The Impact of the Global Crisis on South-Eastern Europe
AbstractThis paper analyzes the impact of the global crisis on six South-Eastern European countries. The main objective is to compare macro-financial conditions and policies in the run-up to the crisis as well as to compare the policy responses to it, so as to highlight, inter alia, possible country-specific constraints. While sharing a common pre-crisis pattern of strong capital inflows and robust growth, a key difference in the conduct of macroeconomicpolicies is that some countries adopted expansionary (and procyclical) fiscal policies. These moves exacerbated external vulnerabilities and compromised the ability to discretionarily use the fiscal instrument in acountercyclical fashion.
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Bibliographic InfoPaper provided by International Monetary Fund in its series IMF Working Papers with number 11/300.
Date of creation: 01 Dec 2011
Date of revision:
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This paper has been announced in the following NEP Reports:
- NEP-ALL-2012-01-18 (All new papers)
- NEP-EEC-2012-01-18 (European Economics)
- NEP-FDG-2012-01-18 (Financial Development & Growth)
- NEP-MAC-2012-01-18 (Macroeconomics)
- NEP-TRA-2012-01-18 (Transition Economics)
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Ferhan Salman & Gabriela Dobrescu, 2011. "Fiscal Policy during Absorption Cycles," IMF Working Papers 11/41, International Monetary Fund.
- International Monetary Fund, 2011. "Macroprudential Policy: What Instruments and How to Use Them? Lessons from Country Experiences," IMF Working Papers 11/238, International Monetary Fund.
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- Predrag Bjelić & Danijela Jaćimović & Ivan Tašić, 2013. "Effects Of The World Economic Crisis On Exports In The Ceec: Focus On The Western Balkans," Economic Annals, Faculty of Economics, University of Belgrade, vol. 58(196), pages 71-98, January â.
- Gregorio Impavido & Heinz Rudolph & Luigi Ruggerone, 2013. "Bank Funding in Central, Eastern and South Eastern Europe Post Lehman: a â€œNew Normalâ€?," IMF Working Papers 13/148, International Monetary Fund.
- Jean Pierre Allegret, 2012. "Responses of Monetary Authorities in Emerging Economies to International Financial Crises: What Do We Really know?," European Research Studies Journal, European Research Studies Journal, vol. 0(3), pages 3-32.
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