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Savings, Investment, and Growth in Eastern Europe

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  • Peter Montiel
  • Eduardo Borensztein

Abstract

Even modest investment rates may achieve satisfactory rates of growth in the reforming economies of Eastern Europe because their relative capital scarcity implies high rates of productivity for capital. The most serious obstacle to private investment is uncertainty about the reform process, which can potentially rule out all but the most profitable projects. This problem sharply increases the payoff from accelerating the structural reform process. Regarding savings, critical aspects are the changes in methods of financing resulting from economic reform, and the availability of foreign savings, both in the form of loans and foreign direct investment.

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Bibliographic Info

Paper provided by International Monetary Fund in its series IMF Working Papers with number 91/61.

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Length: 35
Date of creation: 01 Jun 1991
Date of revision:
Handle: RePEc:imf:imfwpa:91/61

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Cited by:
  1. Hubert Gabrisch & Herbert Buscher, 2005. "The unemployment-growth relationship in transition countries," IWH Discussion Papers 5, Halle Institute for Economic Research.
  2. Campos, Nauro F., 2000. "Back to the future: The growth prospects of transition economies reconsidered," ZEI Working Papers B 13-2000, ZEI - Center for European Integration Studies, University of Bonn.
  3. Cevdet Denizer & Holger C. Wolf, 1998. "Household Savings in Transition Economies," NBER Working Papers 6457, National Bureau of Economic Research, Inc.
  4. Hubert Gabrisch & Herbert Buscher, 2006. "The Relationship between Unemployment and Output in Post-communist Countries," Post-Communist Economies, Taylor & Francis Journals, vol. 18(3), pages 261-276.
  5. Abdur R. Chowdhury, 2003. "Private Savings In Transition Economies: Are There Terms Of Trade Shocks?," William Davidson Institute Working Papers Series 2003-572, William Davidson Institute at the University of Michigan.
  6. Marek Dabrowski, 1999. "Disinflation, Monetary Policy and Fiscal Constraints. Experience of the Countries in Transition," CASE Network Reports 0016, CASE-Center for Social and Economic Research.
  7. Robert Holzmann, 1993. "Reforming old-age pensions systems in Central and Eastern European countries in transition," Journal of Economics, Springer, vol. 7(1), pages 191-218, December.
  8. Mechthild Schrooten & Sabine Stephan, 2004. "Does Macroeconomic Policy Affect Private Savings in Europe?: Evidence from a Dynamic Panel Data Model," Discussion Papers of DIW Berlin 431, DIW Berlin, German Institute for Economic Research.
  9. Mechthild Schrooten & Sabine Stephan, 2003. "Back on Track? Savings Puzzles in EU Accession Countries," Economics Working Papers 023, European Network of Economic Policy Research Institutes.
  10. Mechthild Schrooten & Sabine Stephan, 2003. "Private Savings in Eastern European EU-Accession Countries: Evidence from a Dynamic Panel Data Model," Discussion Papers of DIW Berlin 372, DIW Berlin, German Institute for Economic Research.

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