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Searching for Exits from the Great Recession: Coordination of Fiscal Consolidation and Growth Enhancing Innovation Policies in Central and Eastern Europe

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  • Erkki Karo
  • Rainer Kattel
  • Ringa Raudla

Abstract

To overcome the Great Recession that started in 2008, the European Union (EU) has opted for a strategy that combines austerity-driven fiscal and experimental ‘growth-enhancing’ research, development, and innovation (RDI) policies supported by different coordination mechanisms. We analyse the experiences of four Central and Eastern European economies—the Czech Republic, Estonia, Poland, Slovenia—in implementing this strategy. Given the weak policy capacities both in the EU institutions and CEE economies to draft and coordinate such novel RDI policies, we find that the implementation of this strategy is more challenging under the current EU fiscal and economic policy coordination system than assumed by the EU.

Suggested Citation

  • Erkki Karo & Rainer Kattel & Ringa Raudla, 2017. "Searching for Exits from the Great Recession: Coordination of Fiscal Consolidation and Growth Enhancing Innovation Policies in Central and Eastern Europe," Europe-Asia Studies, Taylor & Francis Journals, vol. 69(7), pages 1009-1026, August.
    • Handle: RePEc:taf:ceasxx:v:69:y:2017:i:7:p:1009-1026
    DOI: 10.1080/09668136.2017.1376183
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    References listed on IDEAS

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    1. Ashoka Mody, 2015. "Living (dangerously) without a fiscal union," Working Papers 875, Bruegel.
    2. Joze Mencinger & Egert Juuse & Rainer Kattel, 2014. "Financial Regulation in Slovenia," Working papers wpaper58, Financialisation, Economy, Society & Sustainable Development (FESSUD) Project.
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