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Turmoil at Twenty : Recession, Recovery, and Reform in Central and Eastern Europe and the Former Soviet Union

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Author Info

  • Pradeep Mitra
  • Marcelo Selowsky
  • Juan Zalduendo
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    Abstract

    This book, written on the eve of the 20th anniversary of the fall of the Berlin wall in 1989, addresses three questions that relate to recession, recovery, and reform, respectively, in Europe and Central Asia (ECA) transition countries. Did the transition from a command to a market economy and the period when it took place, plant the seeds of vulnerability that made transition countries (the region excluding Turkey) more prone to crisis than developing countries generally? Did choices made on the road from plan to market shape the ability of affected countries to recover from the crisis? What structural reforms do transition countries need to undertake to address the most binding constraints to growth in a world where financial markets have become more discriminating and where capital flows to transition and developing countries are likely to be considerably lower than before the crisis? This report is structured as follows: chapter one of the book analyses how countries fell into recession and crisis, why not all of them were equally affected, and whether different policies could have positioned them better to face the crisis. Chapter two discusses rescue and stabilization and the role of international collective action. The next two chapters focus on policies for recovery, chapter three on restructuring bank, corporate and household debt and chapter four on scaling up social safety nets. Chapters five and six focus on reform, examining the binding constraints to growth and the policy agenda in the most important sectors identified by that analysis.

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    Bibliographic Info

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    This book is provided by The World Bank in its series World Bank Publications with number 2682 and published in 2010.

    ISBN: 978-0-8213-8113-7
    Handle: RePEc:wbk:wbpubs:2682

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    Postal: 1818 H Street, N.W., Washington, DC 20433
    Phone: (202) 477-1234
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    Web page: https://openknowledge.worldbank.org
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    Related research

    Keywords: Finance and Financial Sector Development - Debt Markets Finance and Financial Sector Development - Banks & Banking Reform Private Sector Development - Emerging Markets Finance and Financial Sector Development - Currencies and Exchange Rates Finance and Financial Sector Development - Access to Finance;

    References

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    1. Djankov, Simeon & McLiesh, Caralee & Shleifer, Andrei, 2007. "Private credit in 129 countries," Journal of Financial Economics, Elsevier, vol. 84(2), pages 299-329, May.
    2. Fagan, Gabriel & Gaspar, Vítor, 2007. "Adjusting to the euro," Working Paper Series 0716, European Central Bank.
    3. Alan C. Stockman, 1987. "Sectoral and National Aggregate Disturbances to Industrial Output in Seven European Countries," NBER Working Papers 2313, National Bureau of Economic Research, Inc.
    4. Uma Ramakrishnan & Juan Zalduendo, 2006. "The Role of IMF Support in Crisis Prevention," IMF Working Papers 06/75, International Monetary Fund.
    5. Dawid, Żochowski & Sławomir, Zajączkowski, 2006. "The Distribution and Dispersion of Debt Burden Ratios Among Households in Poland and its Implications for Financial Stability," MPRA Paper 692, University Library of Munich, Germany, revised 19 Oct 2006.
    6. Katharina Pistor & Martin Raiser & Stanislaw Gelfer, 2000. "Law and Finance in Transition Economies," The Economics of Transition, The European Bank for Reconstruction and Development, vol. 8(2), pages 325-368, July.
    7. World Bank, 2008. "Ukraine - Improving Intergovernmental Fiscal Relations and Public Health and Education Expenditure Policy : Selected Issues," World Bank Other Operational Studies 8006, The World Bank.
    8. Katharina Pistor & Martin Raiser & Stanislaw Gelfer, 2000. "Law and Finance in Transition Economies," CID Working Papers 49, Center for International Development at Harvard University.
    9. Paul Wachtel & Iftekhar Hasan & Mingming Zhou, 2007. "Institutional Development, Financial Deepening and Economic Growth: Evidence from China," Working Papers 07-17, New York University, Leonard N. Stern School of Business, Department of Economics.
    10. Naotaka Sugawara & Victor Sulla & Ashley Taylor & Erwin R. Tiongson, 2010. "The Crisis Hits Home : Stress-Testing Households in Europe and Central Asia," World Bank Other Operational Studies 10185, The World Bank.
    11. Fabian Valencia & Luc Laeven, 2008. "Systemic Banking Crises," IMF Working Papers 08/224, International Monetary Fund.
    12. Loayza, Norman & Schmidt-Hebbel, Klaus & Serven, Luis, 2000. "What drives private saving around the world?," Policy Research Working Paper Series 2309, The World Bank.
    13. Mitra, Pradeep & Muravyev, Alexander & Schaffer, Mark E., 2009. "Convergence in institutions and market outcomes: cross-country and time-series evidence from the business environment and enterprise performance surveys in transition economies," Policy Research Working Paper Series 4819, The World Bank.
    14. World Bank, 2002. "Transition, The First Ten Years : Analysis and Lessons for Eastern Europe and the Former Soviet Union," World Bank Publications, The World Bank, number 14042, October.
    15. Katharina Pistor & Martin Raiser & Stanislav Gelfer, 2000. "Law and finance in transition economies," Working Papers 48, European Bank for Reconstruction and Development, Office of the Chief Economist.
    16. David Kennedy, 2003. "Power sector regulatory reform in transition economies: Progress and lessons learned," Working Papers 78, European Bank for Reconstruction and Development, Office of the Chief Economist.
    17. Santiago Fernandez de Lis & Alicia Garcia-Herrero, 2009. "The Spanish Approach:Dynamic Provisioning and other Tools," Working Papers 0903, BBVA Bank, Economic Research Department.
    18. Ralph de Haas & Ilko Naaborg, 2005. "Does Foreign Bank Entry Reduce Small Firms' Access to Credit? Evidence from European Transition Economies," DNB Working Papers 050, Netherlands Central Bank, Research Department.
    19. Pradeep Mitra, 2008. "Innovation, Inclusion, and Integration : From Transition to Convergence in Eastern Europe and the Former Soviet Union," World Bank Publications, The World Bank, number 6475, October.
    20. Marc Quintyn & David S. Hoelscher, 2003. "Managing Systemic Banking Crises," IMF Occasional Papers 224, International Monetary Fund.
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    Cited by:
    1. World Bank, 2011. "Russian Federation : The Demographic Transition and Its Implications for Adult Learning and Long-Term Care Policies," World Bank Other Operational Studies 12456, The World Bank.
    2. Carlin, Wendy & Schaffer, Mark & Seabright, Paul, 2013. "Soviet power plus electrification: What is the long-run legacy of communism?," Explorations in Economic History, Elsevier, vol. 50(1), pages 116-147.
    3. World Bank, 2011. "Challenges to Enterprise Performance in the Face of the Financial Crisis : Eastern Europe and Central Asia," World Bank Publications, The World Bank, number 2316, October.

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