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Beyond the Crisis; Revisiting Emerging Europe's Growth Model

  • Ruben Atoyan
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    Focusing on the nexus between economic growth and buildup of external vulnerabilities, this paper provides a systematic account of different growth strategies followed in Central and Eastern Europe in 2000-08 and then uses this growth diagnostics to derive implications for the post-crisis recovery. The main findings point to three policy lessons for improving growth sustainability. First, greater reliance on tradable sectors should be the cornerstone of the future growth model. Second, enhancing domestic sources of bank credit funding would contribute to mitigation of external vulnerabilities and make domestic financial system more resilient to global financial shocks. Third, prudential and macroeconomic policies will have to be more proactive in managing capital inflows, including funneling these inflows into investment in the export-oriented industries.

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    Paper provided by International Monetary Fund in its series IMF Working Papers with number 10/92.

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    Length: 31
    Date of creation: 01 Apr 2010
    Date of revision:
    Handle: RePEc:imf:imfwpa:10/92
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    1. Jonathan David Ostry & Atish R. Ghosh & Karl Friedrich Habermeier & Marcos Chamon & Mahvash Saeed Qureshi & Dennis B. S. Reinhardt, 2010. "Capital Inflows; The Role of Controls," IMF Staff Position Notes 2010/04, International Monetary Fund.
    2. Jesmin Rahman, 2010. "Absorption Boom and Fiscal Stance; What Lies Ahead in Eastern Europe?," IMF Working Papers 10/97, International Monetary Fund.
    3. Alexander Klemm, 2010. "Causes, benefits, and risks of business tax incentives," International Tax and Public Finance, Springer, vol. 17(3), pages 315-336, June.
    4. Abdul Abiad & Daniel Leigh & Ashoka Mody, 2009. "Financial integration, capital mobility, and income convergence," Economic Policy, CEPR;CES;MSH, vol. 24, pages 241-305, 04.
    5. Benjamin F. Jones & Benjamin A. Olken, 2005. "The Anatomy of Start-Stop Growth," NBER Working Papers 11528, National Bureau of Economic Research, Inc.
    6. Abdul Abiad & Ashoka Mody & Susan Schadler & Daniel Leigh, 2007. "Growth in the Central and Eastern European Countries of the European Union," IMF Occasional Papers 252, International Monetary Fund.
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