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Exchange Rate Policy and Economic Growth after the Financial Crisis in Central and Eastern Europe

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  • Zsolt Darvas

Abstract

In a paper on the effects of the global financial crisis in Central and Eastern Europe (CEE), the author reacts to a paper of Aslund (2011) published in the same issue of "Eurasian Geography and Economics" on the influence of exchange rate policies on the region’s recovery. The author argues that post-crisis corrections in current account deficits in CEE countries do not in themselves signal a return to steady economic growth. Disagreeing with Aslund over the role of loose monetary policy in fostering the region’s economic problems, he outlines a number of competitiveness problems that remain to be addressed in the 10 new EU member states of CEE, along with improvements in framework conditions supporting future macroeconomic growth.

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File URL: http://web.uni-corvinus.hu/matkg/working_papers/wp_2011_3_darvas.pdf
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Bibliographic Info

Paper provided by Department of Mathematical Economics and Economic Analysis, Corvinus University of Budapest in its series Working Papers with number 1103.

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Length: 19 pages
Date of creation: Jan 2011
Date of revision:
Handle: RePEc:mkg:wpaper:1103

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Keywords: Central and Eastern Europe; Baltic states; exchange rate policy; global financial crisis; floating exchange rate; fixed exchange rate; inflation; internal devaluation; credit boom; overheating economy; current account balance; negative output gap; euro area; unit labour costs; price competitiveness;

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References

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  1. Zsolt Darvas, 2009. "The Impact of the Crisis on Budget Policy in Central and Eastern Europe," IEHAS Discussion Papers 0924, Institute of Economics, Centre for Economic and Regional Studies, Hungarian Academy of Sciences.
  2. Jean Pisani-Ferry & Pavle Petrovic & Michael A Landesmann & Vladimir Gligorov & Daniel Daianu & Torbjörn Becker & Zsolt Darvas & André Sapir & Beatrice Weder di Mauro, . "Whither growth in central and eastern Europe? Policy lessons for an integrated Europe," Blueprints, Bruegel, number 453, October.
  3. Zsolt Darvas, 2010. "The Case for Reforming Euro Area Entry Criteria," IEHAS Discussion Papers 1022, Institute of Economics, Centre for Economic and Regional Studies, Hungarian Academy of Sciences.
  4. Zsolt Darvas, 2011. "Beyond the Crisis: Prospects for Emerging Europe," Comparative Economic Studies, Palgrave Macmillan, vol. 53(2), pages 261-290, June.
  5. Alan Ahearne & Juan Delgado & Jakob von Weizsäcker, 2008. "A tail of two countries," Policy Briefs 6, Bruegel.
  6. Janos Varga and Jan in 't Veld, 2010. "The Potential Impact of EU Cohesion Policy Spending in the 2007-13 Programming Period: A Model-Based," European Economy - Economic Papers 422, Directorate General Economic and Monetary Affairs (DG ECFIN), European Commission.
  7. Zsolt Darvas, 2009. "The EU's Role in Supporting Crisis-Hit Countries in Central and Eastern Europe," Policy Contributions 368, Bruegel.
  8. Zsolt Darvas, 2009. "The Baltic Challenge and Euro-Area Entry," Policy Contributions 357, Bruegel.
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Cited by:
  1. Zsombor Z. Méder & András Simonovits & János Vincze, 2012. "Tax Morale and Tax Evasion: Social Preferences and Bounded Rationality," Working Papers 1202, Department of Mathematical Economics and Economic Analysis, Corvinus University of Budapest.

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