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Welfare against growth gains in post-transition countries: What are the consequences for stability?

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  • Lissowska, Maria
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    This paper discusses the underpinnings of the financial crisis of the last decade in post-transition countries. It explores the endogenous reasons of this crisis, and in particular a possible link between delayed and unequal growth of household incomes on the one hand and the instability of the growth and depth of recession after the financial crisis on the other. It indicates possible factors underpinning the rapidly growing indebtedness of households, enabling faster, but unsustainable growth in consumption. Furthermore, it claims also that the artificially boosted growth of consumption and a favourable proportion between wages and profits could attract investment (also FDI), possibly searching for short-term gains. It underlines that while the inflow of financial funds was the major reason for unstable growth in this region, endogenous factors also contributed.

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    File URL: http://dx.doi.org/10.5018/economics-ejournal.ja.2014-13
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    File URL: https://www.econstor.eu/bitstream/10419/95675/1/780761170.pdf
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    Article provided by Kiel Institute for the World Economy (IfW) in its journal Economics: The Open-Access, Open-Assessment E-Journal.

    Volume (Year): 8 (2014)
    Issue (Month): ()
    Pages: 1-37

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    Handle: RePEc:zbw:ifweej:201413
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    1. Luci Ellis & Kathryn Smith, 2010. "The Global Upward Trend in the Profit Share," Applied Economics Quarterly (formerly: Konjunkturpolitik), Duncker & Humblot, Berlin, vol. 56(3), pages 231-256.
    2. Hans-Peter Lankes & A. J. Venables, 1996. "Foreign direct investment in economic transition: the changing pattern of investments," The Economics of Transition, The European Bank for Reconstruction and Development, vol. 4(2), pages 331-347, October.
    3. Pasquale Tridico, 2012. "Financial crisis and global imbalances: its labour market origins and the aftermath," Cambridge Journal of Economics, Oxford University Press, vol. 36(1), pages 17-42.
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