year:||2015 - summer|
|Leaders:|| PhDr. Zdeněk Kudrna PhD.
|Work type:|| Bachelors
|Awards and prizes:|
|Abstract:||This study investigates the impact of the financial crisis of 2007 on the capitalist
development in the CEE countries. Three countries are picked each representing
one sub-cluster of the CEE region in order to examine the difference in postcrisis
economic development. The comparison of the countries is based on the
Varieties of capitalism paradigm approach, linked to the previous studies of CEE
countries inspected by adjusted VoC typology. While the study explores differences
in macroeconomic conditions of the countries it further examines the roots of the
differences in three sectors - export, financial markets and political environment.
The first hypothesis attributing better economic performance to settled countries
is rejected. The second hypothesis remains affirmative, suggesting association
between economic development and supportive governmental policy. The study
concludes the export structure to be fostering common economic recovery while
the financial market performance and in-crisis policy were most affected by internal
decisions which differentiated according to institutional quality.