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Exchange Rate Policy and Economic Growth after the Financial Crisis in Central and Eastern Europe

  • Zsolt Darvas

In a paper on the effects of the global financial crisis in Central and Eastern Europe (CEE), the author reacts to a paper of Aslund (2011) published in the same issue of "Eurasian Geography and Economics" on the influence of exchange rate policies on the region’s recovery. The author argues that post-crisis corrections in current account deficits in CEE countries do not in themselves signal a return to steady economic growth. Disagreeing with Aslund over the role of loose monetary policy in fostering the region’s economic problems, he outlines a number of competitiveness problems that remain to be addressed in the 10 new EU member states of CEE, along with improvements in framework conditions supporting future macroeconomic growth.

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File URL: http://web.uni-corvinus.hu/matkg/working_papers/wp_2011_3_darvas.pdf
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Paper provided by Department of Mathematical Economics and Economic Analysis, Corvinus University of Budapest in its series Working Papers with number 1103.

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Length: 19 pages
Date of creation: Jan 2011
Date of revision:
Handle: RePEc:mkg:wpaper:1103
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  1. Zsolt Darvas, 2009. "The EU's Role in Supporting Crisis-Hit Countries in Central and Eastern Europe," Policy Contributions 368, Bruegel.
  2. Zsolt Darvas, 2010. "The Case for Reforming Euro Area Entry Criteria," Working Papers 1003, Department of Mathematical Economics and Economic Analysis, Corvinus University of Budapest.
  3. Zsolt Darvas, 2009. "The Impact of the Crisis on Budget Policy in Central and Eastern Europe," IEHAS Discussion Papers 0924, Institute of Economics, Centre for Economic and Regional Studies, Hungarian Academy of Sciences.
  4. Zsolt Darvas, 2009. "The Baltic Challenge and Euro-Area Entry," Policy Contributions 357, Bruegel.
  5. Zsolt Darvas, 2010. "Beyond the Crisis: Prospects for Emerging Europe," Working Papers 1005, Department of Mathematical Economics and Economic Analysis, Corvinus University of Budapest, revised 09 Mar 2011.
  6. Jean Pisani-Ferry & Pavle Petrovic & Michael A Landesmann & Vladimir Gligorov & Daniel Daianu & Torbjörn Becker & Zsolt Darvas & André Sapir & Beatrice Weder di Mauro, . "Whither growth in central and eastern Europe? Policy lessons for an integrated Europe," Blueprints, Bruegel, number 453, 3.
  7. Alan Ahearne & Juan Delgado & Jakob von Weizsäcker, 2008. "A tail of two countries," Policy Briefs 6, Bruegel.
  8. Janos Varga and Jan in 't Veld, 2010. "The Potential Impact of EU Cohesion Policy Spending in the 2007-13 Programming Period: A Model-Based," European Economy - Economic Papers 422, Directorate General Economic and Financial Affairs (DG ECFIN), European Commission.
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