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Why Economic Freedom Matters In Determining Financial Stability: A Case Study On Six Eastern European Countries

Author

Listed:
  • Andrei-Ionuț PRICOP
  • Laura MAXIM

Abstract

The down turning events from the beginning of the XXIst century, starting with the 2008 crisis and then the COVID-19 pandemic, shortly followed by Russia's invasion in Ukraine, exacerbated some preexisting vulnerabilities and created new risks. In this context, the financial stability in the Eastern European states (we will consider "Eastern Europe" in Winston Churchill's terms, namely those countries on the eastern flank of the Iron Curtain) represents an important debating issue for both policy-makers and researchers. Therefore, the present paper aims to quantify the financial stability and to determine the factors that can influence it. In doing so, we first have to establish what we consider to be financial stability: what it means at the microeconomic level (focusing on the behavior of the citizens) and what it means at the macroeconomic level (looking at the role of states in ensuring financial stability). It is important to note that the analysis we wish to undertake will be at a regional rather than at an overall European level, focusing on the Eastern European countries that have joined the European structures. We will present, by means of statistical analysis, the importance that both economic freedom and education have in increasing the financial stability of Eastern European citizens, taking into account the evolution of the financial stability of Eastern European citizens over the last years. In order to perform an analysis for more countries and over a longer period of time, we will utilize panel data analysis. We will observe the role that both variables play in ensuring a greater level of financial stability for the people from these countries.

Suggested Citation

  • Andrei-Ionuț PRICOP & Laura MAXIM, 2024. "Why Economic Freedom Matters In Determining Financial Stability: A Case Study On Six Eastern European Countries," Eastern European Journal for Regional Studies (EEJRS), Center for Studies in European Integration (CSEI), Academy of Economic Studies of Moldova (ASEM), vol. 10(1), pages 31-43, June.
    • Handle: RePEc:aem:journl:v:10:y:2024:i:1:p:31-43
    DOI: https://doi.org/10.53486/2537-6179.10-1.02
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    References listed on IDEAS

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    1. Oana-Ramona SOCOLIUC (GURIȚĂ) & Andreea-Oana IACOBUȚĂ-MIHĂIȚĂ & Elena CIORTESCU, 2021. "Private property - the inclusive institution which shaped dissimilar economic dynamics. Evidence from the Czech Republic and Romania," Eastern Journal of European Studies, Centre for European Studies, Alexandru Ioan Cuza University, vol. 12, pages 213-243, December.
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      More about this item

      Keywords

      Financial stability; European Union; economic freedom; tertiary education; Eastern Europe;
      All these keywords.

      JEL classification:

      • E10 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - General
      • F61 - International Economics - - Economic Impacts of Globalization - - - Microeconomic Impacts
      • F62 - International Economics - - Economic Impacts of Globalization - - - Macroeconomic Impacts
      • I15 - Health, Education, and Welfare - - Health - - - Health and Economic Development

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