On the Main Challenge of the Current Global Financial and Economic Crisis

Bulletin of the Georgian National Academy of Sciences, Vol. 4, No. 2, 2010

4 Pages Posted: 2 Dec 2012

See all articles by Vladimer Papava

Vladimer Papava

Ivane Javakhishvili Tbilisi State University

Date Written: December 2, 2012

Abstract

The contemporary financial crisis has transformed into economic crisis. The occurrence of financial crises has encouraged the emergence of a kind of routine which guarantees the stability of a government’s bailout programmes implemented through the banking sector in support of de-facto bankrupt firms. As a result, a network of zombie-banks and zombie-firms develops upon which the entire system of a zombie-economy rests. It is of great importance, therefore, the extent to which a government will go to continue supporting insolvent companies and banks in the post crisis period and to what extent it will facilitate simplifying the bankruptcy procedures.

Keywords: global financial and economic crisis, necroeconomy, zombie-economy, bankruptcy law

JEL Classification: P12, P16, P23, P26

Suggested Citation

Papava, Vladimer, On the Main Challenge of the Current Global Financial and Economic Crisis (December 2, 2012). Bulletin of the Georgian National Academy of Sciences, Vol. 4, No. 2, 2010. Available at SSRN: https://ssrn.com/abstract=2183885 or http://dx.doi.org/10.2139/ssrn.2183885

Vladimer Papava (Contact Author)

Ivane Javakhishvili Tbilisi State University ( email )

1, Ilia Tchavtchavadze avenue
Tbilisi, Tbilisi 0179
Georgia
+995 32 222-0241 (Phone)
+995 32 222-5107 (Fax)

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