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A tribute to 30 years of transition in CESEE

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Abstract

We provide a selective review of transition and transformation in Central, Eastern and Southeastern Europe (CESEE), with a focus on issues particularly relevant from a central banking point of view. In doing so, we examine transformation strategies, compare transition experiences across CESEE and shed light on public perceptions of transition outcomes. We point out the EU’s role as an important anchor in the process. We cover cyclical swings in CESEE, in particular the boom-bust experience before and during the financial crisis. Moreover, we reflect on the eastward enlargement of the euro area, as it has included a number of CESEE EU Member States. Furthermore, we review the core areas of the research and analysis on CESEE carried out by the Bank of Finland Institute for Economies in Transition (BOFIT) and the Oesterreichische Nationalbank (OeNB) as well as their cooperation in CESEE-related activities.

Suggested Citation

  • Peter Backé & Iikka Korhonen & Doris Ritzberger-Grünwald & Laura Solanko, 2019. "A tribute to 30 years of transition in CESEE," Focus on European Economic Integration, Oesterreichische Nationalbank (Austrian Central Bank), issue Q3/19, pages 11-28.
    • Handle: RePEc:onb:oenbfi:y:2019:i:q3/19:b:2
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    File URL: https://www.oenb.at/dam/jcr:08ba41d1-0911-4a82-995a-cc60344427d3/03_PB_focus_2019-Q3_screen_A%20tribute%20to%2030%20years%20of%20transition%20in%20CESEE.pdf
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    Cited by:

    1. Peter Backé & Elisabeth Beckmann, 2020. "What drives people’s expectations of euro adoption? – Evidence from the OeNB Euro Survey on selected CESEE countries," Focus on European Economic Integration, Oesterreichische Nationalbank (Austrian Central Bank), issue Q4/20, pages 57-79.
    2. Roland Zs. Szabo & Iva Vuksanović Herceg & Robert Hanák & Lilla Hortovanyi & Anita Romanová & Marian Mocan & Dragan Djuričin, 2020. "Industry 4.0 Implementation in B2B Companies: Cross-Country Empirical Evidence on Digital Transformation in the CEE Region," Sustainability, MDPI, vol. 12(22), pages 1-20, November.

    More about this item

    Keywords

    CESEE; transition; economic development; central banking;
    All these keywords.

    JEL classification:

    • E50 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - General
    • F63 - International Economics - - Economic Impacts of Globalization - - - Economic Development
    • N14 - Economic History - - Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations - - - Europe: 1913-
    • O52 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - Europe
    • P20 - Political Economy and Comparative Economic Systems - - Socialist and Transition Economies - - - General

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