Lessons from Reforms in Central and Eastern Europe in the Wake of the Global Financial Crisis

Anders Aslund ()

No WP12-7, Working Paper Series from Peterson Institute for International Economics

Abstract: The response of the ten new eastern members of the European Union to the global financial crisis has valuable lessons of crisis resolution for the euro area. These countries were severely hit by the crisis in the fall of 2008 and responded with extensive reforms. Crisis made the unthinkable possible. This paper outlines the main reform measures that the ten Central and East European (CEE) countries carried out. It then quantifies to what extent the CEE countries resolved the macroeconomic crisis and explores the effects of the reforms on future growth prospects. The fourth and major section discusses how the political economy of the crisis resolution actually worked. Finally, the author examines what lessons euro area countries can learn from the crisis resolution of the newest members of the European Union.

Keywords: Financial Crises; Central and Eastern Europe; Policy (search for similar items in EconPapers)
JEL-codes: E61 E62 F30 G01 H0 P16 (search for similar items in EconPapers)
Date: 2012-04
New Economics Papers: this item is included in nep-cba, nep-cwa, nep-eec and nep-tra
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (4)

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Persistent link: https://EconPapers.repec.org/RePEc:iie:wpaper:wp12-7

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