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Central and Eastern Europe: Trapped in Integration?

Author

Listed:
  • Leon Podkaminer

    (The Vienna Institute for International Economic Studies (wiiw))

Abstract

The Central and Eastern European new Member States of the European Union (CEECs) went through the transition process following the commandments of the Washington Consensus, which gradually evolved into the “integrative growth model”. External liberalisation exposed the CEECs to recurring problems over external imbalances, bubbles driven by capital inflows, and resulting growth instabilities. Large foreign direct investment inflows attracted by repressed wages and low taxes do not accelerate growth. Arguably, real convergence would be much faster under a system with built-in limitations to free trade, free capital movements – and with more scope for traditional industrial, trade, incomes, and fiscal policies.

Suggested Citation

  • Leon Podkaminer, 2015. "Central and Eastern Europe: Trapped in Integration?," Acta Oeconomica, Akadémiai Kiadó, Hungary, vol. 65(supplemen), pages 83-106, December.
    • Handle: RePEc:aka:aoecon:v:65:y:2015:i:supplement1:p:83-106
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    File URL: http://www.akademiai.com/doi/pdf/10.1556/032.65.2015.S1.6
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    Citations

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    Cited by:

    1. Ramona Tiganasu & Gabriela Carmen Pascariu & Dan Lupu, 2022. "Competitiveness, fiscal policy and corruption: evidence from Central and Eastern European countries," Oeconomia Copernicana, Institute of Economic Research, vol. 13(3), pages 667-698, September.

    More about this item

    Keywords

    transition; liberalisation; real convergence; cost competitiveness; FDI; integration;
    All these keywords.

    JEL classification:

    • E25 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Aggregate Factor Income Distribution
    • F15 - International Economics - - Trade - - - Economic Integration
    • O24 - Economic Development, Innovation, Technological Change, and Growth - - Development Planning and Policy - - - Trade Policy; Factor Movement; Foreign Exchange Policy
    • P27 - Political Economy and Comparative Economic Systems - - Socialist and Transition Economies - - - Performance and Prospects

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