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Une marée montante peut ne pas soulever tous les bateaux : les défis de l’intégration financière en Europe de l’Est

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  • Jean Lemierre

Abstract

[eng] A Rising Tide May Not Lift All Boats : The Challenges of Financial Integration in Eastern Europe . The transition economies of Eastern Europe have been able to attract increased capital flow in recent years. This development points to the significant benefits from macroeconomic stability and sustained market oriented reforms. But all transition economies face the dual challenges of increasing further their ability to attract international capital, particularly in the form of FDI, while at the same time safeguarding the foundations for financial stability. In particular, more must be done to improve the region's business environment through further structural reforms, strengthening of judicial systems and public administrations and measures to combat corruption. In addition, the authorities of the region must maintain sound monetary and fiscal policies that keep interest rate differentials with EU and US markets to a minimum and effective financial regulation and supervision so that risks are effectively managed and monitored. . JEL classifications : F21, F32, P33 [fre] Les pays d'Europe de l'Est ont su attirer un flux croissant de capitaux ces dernières années. Ce développement souligne les bénéfices résultant de la stabilité macroéconomique et des réformes vers l'économie de marché. Cependant, toutes les économies en transition font face à un double défi : accroître leur capacité à attirer les capitaux internationaux et préserver les fondations de leur stabilité financière. Plus d'efforts doivent être déployés afin d'améliorer l'environnement économique par la poursuite des réformes structurelles, le renforcement des systèmes judiciaires et des administrations publiques et par des mesures de lutte contre la corruption. Les autorités de la région doivent mettre en oeuvre des politiques monétaires et budgétaires saines, afin de réduire les différentiels de taux d'intérêts avec les marchés européen et américain, ainsi qu'une réglementation et une supervision efficaces des systèmes financiers permettant de gérer et de contrôler les risques. . Classifications JEL : F21, F32, P33

Suggested Citation

  • Jean Lemierre, 2003. "Une marée montante peut ne pas soulever tous les bateaux : les défis de l’intégration financière en Europe de l’Est," Revue d'Économie Financière, Programme National Persée, vol. 72(3), pages 13-30.
  • Handle: RePEc:prs:recofi:ecofi_0987-3368_2003_num_72_3_4867
    DOI: 10.3406/ecofi.2003.4867
    Note: DOI:10.3406/ecofi.2003.4867
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    JEL classification:

    • F21 - International Economics - - International Factor Movements and International Business - - - International Investment; Long-Term Capital Movements
    • F32 - International Economics - - International Finance - - - Current Account Adjustment; Short-term Capital Movements
    • P33 - Political Economy and Comparative Economic Systems - - Socialist Institutions and Their Transitions - - - International Trade, Finance, Investment, Relations, and Aid
    • F21 - International Economics - - International Factor Movements and International Business - - - International Investment; Long-Term Capital Movements
    • F32 - International Economics - - International Finance - - - Current Account Adjustment; Short-term Capital Movements
    • P33 - Political Economy and Comparative Economic Systems - - Socialist Institutions and Their Transitions - - - International Trade, Finance, Investment, Relations, and Aid

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