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The Impact of the Global Crisison South-Eastern Europe


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  • Francesco Spadafora
  • Emidio Cocozza
  • Andrea Colabella


This 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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Paper provided by International Monetary Fund in its series IMF Working Papers with number 11/300.

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Length: 70
Date of creation: 01 Dec 2011
Date of revision:
Handle: RePEc:imf:imfwpa:11/300

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Keywords: Banks; Credit expansion; Credit risk; Eastern Europe; Economic growth; External debt; Financial sector; Fiscal consolidation; Global Financial Crisis 2008-2009; current account; fiscal policy; public debt; external financing; current account deficit; central bank; external borrowing; budget deficit; fiscal deficit; government deficit; fiscal stance; current account deficits; fiscal policies; account deficits; central banks; public finances; fiscal balance; structural fiscal; expansionary fiscal; government budget; foreign borrowing; foreign capital; currency board; fiscal adjustment; fiscal sustainability; fiscal rules; fiscal stimulus; domestic borrowing; government budget deficit; debt service; budget surplus; fiscal expansion; fiscal discipline; expansionary fiscal policies; fiscal tightening; fiscal balances; fiscal gaps; fiscal responsibility; fiscal gap; tax rates; short-term debt; fiscal impulse; fiscal space; fiscal council; sovereign debt; debt sustainability; fiscal reforms; fiscal deficit target; structural fiscal reforms; current account adjustment; tax administration; tax cuts; fiscal position; fiscal measures; balance sheet effects; tax revenue; external shocks; expansionary fiscal stance; fiscal targets; fiscal surplus; domestic financing; fiscal responsibility framework; private credit; medium-term fiscal sustainability; debt problems; currency risks; balance of payments; expansionary fiscal policy; private external debt; fiscal adjustments; fiscal consolidations; fiscal framework; foreign debt; currency risk; external funding; long-term debt; debt ratio; debt reduction; external shock; domestic absorption; domestic savings; expenditure cuts; debt ratios; aggregate demand; net debt; government debt; tax reforms; primary fiscal balance; repayments; fiscal target; current account balance; fiscal policy objectives; fiscal instrument; fiscal deficits; discretionary fiscal stimulus; prudent fiscal policy; budget deficits; fiscal decentralization; public finance; fiscal objectives; general budget; fiscal revenue; foreign loans; domestic financial markets; budget process; domestic public debt; tight fiscal policies; fiscal responsibility act; public debt management; debt management; external indebtedness; fiscal savings; fiscal risk; governmental fiscal relations; fiscal relations; debt outstanding; state budget; fiscal response; budgetary flexibility; responsible fiscal policy; fiscal contraction; government solvency; fiscal positions; flat tax rates; loose fiscal policies; fiscal accounts; net debtor; fiscal frameworks; fiscal stabilizers; cyclical fiscal policy; fiscal risks; flat tax; fiscal rule; fiscal action; budget system; domestic currencies; external debts; current account surpluses; nonconcessional debt; fiscal activity; tax collection; tax increases; public spending; restrictive fiscal stance; fiscal prudence; fiscal activities; central government budget; international lending; concessional debt; fiscal crisis; low debt; fiscal strategy; discretionary fiscal policy; spending cuts; tax revenues; fiscal policy coordination; liquidity injections; fiscal stability; government spending; budget expenditure; fiscal spending; fiscal outturns; fiscal imbalances; quasi-fiscal activities; fiscal liabilities; medium-term fiscal framework; fiscal coordination; public external debt; public sector fiscal deficit; revenue collection; bilateral donors; expenditure increases;

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  1. Jesmin Rahman, 2010. "Absorption Boom and Fiscal Stance," IMF Working Papers 10/97, International Monetary Fund.
  2. Ferhan Salman & Gabriela Dobrescu, 2011. "Fiscal Policy During Absorption Cycles," IMF Working Papers 11/41, International Monetary Fund.
  3. Erik Berglof & Yevgeniya Korniyenko & Alexander Plekhanov & Jeromin Zettelmeyer, 2010. "Understanding the Crisis in Emerging Europe," Public Policy Review, Policy Research Institute, Ministry of Finance Japan, vol. 6(6), pages 985-1008, September.
  4. International Monetary Fund, 2011. "Macroprudential Policy," IMF Working Papers 11/238, International Monetary Fund.
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Cited by:
  1. Zisiadou, Argyro & Metaxas, Theodore, 2014. "The Mediterranean countries of European Union and their progress from 1980 to 2012: A comparative analysis," MPRA Paper 55029, University Library of Munich, Germany.
  2. Gregorio Impavido & Heinz Rudolph & Luigi Ruggerone, 2013. "Bank Funding in Central, Eastern and South Eastern Europe Post Lehman," IMF Working Papers 13/148, International Monetary Fund.
  3. 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.
  4. Marko Malovic & Svetislav Paunovic, 2012. "Flow of Funds in balkan Banks: Narrow Banking or Narrow Escape?," Book Chapters, Institute of Economic Sciences.
  5. 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.
  6. Katarzyna Kubiszewska, 2013. "Economic Crisis in Croatia," Oeconomia Copernicana, Polskie Towarzystwo Ekonomiczne Oddzial w Toruniu, Wydzial Nauk Ekonomicznych i Zarzadzania UMK, vol. 2, pages 57-72.


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