By Joel I. Deichmann (auth.), Anastasios Karasavvoglou, Persefoni Polychronidou (eds.)
The global is altering quickly. the worldwide monetary predicament has referred to as into query the political judgements which were made by way of all international locations for many years and has ended in a re-formulation of instruments and goals. changes to the hot state of affairs are valuable and entail substantial monetary and social bills. The Balkan and Black Sea zone is a vital reference element for the ecu and international economic climate. therefore, the examine of the commercial improvement within the sector is of serious curiosity, attractive politicians and scientists alike. below this framework, the problem of the relation among the area’s nations and the E.U., the position of the banking procedure and the significance of the first zone of the economic climate as a huge developmental issue for the international locations’ economies are of significant importance.
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Additional info for Balkan and Eastern European Countries in the Midst of the Global Economic Crisis
Constant efforts were made to create the principles according to which the country would be ruled. From its inception in 1945 to its breakup in 1989 the country was governed by four institutional – constitutional frameworks, which in fact constituted a continuous effort to resolve problems, maintain balances and bridge differences among nations and in particular between Serbs and Croats (Hristidis 2003). A period characterized by the expansion of democratization was inaugurated in 1960 and in 1963 a new constitution was passed that instituted the ‘Socialist Democracy’, granting greater autonomy to the Republics and introducing the country’s political life into the term ‘Socialist Self-Management’.
63) To meet their objectives, the agreements had to manage to reconstruct the multiethnic societies of the countries whose coherence had received a keystroke by the armed transnational conflicts that had taken place particularly in the case of Bosnia, where the methods followed as well as the severity of conflicts caused the reaction of the international public opinion. To reconstruct the coherence of multiethnic societies of both countries, the method chosen to be implemented through the Agreements was based on ‘power sharing’ among the ethnic groups involved in the conflict, which was described by Lijphart as ‘Consociational democracy’ in his work entitled ‘Democracy in plural societies’ with variations in the case of each country.
The contribution of this paper lies in the use of a recent testing methodology for convergence, suggested by Nahar and Inder (2002). The adopted time series methodology is less restrictive as far as it allows non stationary processes to converge. Besides, a researcher is allowed to identify countries within a group that may not be converging. A further contribution could be the enrichment of the relevant literature by testing the full set of countries in the Balkan area. The paper is structured as follows: Sect.