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Editorial 6(3)


Ten years ago the global financial crisis broke out with the bankruptcy of the U.S. investment bank Lehman Brothers on September 15, 2008. According to the BIS timeline, that bankruptcy initiated the third stage of the crisis and was preceded by the ‘prelude’ (June 2007 to mid-March 2008) and ‘events leading up to the Lehman Brothers bankruptcy’ (mid-March to mid-September 2008) (BIS, 2009). But these first two stages were mostly related to problems in mortgage and financial markets in the U.S. economy. In the third stage, the ‘crisis of confidence quickly spread across markets and countries’ (BIS, 2009, p. 23). The following two stages, ‘global downturn’ (late October 2008 to mid-March 2009) and ‘first signs of stabilisation’ (from mid-March 2009), were marked by global macroeconomic and financial spillovers working through trade and financial channels. In 2009 the GDP growth declined in comparison to its eight-year average by 4.4 p.p. in the world economy and the trade volume of goods and services by 16.7 p.p. (data from IMF, 2018).


financial crisis


Author Biography

Marek A. Dąbrowski

Associate Professor at the Cracow University of Economics, Faculty of Economics and International Relations, Department of Macroeconomics.

Habilitated doctor of economics science (2015), PhD in economics science (Cracow University of Economics, 2005), MA in Economics, major in International Economic and Political Relations (Cracow University of Economics, 1997), MA in Law (Jagiellonian University, 2000).

Scientific interest: economics of exchange rates, economic integration, macroeconomic policy in an open economy, financial crises in emerging market economies, international monetary system.

Member of the Editorial Board of the Argumenta Oeconomica Cracoviensia published by the Cracow University of Economics.


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