ANALYSIS OF STOCK MARKETS IN EASTERN EUROPE

Države Vzhodne Evrope so tranzicijske države, ki so imele v času transformacije veliko podjetij, pretežno v državni lasti. Ta podjetja so bila zaradi zaprtega gospodarstva predvsem neučinkovita in nekonkurenčna. S prehodom na tržno gospodarstvo se je državni delež v podjetjih začel zmanjševati in tako je bilo v lastniški strukturi podjetij vedno več zasebnega kapitala. Zaradi zanimanja domačih in tujih vlagateljev so ta podjetja začela pridobivati na vrednosti. S pospešenim procesom globalizacije je bilo do začetka svetovne finančne krize na borznih trgih Vzhodne Evrope možno doseči visoke donose. Države Vzhodne Evrope naj bi imele zaradi svojih velikih gospodarskih dinamik v preteklosti veliko koristi od priliva tujega kapitala. Tako se je začela selitev kapitala iz zahodnih trgov na obetajoče vzhodne trge, ki so imeli velik potencial ter višje donose. Vendar pa je zaradi pregretega svetovnega trga in prihoda svetovne globalne finančne krize denar iz razvitih zahodnih držav prenehal dotekati, in priča smo bili velikim odlivom tujega kapitala, ki je napajal vzhodne trge. Posledično je prišlo na teh trgih do pomanjkanja finančnih sredstev, visokega primanjkljaja v tekoči bilanci in do povečanja že tako visokega zunanjega dolga.Countries of Eastern Europe are countries in transition, which had in time of transformation many, mostly state owned, companies. Due to closed economy these companies were primarily inefficient and uncompetitive. With the transition to a market economy, the state share in the companies started to decrease, while the inflow of private capital increased leading to the changes in the ownership structure of the enterprises. Because the interest coming from the domestic and foreign investors intensified, these companies began to gain in value. Accelerated process of globalization served as a good framework for making high profits on the stock markets of Eastern Europe until the beginning of the global financial crisis. Based on great economic dynamics in the past, the countries of Eastern Europe should have greatly benefited from the influx of foreign capital. The capital from Western markets started to flow to the promising eastern markets with great potential and higher yields. However, due to overheated global market and the emergence of the world\u27s global financial crisis, money from developed Western countries stopped coming and we have been witnessing a large outflow of foreign capital, which fed the eastern markets. Consequently these markets were faced with lack of funding, high current account deficit and with the increase of the already high external debt

The Void 02: Reclaiming Social Art Policy

A visual podcast on the history of social art policy in the Netherlands (1949-2012) and the lessons we can draw from it