{"id":1032,"date":"2023-02-13T16:19:14","date_gmt":"2023-02-13T16:19:14","guid":{"rendered":"https:\/\/www.fiw.ac.at\/publications\/which-growth-model-for-central-and-eastern-europe-after-the-crisis\/"},"modified":"2023-05-22T10:58:49","modified_gmt":"2023-05-22T08:58:49","slug":"which-growth-model-for-central-and-eastern-europe-after-the-crisis","status":"publish","type":"publication","link":"https:\/\/www.fiw.ac.at\/en\/publications\/which-growth-model-for-central-and-eastern-europe-after-the-crisis\/","title":{"rendered":"FIW-PB 4 Which Growth Model for Central and Eastern Europe after the Crisis?"},"content":{"rendered":"\n<p><span dir=\"ltr\" class=\"lang-attribute\" lang=\"en\">Abstract:<br>This Policy Brief discusses the growth prospects of the Central and Eastern European (CEEC) region following the current economic crisis. It argues that the &#8216;integration model of growth&#8217; of the CEEC region was characterised by a very high degree of external liberalisation. In one group of economies (mostly the Central European economies) the model turned out to be successful in that it did not generate strong structural imbalances (in trade and current accounts and in growing private sector savings-investment gaps) prior to the crisis. This was quite different in the other group (mostly the Baltic states and the countries in Southeastern Europe, SEE) where unsustainable imbalances developed in part traced back to historical weaknesses of the tradable sectors and in part to choices of exchange rate regimes, to the importance of remittances and to missing instruments to deal with cross-border financial market integration. The analysis suggests a number of factors which will characterise post-crisis condi-tions in CEECs (such as increased savings rates of the household sector, deleveraging, more restricted fiscal pol-icy space, etc.) and in external factors (lower growth in the most important Western European export markets, more difficult effective entry conditions to the EMU, etc.) and discusses an adjusted policy agenda.<\/span><\/p>\n\n\n\n<p><\/p>\n\n\n\n<p><span dir=\"ltr\" class=\"lang-attribute\" lang=\"en\">Michael Landesmann (wiiw \/ Jku Linz)<br>Which Growth Model for Central and Eastern Europe after the Crisis?<br>FIW-Policy Brief 4<br>May 2010<br>Language: English<\/span><\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<p>Zusammenfassung:<br>Dieser Policy Brief er\u00f6rtert die Wachstumsaussichten der mittel- und osteurop\u00e4ischen Region (MOEL) nach der aktuellen Wirtschaftskrise. Es wird argumentiert, dass das &#8220;Integrationsmodell des Wachstums&#8221; der MOEL-Region durch ein sehr hohes Ma\u00df an externer Liberalisierung gekennzeichnet war. In einer Gruppe von Volkswirtschaften (vor allem in den mitteleurop\u00e4ischen Volkswirtschaften) erwies sich das Modell insofern als erfolgreich, als es vor der Krise nicht zu starken strukturellen Ungleichgewichten (in den Handels- und Leistungsbilanzen und in der wachsenden L\u00fccke zwischen Ersparnissen und Investitionen des privaten Sektors) f\u00fchrte. Ganz anders verhielt es sich in der anderen Gruppe (vor allem in den baltischen Staaten und den L\u00e4ndern S\u00fcdosteuropas), wo sich unhaltbare Ungleichgewichte entwickelten, die zum Teil auf historische Schw\u00e4chen der handelbaren Sektoren und zum Teil auf die Wahl des Wechselkurssystems, die Bedeutung von \u00dcberweisungen und fehlende Instrumente zur Bew\u00e4ltigung der grenz\u00fcberschreitenden Finanzmarktintegration zur\u00fcckzuf\u00fchren sind. Die Analyse deutet auf eine Reihe von Faktoren hin, die die Bedingungen nach der Krise in den MOEL kennzeichnen werden (z. B. h\u00f6here Sparquoten des Haushaltssektors, Abbau der Verschuldung, eingeschr\u00e4nkterer finanzpolitischer Spielraum usw.), sowie auf externe Faktoren (geringeres Wachstum in den wichtigsten westeurop\u00e4ischen Exportm\u00e4rkten, schwierigere Bedingungen f\u00fcr den tats\u00e4chlichen Beitritt zur WWU usw.) und er\u00f6rtert eine angepasste politische Agenda.<\/p>\n\n\n\n<p><\/p>\n\n\n\n<p>Michael Landesmann (wiiw \/ JKU Linz)<br>Which Growth Model for Central and Eastern Europe after the Crisis?<br>FIW-Policy Brief 4<br>Mai 2010<br>Sprache: Englisch<\/p>\n\n\n\n<p><\/p>\n","protected":false},"featured_media":0,"menu_order":0,"template":"","jelcode":[115,116,118,119,120,126],"keyword":[122,123,125,124],"class_list":["post-1032","publication","type-publication","status-publish","hentry","jelcode-e20","jelcode-e30","jelcode-e44","jelcode-e60","jelcode-g18","jelcode-g28","keyword-finanzkrise","keyword-konjunkturzyklus","keyword-krisenfestigkeit","keyword-stabilisierungspolitik"],"acf":{"year":2010,"month":4,"day":"","volume":"","number":"004","pages":13,"reviewed":"","citeid":"FIW_PB_004","fiwseries":"FIW Policy Briefs","event":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.4 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>FIW-PB 4 Which Growth Model for Central and Eastern Europe after the Crisis? - FIW<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.fiw.ac.at\/en\/publications\/which-growth-model-for-central-and-eastern-europe-after-the-crisis\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"FIW-PB 4 Which Growth Model for Central and Eastern Europe after the Crisis? - FIW\" \/>\n<meta property=\"og:description\" content=\"Abstract:This Policy Brief discusses the growth prospects of the Central and Eastern European (CEEC) region following the current economic crisis. 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