THE IMPACT OF FINANCIAL CRISIS AND INSTITUTIONAL REFORMS DEPLOYED IN RESPONSE TO THE CRISIS ON ECONOMIC GROWTH RESPONSE TO THE CRISIS ON ECONOMIC GROWTH

Institutional changes made in financial markets in response to the crisis became the intrinsic element of anti-crisis measures, especially so at the stage of preventing excessive risk exposure and identifying potential threats to financial stability. At this point in time it is difficult to say precisely, what the effects (long-term in particular) will be of new institutional solutions and whether they would prove effective in fending off the probability of any future crises. Beyond doubt, the current crisis led to re-evaluation of previous perceptions concerning liberalisation of financial markets by exposing their scale and putting strong emphasis on interdependencies between liberalisation, financial stability and long-term economic growth.