the structure and the principles of the financial markets have been proved to have a critical role in the increase of the pressure against the economies internationally; however, there are countries, like Dubai, which managed to keep their economy strong;
The effects of financial crisis can be divided into two different categories: a) the effects referring to the national economy and b) the effects related to the firms and individuals that have interests on specific investments. Failures in the regulation of crisis in regard to the economy and the private sector have been identified; these failures have led to the instability of the markets or firms involved1; at the next level, the financial crisis have led to the differentiation of the role of risk – as a decisive factor in the development of financial policies. In this context, it can be noted that the financial crisis has led to the differentiation of the political decisions in regard to the rules that govern the markets worldwide. On the other hand, Claessens et al. (2010) supported that current crisis has many similarities with the financial crises of the past2; under these terms, the countries that have faced similar crises in the past should be more ready to face the current recession; however, in the case of USA the above ‘rule’ has not been verified. Moreover, the view of Claessens et al. (2010) can lead to the assumption that countries with no previous experiences of financial crisis are likely to fail in handling the recent recession; Dubai had not face such a crisis in the past; the crisis hit the country recently, i.e. after having affected all other countries; this fact cannot be easily explained. However, through the case of Dubai it was revealed that experience in crisis does not guarantee the effectiveness against a crisis; the country managed to exit the crisis even if the relevant pressure was extremely strong.
Dubai is country characterized for the power of its economy; the financial