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Turmoil at Twenty : Recession, Recovery, and Reform in Central and Eastern Europe and the Former Soviet Union

Author

Listed:
  • Pradeep Mitra
  • Marcelo Selowsky
  • Juan Zalduendo

Abstract

This book, written on the eve of the 20th anniversary of the fall of the Berlin wall in 1989, addresses three questions that relate to recession, recovery, and reform, respectively, in Europe and Central Asia (ECA) transition countries. Did the transition from a command to a market economy and the period when it took place, plant the seeds of vulnerability that made transition countries (the region excluding Turkey) more prone to crisis than developing countries generally? Did choices made on the road from plan to market shape the ability of affected countries to recover from the crisis? What structural reforms do transition countries need to undertake to address the most binding constraints to growth in a world where financial markets have become more discriminating and where capital flows to transition and developing countries are likely to be considerably lower than before the crisis? This report is structured as follows: chapter one of the book analyses how countries fell into recession and crisis, why not all of them were equally affected, and whether different policies could have positioned them better to face the crisis. Chapter two discusses rescue and stabilization and the role of international collective action. The next two chapters focus on policies for recovery, chapter three on restructuring bank, corporate and household debt and chapter four on scaling up social safety nets. Chapters five and six focus on reform, examining the binding constraints to growth and the policy agenda in the most important sectors identified by that analysis.

Suggested Citation

  • Pradeep Mitra & Marcelo Selowsky & Juan Zalduendo, 2010. "Turmoil at Twenty : Recession, Recovery, and Reform in Central and Eastern Europe and the Former Soviet Union," World Bank Publications, The World Bank, number 2682, June.
  • Handle: RePEc:wbk:wbpubs:2682
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    References listed on IDEAS

    as
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    7. Slawomir Zajaczkowski & Dawid Zochowski, 2007. "The distribution and dispersion of debt burden ratios among households in Poland and its implications for financial stability," IFC Bulletins chapters,in: Bank for International Settlements (ed.), Proceedings of the IFC Conference on "Measuring the financial position of the household sector", Basel, 30-31 August 2006 - Volume 2, volume 26, pages 62-74 Bank for International Settlements.
    8. Pradeep Mitra, 2008. "Innovation, Inclusion, and Integration : From Transition to Convergence in Eastern Europe and the Former Soviet Union," World Bank Publications, The World Bank, number 6475, July.
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    Citations

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    Cited by:

    1. Karsten Staehr, 2017. "Capital flows and growth dynamics in Central and Eastern Europe," Bank of Estonia Working Papers wp2016-10, Bank of Estonia, revised 06 Feb 2017.
    2. Carlin, Wendy & Schaffer, Mark & Seabright, Paul, 2013. "Soviet power plus electrification: What is the long-run legacy of communism?," Explorations in Economic History, Elsevier, vol. 50(1), pages 116-147.
    3. World Bank, 2011. "Challenges to Enterprise Performance in the Face of the Financial Crisis : Eastern Europe and Central Asia," World Bank Publications, The World Bank, number 2316, June.
    4. Gassmann, Franziska, 2011. "Protecting vulnerable families in Central Asia: Poverty, vulnerability and the impact of the economic crisis," MERIT Working Papers 042, United Nations University - Maastricht Economic and Social Research Institute on Innovation and Technology (MERIT).
    5. World Bank, 2011. "Russian Federation : The Demographic Transition and Its Implications for Adult Learning and Long-Term Care Policies," World Bank Other Operational Studies 12456, The World Bank.
    6. Dorothee Bohle, 2017. "Mortgaging Europe’s periphery," LEQS – LSE 'Europe in Question' Discussion Paper Series 124, European Institute, LSE.

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